Proficient Note Buyers
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June 20, 2011
The True Cost Of Things
My family's hobby is bicycling. I own an expensive road bike and an even more expensive mountain bike. My oldest son also has an expensive mountain bike, and a not-as-expensive road bike that he bought with his own hard-earned money. My middle son also has a mountain bike, my daughter has one, and my wife has a comfort bike and a road bike. If you add all those up, that makes for eight bikes in our garage, plus one more that has been outgrown.

All those bikes (and a fair amount of riding) equals wear and tear and constant maintenance items. Some are relatively minor & inexpensive, others are headache-inducing. In the last ten days, we've had a broken chain (oldest son's mtn bike), lost a crank-arm bolt (middle son's mtn bike), and a broken rear derailleur/chain/seven spokes that resulted in....wait for it...a broken frame on my road bike.

The first two items I can live with; the last repair is going to cost me no less than $500 and more importantly, training time. You see, I'm supposed to ride from Seattle to Portland in less than a month. I still haven't even ordered a new frame yet. In the meantime, I have appealed to my wife to let me use her road bike until mine is fixed. Given my recent history with bikes and their tendency to suffer catastrophic damage when in close proximity, she was reluctant to say the least. However, still recovering from foot surgery and unable to ride it herself, she agreed.

All of this is, of course, small peanuts when compared to the cost of dealing with a non-performing note or a piece of property we've taken back through foreclosure. Talk about getting nickel-and-dimed to death! Delinquent property taxes (that never stop accruing!), nuisance liens, garbage liens, weed liens, lawn maintenance (summer months), snow removal (winter months), pest control, termite treatments, trash-outs, cash-for-keys offers, locksmith fees, property valuation fees...in the last few months, we've dealt with (and paid on) all of these things, and the list goes on and on.

If you've found yourself in a similar situation on a note or property you hold, give us a call. Maybe managing a property has become your hobby, and it's a hobby you don't enjoy in the least. Managing real estate isn't a hobby to us; it's our job. If you're ready to sell your note or property, or just want to figure out your options, call us today.

Oh, and if you call after about 4:30 PST today, you'll get my voicemail - I'll be out riding!

Make it a great week,

Clint



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