So I walk in to my bank today and say

[Horton]

Horton: “Hello I want to purchase a lot on a ski lake. I need $200,000”

 

Banker: “That is great Mr. Horton. Your credit and income are easily good enough for a $200,000 mortgage. We would love to help you with that.”

 

Horton: “Yes, thank you but the property is not deeded. It is a share of a corporation”

 

Banker: “You cannot get a mortgage but if BallOfSpray.com has revenues over $250,000 per year you can get a SBA loan.”

 

Horton: “It is a water ski news site. If I could make $250k selling banner ads to water ski companies I would be a genius and I would be lending the bank money. Screw it. I am going to get an extra can of gas and bum get ride.”

 

[MattP]

@horton I take it the double wide fell through?

[A_B]

Who controls the Corporation? Authorize the corp to just own the lake and create parcels around the lake to be sold. Or dissolve the corp and start fresh with equal allocation of assets.

[Horton]

@AB I do not think the other 36 lot owners are ready to do that for me. It is zoned that way for a reason.

[Chuck_Dickey]

@horton

 

Ask the owner carry the note. Isn't there one on Adobe and Wetset that is selling that way? How about the lot on Paradise, they are deeded. Malcolm at Cheyenne is selling and we're deeded here.

[A_B]

@Horton, there is always a way! When I was a college kid and my dad sold the 19' Galaxy and bought a 26' Slick Craft, I took out a student loan for the down payment on my first SN. I worked as a janitor during school and loaded trucks to make the payments. Bought my first house on a land contract.

 

What if you formed a single member LLC investment company to invest in the corporation and personally guarantee and cross collateralize it with BOS Income? I would approach several banks and you may find one that is more creative. The investment itself will be collateral as well.

[ctsmith]

Food for thought. If you ever intend to sell it your market will be limited to basically those who don't need financing.

[jipster43]

Not waking up and walking out to your dock with a cup of joe on your hand is the greatest opportunity cost of all.

[jipster43]

in your hand!

[webbdawg99]

Damn its good to be in the southeast! The most premier ski lake in Georgia just sold a lakefront lot that is 1.2 acres for $35,000. Oh and there are TWO lakes and TWO Nautiques with Zero Off.

[webbdawg99]

Yesterday's conditions....

[Marco]

Ski boat, 50K,

HOA dues, $200/mo,

Looking out my home office window at 2 ball with perfect glass as I type this, Priceless.

 

If I only live here another 10 years, for a total of 20, the privalege only costs me $27 per day. The longer I live, the cheaper it gets!

[kstateskier]

webdawg where do you live? I'm packing now and will be there shortly!

[webbdawg99]

@kstateskier, that is Whitestone Lake Estates in Talking Rock, GA

[rayn]

@webbdawg99, how long is the season?

[webbdawg99]

@rayn It usually gets going in April and runs into November. Of course the boats stay on the lifts year round. So if you want to bust out the dry suit you can ski year round

[John Brooks]

@webbdawg99 When will we have the privilege of skiing Whitestone for the Regionals again? Great sight. Thanks.

[Chuck_Dickey]

This is the view from my front door at the lake, I use this place as my second office. I actually get more accomplished from this office than my regular office. Only 108 more payments!

[Texas6]

@Chuck_Dickey...that is absolutely fantastic.....except where is the boat if you are in your office? #criminals

[Chuck_Dickey]

@Texas6

The boat is down at the gas dock being fueled for the office meeting scheduled that day!

[Horton]

you guys are not making me feel better

[Chuck_Dickey]

@horton

 

Is the southern most house on Adobe still available? That's an owner carry, fully furnished place and I think they just re-dug that lake so it should ski great!

[Horton]

I do not want to publicly discuss specific properties. I am painfully aware of all the opportunities in Bako. I have weighed every option.

[Skoot1123]

@horton - I thought you already lived on a lake! Or your just looking for your own private site?

[Horton]

I live in town

[webbdawg99]

@John Brooks, I am hoping to rally some support to host regionals again within the next couple seasons.

[MattP]

@webbdawg99 that would be awesome. Hopefully the SE is not at a 1 lake site again this year.

[BRY]

@Horton Keep after the dream. Be ready for it as it will probably present itself in an unexpected way and involve some risk, a leap of faith (fortitude?) @Marco nailed it. Even on a bad day it doesn't suck to walk 150ft from your back door to your dock. Worth every penny (sooo many pennies).

BTW, $200K for just a lot (no deed) with 36 others in the rotation? Daammmnnn..... On our lake 13 have ski rights but only 4, including us, have boats in and ski.

[Wish]

As @BRY says.... unexpected risky LEAP OF FAITH!!. Florida Lake home under 80K. Work needed...frign long a$$ dock with big deck and lift, all new siding, large climate controlled glassed in back porch, gut the inside and redo, grow grass not weeds, landscape, build a home office 30ft away with lake views, 6ft privacy fence,.....labor of love and 12yrs later BAM!!!

 

For all of that there's MASTERCARD.....being 160' from my boat on a lake that has 2 skiers and no use by others PRICELESS!!

[LeonL]

@MattP, despite my misgivings, I kinda liked a one lake site. You didn't miss anything, everyone was together. Rumor is that SR will be back at Lymanland in '14. Sorry to hijack the thread.

[oldjeep]

$200K for a lot? Wow, I think that my FIL paid 69K for a 2 BR townhouse on his 2 course lake in FL.

[OTF]

Have only been in our place for a little over a year, in my opinion too much for any house. Oh wait......man made water ski trumps all other activity lake in the back yard with neighbors that are ski freaks and always willing to drive day or night? Can have a horrible day at work, take a 2 min 4 wheeler ride to the club dock and ski as much as I want? I take my original statement back, got this place on the cheap. I knew about this place for 6-7 yrs and there was no way I could afford to buy a lot and build. So my plan was to dig my own, on a piece of property my grandfather was going to give me. Housing market crashes, I change jobs and BAM, living right where I wanted to be. Bought a new home, never lived in after the bank got it back. I would have missed out on so many nice nights if I had to rely on just my wife being able to drive. Unexpected? YES! Leap of faith? YES! Worth it? YYYEEESSSS!!!

[A_B]

My lake is right next to the turnpike, so hard to get the mrs. to build a house out there. Only a 15 minute drive, BUT I would sell it all in a heart beat if I could build on a lake. Even if arthritis takes the handle out of my hand some day, I would love living on a lake.

[jipster43]

It's interesting that there are properties available in Arvin and Newberry Springs that are not listed in any realtor guide or Ski-It-Again. At the very least I would have it listed in Ski-It-Again.

 

Good luck @Horton ! I live 40 minutes from our ski club and it gets old making that drive and finding the lake blown out. I feel your pain! Not a day goes by that I don't dream of living on the lake.

[mmosley899]

Whitestone is a great place to ski and live! I have been here for three years now. But we need more young skiers, kids and young adults to participate in activities here before we consider holding Regionals again. There are more dogs here than skiers! Lots are available!

[ral]

I hate banks...

[OTF]

When I can no longer ski I will be that kick ass old guy that is always on call to drive for the neighbors. Not willing to give up my 30's but you can count on the fact that I'll be towing all day everyday during the summer for the neighbor kids when I am retired. With any luck we'll have some wind protection grown up by then

[mopowpow]

I'll sell you a 1.75 acre lot on a 2 lake site for $105,000, includes a Shorestation lift and shared dock. Only catch - it's in Iowa.... 11 lots, most of the owners don't ski anymore, just pull yard apes around on tubes. ISU waterski team uses the lake and a few others with memberships.

[BraceMaker]

@mopowpow I was always jealous ISU had access on that.

[mopowpow]

@bracemaker, ISU & grads are about the only ones that really ski here anymore. We're hoping to sell our lot to one of them. It's pretty sad, the other owners are all out of shape and spend all their time taking care of their yards. We are moving to Colorado where people actually stay active instead of sitting around waiting to die.

[The_MS]

@mopowpow We drove by last night on our way home from Cottonwood. It was great when you guys were hosting 6 rounders a few times per year. The Minnesota contingent misses coming down there. It is one of the top sites in the nation.

[Horton]

@mopowpow Iowa?

[kstateskier]

I'm surprised the water thaws out long enough to ski in Iowa...

[Andy]

I would bet the corn in Iowa keeps the lake from getting blown out. In the fall you have pheasants.

[mopowpow]

@horton, most people see Iowa at 30,000 feet! @ms, only 1 non-collegiate tournament these days and they always have it the same weekend as the Southern Canada tournament. Only 12 instate skiers this year.... @andy, wish the corn did better for wind!

[BraceMaker]

@andy - don't over sell the pheasants - really not that many to blast in Iowa anymore, western Iowa - more so.

 

The more creek beds and gravel roads the better.

 

@mopowpow

 

Gotta get the hawkeyes invited for practice! Maybe one of them will get employed in des moines and buy a lake lot?

[Andy]

@Bracemaker, maybe the outlook will be better this year. I've been south of DSM and had a few nice days on private land, others not so much. Out w the dog is always good. Horton will have to teach the cat to point.