Well the wife and I have been looking to get out of Colorado Springs and onto land with water.    We were first looking at Montana, but it seems like that was a popular place as of late so the cost was above what we were willing to do.  

 

As we expanded our search east we found a place in northern MN, about 20 miles from where I grew up, for sale on the bank of the Rainy River.   

 

Our current house is going on the market today and May 1 is the move in date for MN.  

 

For just a few bucks more than we are selling here, 1130 sq ft 1/16 acre in the middle of town, we got onto 80 acres on the river.  Thankfully my job follows me so I dont have to worry about that.

 

My wife's plans are to open up a small air b and b type thing geared towards families with childern with special needs.  We are thinking 3ish cabins, a dock.  A couple horses and a barn with a hobby farm thing going on.  

 

Are you using a local bank? They should know what lake front property goes for.

 

Banks can no longer be involved in the appraisal process on any fed backed loan.  

 

That covers loan types of

FHA

Fanny mae

freedie mack

Conventional

etc

etc

etc

 

 

The way it works now is banks must ask a 3rd party company for an appraisal, that 3rd party company goes through their list of contractors in cycles and ask " will you do this?"   

 

when one says yes you then book it.   At that point it is up to the contractor to do it good enough.  

Did you find an appraiser yet?

 

A little trick..... have patio furniture out with plenty of fishing poles leaning up,  make nice big appraisal 

Edited September 6, 20204 yr by JAG1

The bank has it and it is in "quality control" whatever that means.

Nick, you went directly to a bank and avoided loan brokers like Lending Tree and others? Please tell me if you have a reason as we just contacted a broker, but they talk like they are loan sharks. I don't like that. We are wanting to lower our interest rate, we can almost cut it in half at this time.

I went right to the bank.  I didn't think about a broker.

Brokers work on a interest rate yield spread that they don't tell you about. Over the life of the mortgage even if the spread is just a third of a point it adds up to many thousands of dollars which they get the full amount of that spread once the loan closes. Car dealers do the same thing and won't reveal that usually.

appraisal came in at 265000 so we are on the home stretch. closing is the 21st.  

 

 

thank god

Morning Picture

 

Where is the “white”?

It's still being shipped.

I think it was delivered to my address by mistake!

we offically signed today.  we are no longer renting and are now in debt to the bank.

I want to say so much, but will restrain my self to saying congratulations and happy future.

Congrats on the closing.

Now can we turn it into Moparman private fishing resort? 

someone turned on winter mode.   we have had a few days of -10* so far and the snow is starting to build up finally.   Ice fishing has been slow, but it is better than working.

 

 

Nice. I'm hoping old man winter drops a few feet here. Been rather just cold and wet. Seen a few like 15 and 19*F mornings. Nothing much. 

2 hours ago, Me78569 said:

Perfect! Time to go camping.... I'm on my way up Nick!

Edited January 5, 20214 yr by JAG1