Monday - early
I have a few minutes to burn.
A HELOC would cost me 11.99% for a 30 year term. Which I consider to be extremely high interest rate for 30 years. But then again, my credit isn't great and interest rates are high.
The consideration here would be to take out the maximum amount I can get, pay off all credit card debt, use what's left for a tractor and anything else that's left over for expansion purposes. I actually think it would be lovely to have a tiny home community on the other portion of the land and ditch the RV park stuff. Rentals are much more popular here. I fight with keeping the place full and tho it doesn't bother me, I doubt it would be that much of a battle with units to rent.
The down side of course is the expense. BTW, that payment on the HELOC would be extremely high - but - if I pay off all credit card debt, that's the payment right there. It wouldn't add anything to what I am currently paying out on a monthly basis. But, it would be a 30 year term.
Two good things to come out of this if I could get that loan? My credit score would soar into the heavens. I have no late pays on anything at all. It's just too much usage that's killing my score. Second, would hopefully be the further expansion of the park regardless of what form that may take.
With increased credit score by say, 100 points, we're talking access to better interest rates for whatever. I will add here, however, that every tractor dealer I have contacted is giving out zero interest loans. They are just jacking up the prices of the machinery. And yes, I have qualified at 2 of them for that rate, I just didn't like the monthly payment so I backed off of it.
My park is slowly getting filled with much longer-term tenants. Like, people that want to live there indefinitely. I get one here and there, the rest are people that have aspirations of getting their own home, buying their own land, etc. These retired folks, however, like it there. Again, every new person that comes in there gives me this look and says: It's so quiet here at night! They love it. It's a major selling point. During the day, if you tune into it, you can hear the faint noise of I-20 in the background. At night, that noise almost completely disappears as traffic dies down to a minimum and more importantly, less trucks out there using engine brakes making all kinds of noise.
I never realized how much noise engine brakes make and the disruption it can make on a community until I stood there, in the park, one day and just listened to it for a while. It's the people that put straight pipes on their rigs, those are the main offenders. There are no mufflers on those exhaust systems, they make an incredible amount of racket of which they designed it that way to make as much noise as possible. These people think it's funny to make all that noise and it's why you'll see signs when driving into cities/towns that say engine brakes prohibited. Mostly, these people do this stuff at night when people are trying to sleep and let them things rip.
Anyway, I have plenty of thinking to do and at some point, decisions to make. I've kind of talked myself out of a new tractor - not completely but I just think a used machine would be a better idea that cuts the price more than in half.
I also must get moving now that I'm looking at a clock. 5 minutes until departure time and I still have another cup of coffee to make, heat up a little more and dump into the thermos.
G'day
