Will i go bankrupt ?

[britishbulldog]

Thanks for the words of wisdom Labrocca,Friday,Shaggy and Edwin,i can handle the debts at the moment (just).

I just got one ace left,ive just bought a semi detatched house with a slice of land on the side for 125k,(mortgaged at 106k) im hoping to get planning for a detatched house on the bit of land and sell the land for 75k and sell the house on at 125k as it needs a bit of work !

So 200k less fees and a bit of renovation 15k, less the 106k mortgage leaves me with 79k ! That would do me nicely !

Wish me luck !

 

[labrocca]

Ahh..then you are good. You have more than enough to kill that debt. Goodluck.

 

[friday]

I don't know where you bought, but consider planning for 2No.s x 2 bedroom apartments as this maybe more valuable when selling to a developer than a single detached home but the building size roughly remains the same. Consult with your Planner.

Thanks for the words of wisdom Labrocca,Friday,Shaggy and Edwin,i can handle the debts at the moment (just).

I just got one ace left,ive just bought a semi detatched house with a slice of land on the side for 125k,(mortgaged at 106k) im hoping to get planning for a detatched house on the bit of land and sell the land for 75k and sell the house on at 125k as it needs a bit of work !

So 200k less fees and a bit of renovation 15k, less the 106k mortgage leaves me with 79k ! That would do me nicely !

Wish me luck !

 

[eCommando]

Develop your good domains into big sites.

 

[ERCollins]

If elitemodels is making $500 per month then he should be able to get $20k imho. Maybe even more. It's a strong name in a good field. How can you say that it's only worth 10x monthly revenue or LESS?

I did not say what it is worth, I said if he needed the money fast and had to take what ever offers he could get.

I would not sell a $500 a month domain for $50,000. It would be not a smart move.

$500 a month will pay a car note, half of a decent house note. And the traffic to that domain will probally never get less than the currect traffic and income. That was like winning a 100,000 lottery ticket they are going to pay you over 30 years.

Now he could take the revenue from that single domain, apply it to his mortgage payment, or the personal note (i would recommend mortgage though)

It will knock your house note from 30 years to 15 years.

First 15 years of a 30 year note is all interest very little principal.


Good luck with what you decide to do.

 

[D MARKS]

The question you need to analyze is what is your cash flow...are you going further in the hole each month, how can you increase your cash flow to give yourself some breathing room.

Do you have a financial plan to get out of this situation? what debts could you consolidate to provide yourself some additional relief?

 

[cooljeba]

try to contact some bigger modelling companies to place there ads or sell the domain at a very good price etc that should help/

at the same time try to hold the domain till the last moment don't let it go untill you get a very good offer for it.
Give max priority to clear the debts cutting extra expenses helps a lot.
Another suggestion for the future that is " Don't let your debts go so high" control it when it is going out of your hand. Nice to hear that your wife has understood your situation and is helping you out.

Try to take a matured decision as you have kids and wife to feed.

Best of luck!! our prayers with you!

..:: peace ::..
Jeba

 

[mole]

With Google stock prices on the plummet and the real estate market hanging on a hope, it may be a good thing to liquidate your domains while the sun still shines. .COM has seen its day, with the world's no 1 domain sex.com going for only $14m recently, 2006 will be a year of further price consolidation.

Good luck on marginalizing your debts, dog.

 

[Ed30]

. it may be a good thing to liquidate your domains while the sun still shines. .COM has seen its day.

Do you really believe the stuff you write Mole or is it all smoke and mirrors?:-O

 

[everydayprofit]

I think Edwin(slim) had some good advice on here.

As for real estate. In some parts of the country it is still doing very well. The idea of flipping that house can be a good one. I have a friend that flips houses and he is still making a ton of cash. He gets investors to all pitch in....it minimalizes the risk, and then they all share expenses of repairs and such.

What I did was this:
Me and my wife...along with my parents and bothers and sisters started building spec houses. We liked the idea my friend had of the investment team. We have a great thing going....my dad's twin bother is a contractor, and his wife is the realestate agent....we are able to build these houses for MUCH less then sell them at market value. I use the equity in my current house to pay my part. I have been blessed though......our house has increased in value by 40% since we moved in 10 months ago.

//everydayprofit

 

[eSology]

You are in a better position then I am and I have never filed bankruptcy. Worked my butt off online the last couple of years and I can just now see a light at the end of the tunnel. I have 6 kids (all mine), 170k mortgage, 41k student loan (@ 9.9%), and 110k in personal debt. If all goes as planned I should have my Student loan paid off by the end of the year.

My point - there is hope!

 

[everydayprofit]

I have 6 kids (all mine)

Good Lord! That is crazy talk. Has anyone ever sat you down to explain why that is happening. :clown: My wife is one of six.

//everydayprofit

 

[Kaz]

You should get a decent amount for the models site.

 

[~Isis~]

contrary to popular belief, bankruptcy isn't the end of the world. i learned the hard way that credit cards are the devil and i stoped using them years ago and only buy what I can afford. No, it means i don't have a fancy house or a cool ride, it does mean i have to budget for what i want....it takes patience, but i can sleep soundly at night and not have to worry about a charge showing up at the end of the month.

There are lots of sites that can help with debt reduction. If you live in the UK, try this link, if you just want to have a good resource handy to eliminate your debt, try here. Or you can just google around and find great sites that have wonderful advice!