'11 Ness XC #120 may be on the block shortly... | Victory Motorcycles: Motorcycle Forums

'11 Ness XC #120 may be on the block shortly...

Discussion in 'Victory General Discussion' started by ndabunka, Aug 3, 2013.

  1. ndabunka

    ndabunka Well-Known Member

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    I KNOW you all probably opened this thread thinking that I was dumping NESSIE for an new Indian girl but it's a different story...
    I have a real estate opportunity (foreclosed ski condo) I am trying to pick up and could use the cash out of the bike so that I could pay 100% cash for it so I may be putting her up for sale shortly. Just waiting to hear if my offer for the foreclosed property will be accepted. If it does get accepted, I'll pay cash for the property and then sell her at my leisure (might take a while...LOL) returning the sales proceeds back into my investment account. It's[​IMG]but my boys LOVE to ski and owning our own condo would probably save me about $5 grand a year so...[​IMG]
     
  2. StillLookin

    StillLookin Active Member

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    I hate to see a man lose his bike...Just a suggestion as I am not completely sure how it works in the US but if you were to get the condo, instead of selling the bike, set up a separate Line of Credit and use that. If you were to "rent it out" you could then claim it as an investment property and have the interest tax deductible but also be able to claim Capital Cost Allowance as another deduction. You would still have to pay capital gains on the apprication when you sell it but it would get you another tax deduction which you could use to lower the Line of Credit over time. Again, I am not sure if all this is available in the US so you should talk to an accountant but might be worth a shot and would save you from selling your bike and taking a hit on what you would get for it.
     
  3. stilcrazee

    stilcrazee Well-Known Member

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    Even if it a "rental" property you are allowed the use of it a few weeks of the year and don't forget that you "may need..ahem..may need " to perform maintenance on it and that may take you a week or so in addition to the time Uncle allows you to use it yourself..if ya know what I mean.
     
  4. NorCal

    NorCal New Member

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    You have a 2011 Ness XC #120? So do I!




    Just Kidding!
     
  5. ndabunka

    ndabunka Well-Known Member

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    I am VERY familiar with rental property as we already have a 2 bedroom beachfront unit that we rent out. For those that don't know, there are two ways to handle it, as a 2nd home or as a investment property. Each has difference accounting treatments but in the end (when you sell them), the differences balance out. In this case, I think I can double my money in the condo in less than 2 years. If it also works out the way it shows on paper, it will also bring in about $5K/year in additional income that would also (easily) cover payments on the next bike. However, those of you who have owned property also know that there ARE risks and I could also have to drop an un-expected $5K into the unit in any one year to cover things like special assessments, repairs, upgrades, etc so that "slush" fund is really where about 50% of the $'s from selling the bike would go into so that we would not have to tap any non-real estate accounts to cover those types of things should they occur. I don't actually HAVE to sell it but did tell the wife I would to make her feel more comfortable with the new "investment". I also know that I will likely never be able to find a bike as good as this one but in the end, it's just a bike.

    PS - I bought my bike pretty well so don't expect much of a hit. Maybe about $2 grand/year and if so, then it was a fantastic way to spend it!
     
  6. ndabunka

    ndabunka Well-Known Member

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    DRAT! I thought I might have found a new way to have paid off the condo early! LOL
     
  7. ndabunka

    ndabunka Well-Known Member

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    Yep, the condo @ the beach needed a new washer/dryer so that took a couple of days. Had to replace the shower curtians, repair refridge, remove wall paper & repaint, replace bathroom fixtures, etc. 10 days/year is all Uncle Sam permits but maintenance is additional. We always have stuck by the letter of the law.
     
  8. ndabunka

    ndabunka Well-Known Member

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    Turns out that the ski condo seller's weren't willing to "deal" and are sticking by a (bit) of an inflated asking price so we have removed the offer from the table. They may come back in the future but not so certain I will still be in the market. Just don't want to let go of Nessie anytime soon[​IMG]
     
  9. stilcrazee

    stilcrazee Well-Known Member

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    Probably not the time f year to be looking for deals on ski propery anyway, Seaon should be here any day huh?
     
  10. ndabunka

    ndabunka Well-Known Member

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    Unless you live in the southern hemisphere I don't think any of us in North America will see snow for another 3 months so it should be a GREAT time to get a deal but waiting even another month will see the prices rise once more.
     
  11. Daddio

    Daddio Well-Known Member

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    I'm guessing you've never ridden Trail Ridge Road in Colorado in June, July, August or September...
     
  12. ndabunka

    ndabunka Well-Known Member

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    Thanks for the humor but I don't think that periodic, a freak summer snow event in a State 14 hours away would really matter to a condo in West Virgina. Us here on the right coast will be lucky if the slopes are even open by the 1st week in December.
     

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