Open House Picks: Six Months Later
Comment: Mixed bag. Open House Picks 8/22/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Mixed bag.
Open House Picks 8/22/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
Whatever, BHO. you’ll be paying rent forever waiting for things to come off 50%. Your social security won’t cover the rent for a studio when you’re that age!!!! ROTFLMMFAO
“BHO…you really still don’t get it. I’ve explained it before. I sold a Manhattan condo for a huge gain and I was paying $5,000 in taxes and about $7,200 in common charges.
I had a mortgage that was about $2,300. I bought the Bed Stuy place with a 46% LTV…the mortgage is the same, $2,300…the taxes are $1900 and I get $14,400 a year in rent for the first floor.
The mortgage interest is deductible for me and deductioble against the income. I’m now bringing in (14,000 – 1,900 taxes – 1,700 heat) = 10,400 as opposed to paying out 12,200…that’s a net gain to income of 22,600
Starting to look interesting yet to any of you morons?????”
It’s looks more than interesting, dave. In fact, it’s down right shocking that you think you’re ahead.
MONEY PAID OVER 15 YEARS (today’s dollars)
$500k down
$420k principal
$178k interest
$108k same cc/maint as condo or more
$29k taxes
—————————————-
$1.235M total
MONEY RECEIVED OVER 15 YEARS (today’s dollars)
$216k rent
$500k sale (half off peak Stuy Heights comps)
———-
$716k total
NET “GAIN”
+$716k received
-$1.235M paid
——–
-519k loss
So, after 15 years you would lose your downpayment (barring another ‘roaring 20’s’ type credit giveaway – good luck with that). And that doesn’t even include renovation costs which I’m quite sure you’ve poured in there. If it takes a moron to tell you that…
davincycodeinbedstuy CRACKED.
***Bid half off peak comps***
Ironballs,
You state that if your mortgage payment is higher than what you could rent your house for, then your overpaid. Since I need to live somewhere, I look at my tax adjusted monthly cost of owning a house (i.e. mortgage payment which includes taxes + insurance less tax shelter of mortgage interest deduction) and compare it to what it would cost to rent. If those two numbers are anywhere near close, it’s better to own.
The What reverts back to assinine self. Story at 11
I know plenty about French toast.
I shall knight thee- Mopar The Ignorant….
Mopar- Like a sick Monty Python skit…
The What
Someday this war is gonna end…
Agreed, the MAB has imploded. No doubt about it. So you actually haven’t been to Bed Stuy in 20 years? You should check it out, real nice brunch at Peaches despite the MAB. Oh, I know, you don’t like brunch. But you can get french toast as a side.
“Oh c’mon What, this is absurd. Have you been anywhere near Bed Stuy in the last 20 years? And you spend all day attacking people on this site who agree with you. It’s ridiculous”
Can I que you in on a little secret Mopar? You see real people don’t have to prove anything, got it! Now the statement-“Oh c’mon What, this is absurd. Have you lived anywhere near Bed Stuy in the last 20 years? You would’ve been correct Mopar but I’ll let this dance in your head tonight. Oh BTW I don’t have to get into the catfights because the Mutant Asset Bubble has exploded. Keep you browser lock over here-
http://www.bloomberg.com/markets/rates/index.html
When the 10 and 30 year rates goes Tango Uniform it will be the end of Brownstone Brooklyn…
The What
Someday this war is gonna end…
Oh c’mon What, this is absurd. Have you been anywhere near Bed Stuy in the last 20 years? And you spend all day attacking people on this site who agree with you. It’s ridiculous.