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]
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?????
“Not to mention that thousands of houses in LA in nice areas are currently listed below a million dollars. .”
LA also has unlimited land in which to spread…
Besides, the “value” of your home is just a number it goes up it goes down. It essentially means nothing until you pull the trigger by putting it on the market and sign a sales contract. That is when you find out what the true value of your home is. For most of us that’s not anywhere in the foreseeable future.
Jebby, I don’t know who the listing agents were, but if they didn’t build in a 10% discount for a cash buyer, they were quite foolish. 6 months from now they may be calling you back. Anyone selling a house needs some wiggle room in this economy.
Good point, Sparafucile, but where is this “real money”? He’s already locked into a depreciating asset. And paying a mortgage to avoid opportunity costs is not the emmo of a big time hedge fund manager. That’s something you and I would do (assuming you’re not a billionaire).
***Bid half off peak comps***
Not to mention that thousands of houses in LA in nice areas are currently listed below a million dollars. . .
Meant Prospect Park, not house. Time to stop all this and go outside.
BKNY, I prefer Cobble Hill to Park Slope. I had a special house that I’ll never get back. I think Cobble Hill is the best neighborhood in Bklyn, but I am on a new journey. Half block from Prospect House is looking good, however.
BHO….you also apparently don’t understand the concept of interest deductibility.
As far a why I bought a place in Bed Stuy….there are many, many reasons. For one, I own three other residences and didn’t want to shell out $2MM for something additional. Oh, and BTW, there are only 2 mortgages on all of the 4 properties.