--- In AsburyPark@yahoogroups.com, "oakdorf" <[EMAIL PROTECTED]> wrote: > > To the one who asked, and those that are curious: > Sitar has in MLS a 3 bedroom, 3 bth unit at Wesley grove listed for > $2900. 2 indoor parking spaces. "Flexible" landlord. 1,561 sq ft > > Date Available as 7/1. > > Original list price: $3800. > > Maybe someone is going to see how they managed to make pier village a > success - by mixing in rentals with ownership. High prirce rentals at > that. >
Figure $500 a month goes towards taxes, if the property is owned free & clear that's $2400 per month going to the owner or $28,800 a year. What was the original price, $600,000? 4.8% return. You can get 4.8% on a one year CD, and not have to worry about a bank teller throwing a party in your CD. If the owner has a mortgage, he can borrow $400,000 at 6% for $2400 a month. He'd still have to come up with a $200,000 down payment to make up the difference. (BTW, at the original $3800 rent he could have borrowed $550,000, which is probably what the amount financed actually is.) The financials not working aside, who would want to start a lease down the shore in the middle of the season??? Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) <*> To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/