--- 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???
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