GoFuckYourself.com - Adult Webmaster Forum - View Single Post - Why do people buy rental units that can barely pay itself?

Pornwolf · 10-08-2006, 06:25 PM

Well, that's a good question. Unfortunately the entire city of New York fits the scenario you described.

1 bedroom units sell for $800k. You can only rent them out for a max of $3,500. After you add in the maintenance of $1000 plus and taxes of $800 plus you have a $5,500 monthly note to pay. You are upside down an average of $2000 of any condo you buy inside the city for at least 5 years.

Why do it? Because you know for a fact that it will catch up within 10 years and almost double it's worth.

10-08-2006, 06:25 PM
Pornwolf Drunk and Unruly Join Date: Jan 2002 Location: Hollywood Posts: 22,712	Well, that's a good question. Unfortunately the entire city of New York fits the scenario you described. 1 bedroom units sell for $800k. You can only rent them out for a max of $3,500. After you add in the maintenance of $1000 plus and taxes of $800 plus you have a $5,500 monthly note to pay. You are upside down an average of $2000 of any condo you buy inside the city for at least 5 years. Why do it? Because you know for a fact that it will catch up within 10 years and almost double it's worth. __________________ I've trusted my sites to them for over a decade... Webair, bitches.