We've established that rule. I get the say over what is put in our new home in regards to countertops, flooring, paint color, etc... He gets his office. Whenever I ask him if something i've done in our home looks good, he's like "Yeah babe, that looks great", usually without even looking. But I appreciate the attempt. You're a good man Maj, for at least trying to pretend.
I priced condominiums this weekend. 1,085 sq. feet, Granite countertops, stainless steel washing machine, washer and dryer, stainless steel fridge, new carpet, and a small number of community ammenities we're in the 350k to 380k range. And as soon as I get the chance I'm buying the damn thing. And I'll buy a second one for renting out as soon as I can do that as well.
That is beachfront pricing here, with a months worth of cocaine to boot. I bet the condo you are talking about is in the 'hood. Barry
The area is quite nice actually. It's just the condo's are new and it's technically in Riverside county, which is a bedroom community of Orange County. The area is blowing up though. Businesses and babies are populating like rabbits. I bet in 15 years I'll have a $700,000 condo that I payed $350k for and a few others that I'm renting on the side. I like the idea of making money for paying my rent.
Your capitalistic spirit and overall greed for wealth brings a tear to my eye. sniffs.......I'm proud of you, son.....
I've never claimed to be a communist, I've just claimed you need to understand Marx. Marx was brilliant. Lenin, Trotsky, Mao, and Mihn came along and completely twisted his ideas. I'm all for capitalism. It's simply the best system that's available at this point. That being said, I'm going to use it to my advantage.
I've noticed the general rule on rent pricing to be about the mortgage payment at current average market rate100% finance. Wouldn't that be around the 2k range for a rent payment on a 1100 sq ft apt? Of course the general rule does not apply in markets that are over or under saturated.
That's not a bad rule of thumb. I've also heard 5% of market value over one year as a guideline. Plenty of variables though, depends on the area, the amenities, and what you'll allow the tenants to do.
I am averaging about %12.5 of market value here. The reason is that property values are low compared to the rest of the country. For example, a 1600 sq ft 3 bed 2 bath will sell for around $157,000. (Newer homes in more affluent areas are much higher.) That house rents for around $1050.00 a month. Barry
depending on the rate you get your loan at assuming a 30 year prime rate including your escrow assuming you let the mortgage company handle that and taxes. It would say that must be close to your payment isn't it?
Yes. We try to make $50 a month more than the payment to cover expenses. Your system is actually about what we shoot for. The money that is made is in appreciation and equity, not the rent. The area has appreciated about 12% per year for the last three years. Barry
This thread would be boring enough even if you were talking about property prices somewhere I give a fuck about. But it's all about Allabammy and Californ-i-ay, and in US$ to boot. Fuck all you property "magnates", you'll find me in the "I win" thread.
