Who in their right mind would rent at $1k a month when the mortgage could be paid off in less than 3 years? Am I missing something here?JohnG@lt wrote:
Long Island.KEN-JENNINGS wrote:
I'm curious as to where in the US a foreclosed home for $30K is being rented out for $1k a month.JohnG@lt wrote:
Of course they are, it would be a fantastic investment right now. Buy a foreclosed home for $30k, charge $1k a month rent and make your money back in 30 months. Easy money.
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Not so much in Tampa.. further south in the retirement communities yes. Florida is well above the COL national average.JohnG@lt wrote:
It's in Florida. Cost of living is dirt cheap because there are no jobs. It's full of retirees.ghettoperson wrote:
What's the catch, why's it so cheap?
The bank has had it on their books for two years with no payments.What's the catch, why's it so cheap?
Xbone Stormsurgezz
People are stupid? They don't know where to look for lists of foreclosed homes? I dunno. I pay $1200 a month in rent for a one bedroom apartment. Could I possibly have bought a foreclosed home in the past year that would've been a lot cheaper than my rent? Sure, but the property taxes are also $7k a year or so and I would more than likely have to fix up a gutted house causing further expense.KEN-JENNINGS wrote:
Who in their right mind would rent at $1k a month when the mortgage could be paid off in less than 3 years? Am I missing something here?JohnG@lt wrote:
Long Island.KEN-JENNINGS wrote:
I'm curious as to where in the US a foreclosed home for $30K is being rented out for $1k a month.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
No way. I used a CoL calculator a few months ago and Florida was literally half of the CoL here.Kmarion wrote:
Not so much in Tampa.. further south in the retirement communities yes. Florida is well above the COL national average.JohnG@lt wrote:
It's in Florida. Cost of living is dirt cheap because there are no jobs. It's full of retirees.ghettoperson wrote:
What's the catch, why's it so cheap?
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
NY and Cali are in a world of their own. You're just getting molested to the extreme. Florida ranks 35th (out of 50).. the higher the number the higher the col.JohnG@lt wrote:
No way. I used a CoL calculator a few months ago and Florida was literally half of the CoL here.Kmarion wrote:
Not so much in Tampa.. further south in the retirement communities yes. Florida is well above the COL national average.JohnG@lt wrote:
It's in Florida. Cost of living is dirt cheap because there are no jobs. It's full of retirees.
Xbone Stormsurgezz
Which is why I'm moving to New Hampshire as soon as I'm done with schoolKmarion wrote:
NY and Cali are in a world of their own. You're just getting molested to the extreme. Florida ranks 35th (out of 50).. the higher the number the higher the col.JohnG@lt wrote:
No way. I used a CoL calculator a few months ago and Florida was literally half of the CoL here.Kmarion wrote:
Not so much in Tampa.. further south in the retirement communities yes. Florida is well above the COL national average.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
It really depends on the city too. Prices can change drastically just a few towns over. My Dad is from upstate NY and their COL is nowhere near what they pay in the city. It's very ruralish.
Xbone Stormsurgezz
I grew up on Long Island one town away from the most expensive town in the country.Kmarion wrote:
It really depends on the city too. Prices can change drastically just a few towns over. My Dad is from upstate NY and their COL is nowhere near what they pay in the city. It's very ruralish.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
Pops is from Malone, NY.
Xbone Stormsurgezz
I assume that's upstate because I've never heard of it I grew up in Glen Cove.Kmarion wrote:
Pops is from Malone, NY.
Do a quick search for estates in Glen Cove.
http://www.goldcoastmansions.com/
Last edited by JohnG@lt (2009-11-30 14:51:50)
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
North of Lake Placid, I assume you have heard of that. Olympics
I'm familiar with ur nutty prices. Apparently so is Jeter..lol
http://www.aceshowbiz.com/news/view/00029183.html
I'm familiar with ur nutty prices. Apparently so is Jeter..lol
http://www.aceshowbiz.com/news/view/00029183.html
Xbone Stormsurgezz
Yes, I know where Lake Placid is To us in the NYC area, anything above Westchester might as well be part of CanadaKmarion wrote:
North of Lake Placid, I assume you have heard of that. Olympics
http://i48.tinypic.com/20ubim9.jpg
I'm familiar with ur nutty prices. Apparently so is Jeter..lol
http://www.aceshowbiz.com/news/view/00029183.html
Last edited by JohnG@lt (2009-11-30 16:09:36)
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
I'm just wondering if these are hard numbers or you are making them up.JohnG@lt wrote:
People are stupid? They don't know where to look for lists of foreclosed homes? I dunno. I pay $1200 a month in rent for a one bedroom apartment. Could I possibly have bought a foreclosed home in the past year that would've been a lot cheaper than my rent? Sure, but the property taxes are also $7k a year or so and I would more than likely have to fix up a gutted house causing further expense.KEN-JENNINGS wrote:
Who in their right mind would rent at $1k a month when the mortgage could be paid off in less than 3 years? Am I missing something here?JohnG@lt wrote:
Long Island.
People that can't get loans would Ken. The banks have been tight the last couple of years and rentals have soared. His example seemed extreme but not unbelievable .
Xbone Stormsurgezz
I can't get a list of foreclosures in my area unless I 'prequalify'. I do have a friend that was about to snap up a 3 bedroom house for $45k a few months ago but the previous owners had stripped everything out of it. Wasn't worth it. A 3 BR house in this area sells new for about 500-600k.KEN-JENNINGS wrote:
I'm just wondering if these are hard numbers or you are making them up.JohnG@lt wrote:
People are stupid? They don't know where to look for lists of foreclosed homes? I dunno. I pay $1200 a month in rent for a one bedroom apartment. Could I possibly have bought a foreclosed home in the past year that would've been a lot cheaper than my rent? Sure, but the property taxes are also $7k a year or so and I would more than likely have to fix up a gutted house causing further expense.KEN-JENNINGS wrote:
Who in their right mind would rent at $1k a month when the mortgage could be paid off in less than 3 years? Am I missing something here?
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
Foreclosures, at least around here, cost more than 45k to the bank. Just to get it done. Usually if it's appraised under 75k they wont sell them to individual buyers.JohnG@lt wrote:
I can't get a list of foreclosures in my area unless I 'prequalify'. I do have a friend that was about to snap up a 3 bedroom house for $45k a few months ago but the previous owners had stripped everything out of it. Wasn't worth it. A 3 BR house in this area sells new for about 500-600k.KEN-JENNINGS wrote:
I'm just wondering if these are hard numbers or you are making them up.JohnG@lt wrote:
People are stupid? They don't know where to look for lists of foreclosed homes? I dunno. I pay $1200 a month in rent for a one bedroom apartment. Could I possibly have bought a foreclosed home in the past year that would've been a lot cheaper than my rent? Sure, but the property taxes are also $7k a year or so and I would more than likely have to fix up a gutted house causing further expense.
Also you can get an idea here: http://www.realtytrac.com/
Xbone Stormsurgezz
What do they do in that case? Package them up and sell them in bulk to a coporation or realtor? I'm noticing a lot of new companies that I haven't seen before listed on these realty sheets.Kmarion wrote:
Foreclosures, at least around here, cost more than 45k to the bank. Just to get it done. Usually if it's appraised under 75k they wont sell them to inividual buyers.JohnG@lt wrote:
I can't get a list of foreclosures in my area unless I 'prequalify'. I do have a friend that was about to snap up a 3 bedroom house for $45k a few months ago but the previous owners had stripped everything out of it. Wasn't worth it. A 3 BR house in this area sells new for about 500-600k.KEN-JENNINGS wrote:
I'm just wondering if these are hard numbers or you are making them up.
Last edited by JohnG@lt (2009-11-30 16:52:13)
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
Exactly.JohnG@lt wrote:
What do they do in that case? Package them up and sell them in bulk to a coporation or realtor?Kmarion wrote:
Foreclosures, at least around here, cost more than 45k to the bank. Just to get it done. Usually if it's appraised under 75k they wont sell them to inividual buyers.JohnG@lt wrote:
I can't get a list of foreclosures in my area unless I 'prequalify'. I do have a friend that was about to snap up a 3 bedroom house for $45k a few months ago but the previous owners had stripped everything out of it. Wasn't worth it. A 3 BR house in this area sells new for about 500-600k.
Xbone Stormsurgezz
Not able to get a $30k loan but approved for $1k rent? Yeah, I guess that would apply to like 10 people.
No. I've already said it before. It had more to do with not wanting to completely redo the house because everything was ripped out by the previous owners. Even the copper wiring was stripped out and sold for scrap. So couple replacing everything with the fact that Long Island has the highest property taxes in the country and it wasn't worth it.KEN-JENNINGS wrote:
Not able to get a $30k loan but approved for $1k rent? Yeah, I guess that would apply to like 10 people.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
Banks virtually weren't lending at all Kenny.KEN-JENNINGS wrote:
Not able to get a $30k loan but approved for $1k rent? Yeah, I guess that would apply to like 10 people.
Xbone Stormsurgezz
My point is that if you can get approved for $1k a month in rent you can get approved for a $30k loan.
Why would they need approval to pay rent? Frankly, you have no point and you're just being a pedantic idiot right now.KEN-JENNINGS wrote:
My point is that if you can get approved for $1k a month in rent you can get approved for a $30k loan.
Last edited by JohnG@lt (2009-11-30 17:02:49)
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
The risk is obviously lower when someone rents month to month. You miss a months rent at an apartment complex and you're most likely out.
Xbone Stormsurgezz
http://www.nbclosangeles.com/around-tow … geles.html
SoCal.. well, they know where to start.
SoCal.. well, they know where to start.
Xbone Stormsurgezz
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