09-17-2009, 11:18 PM
http://maps.google.com/?ie=UTF8&ll=40.714545,-73.937436&spn=0,359.994464&z=18&layer=c&cbll=40.714549,-73.937545&panoid=8sUQaFgLm5hiDSBt37lDtg&cbp=12,5.65,,0,-14.01
I'm half serious and misguiding you by a few doors. A friend of mine moved out of a neighboring building owned by the same landlord. While the landlord admits she left on good terms, she's unable to refund her deposit. Now, I don't (currently) run an apt building, and I'm sure I'm unaware of a few of the expenses that go into it, but I've never been without the amount my friend is due.
This is likely entirely beyond my means. Its a building with five apartments and it probably brings in about $9k/month, fully rented. I'd need have money for a downpayment, an emergency fund, estimated yearly amount spent on repairs, etc. I probably could have bought before the mortgage bubble but it probably would have sunk me too. Still, I'm very curious.
So macResourcers, explain to me how owning property in this part of ny isn't as easy as xeroxing dollar bills.
I'm half serious and misguiding you by a few doors. A friend of mine moved out of a neighboring building owned by the same landlord. While the landlord admits she left on good terms, she's unable to refund her deposit. Now, I don't (currently) run an apt building, and I'm sure I'm unaware of a few of the expenses that go into it, but I've never been without the amount my friend is due.
This is likely entirely beyond my means. Its a building with five apartments and it probably brings in about $9k/month, fully rented. I'd need have money for a downpayment, an emergency fund, estimated yearly amount spent on repairs, etc. I probably could have bought before the mortgage bubble but it probably would have sunk me too. Still, I'm very curious.
So macResourcers, explain to me how owning property in this part of ny isn't as easy as xeroxing dollar bills.