He bought 5 vacant lots in Arkansas, crazy!!

来源: 2008-11-19 08:35:35 [博客] [旧帖] [给我悄悄话] 本文已被阅读:

If we estimate each lot cost him 40K, 5 vacant lots would cost him 200K. That's 200K with no rental income and that would have additional $200 per month in property tax burden. According to the report, he borrowed 330K for 2 houses and 5 vacant lots. It's reasonable to guess that he borrowed 200K on these 5 vacant lots alone. So, he is losing about 1500 per month from this mortgage and if you add 200 per month for property tax, the total loss per month is 1700!

Who knows how many vacant lands he still has in the state of Washington.

I won't blame him for buying houses in Arkansas, at least they may give him cash flows. But buying lands in such places where there would be very little future growth and population growth is beyond reasoning. I do believe his act of killing has a lot to do with his monthly loss of $2000. Without a stable job, he will have no way of supporting such loss. That dire situation pushed him to madness.