My Purchase today

So I made an offer to this two bedroom, 850 sqft condo. It was initially asked for $35,000, and then reduced to $29,900. I offered $25,00, and it was accepted.

Condo: $25,000

Closing cost: $1,000

Total purchase price: $26,000

Rent: $700/month

Vacancy: 10%

Property Manger: $56/month

HOA: $312 (ouch!) /month

Insurance: $40/month

Property Tax: $42/month

Repair: $50/month

Net before interest: $130/month

Interest: $65/month

Net: $65/month

Seed money: $0

Percentage of return: $65/$0 = ???

Haha, the profit is one meal for a family of four per month. I will take it since it is free.

History of the unit:

Built in 1969

Sold: July 1983 for $41,900

Sold: Dec 1987 for $32,000

Historical high: $130,000 (this is only my guess based on other sales. This one has not been sold since 1987).

This property is in Florida. All I hope for is: one day, it will recover to half of its peak price, and the rent will go back to $850/month.

 

所有跟帖： 

• wow, not bad... -jy101- ♂ (0 bytes) () 08/19/2011 postreply 16:51:31

• If only the HOA fee were lower... -cultuslake- ♂ (0 bytes) () 08/19/2011 postreply 18:20:30

• wow. congradulations! -比花花还花- ♂ (328 bytes) () 08/19/2011 postreply 16:54:14

• yes, HOA eats deep into the potential profit. -cultuslake- ♂ (268 bytes) () 08/19/2011 postreply 17:02:33

• haha. buy old homes -比花花还花- ♂ (217 bytes) () 08/19/2011 postreply 17:07:05

• Are there desert storms? -cultuslake- ♂ (0 bytes) () 08/19/2011 postreply 17:14:47

• haha. heard of, but... -比花花还花- ♂ (369 bytes) () 08/19/2011 postreply 18:08:33

• when I got time, I would first visit Arizona to see -sweetptt- ♂ (48 bytes) () 08/19/2011 postreply 19:55:54

• haha. welcome to AZ. A place with opportunity. -比花花还花- ♂ (152 bytes) () 08/19/2011 postreply 20:24:28

• 你要天天为FL祈祷啦，千万别刮飓风。 -hao-hao-cai- ♂ (88 bytes) () 08/19/2011 postreply 17:00:28

• good to see you. 好好菜同志。 -比花花还花- ♂ (0 bytes) () 08/19/2011 postreply 17:01:46

• Seriously, though. To avoid 飓风, -cultuslake- ♂ (196 bytes) () 08/19/2011 postreply 17:17:16

• 收入所得税算了么？ -ABD- ♀ (0 bytes) () 08/19/2011 postreply 17:23:34

• 不赚钱，哪有税？ -cultuslake- ♂ (58 bytes) () 08/19/2011 postreply 17:25:50

• HOA除了每月要交银子外，会给地主找麻烦吗？ -家常话- ♀ (0 bytes) () 08/19/2011 postreply 19:19:17

• 回复：My Purchase today -jason64- ♂ (125 bytes) () 08/19/2011 postreply 20:48:36

• Good. Congratulations! -cultuslake- ♂ (0 bytes) () 08/19/2011 postreply 21:00:41

• thanks. which city is your condo? -jason64- ♂ (0 bytes) () 08/20/2011 postreply 20:13:43

• 白莱房？垃圾房？ -392- ♂ (0 bytes) () 08/19/2011 postreply 22:32:06

• 反正不是芹菜房:-) -美西游子- ♀ (0 bytes) () 08/19/2011 postreply 22:34:42

• 白莱房 -cultuslake- ♂ (29 bytes) () 08/20/2011 postreply 00:43:01

• 恭喜! 今年达标啦? -美西游子- ♀ (0 bytes) () 08/19/2011 postreply 22:42:50

• 哈哈。多谢。漫不经心，有漏就捡啦。 -cultuslake- ♂ (0 bytes) () 08/20/2011 postreply 00:45:21