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#11
05-09-2007, 06:07 PM
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Re: I offered $185K for an apartment in AC on the boardwalk...........
Even if you only plan on using it for two years or less, why not retain it as a rental property once you are done using it; seems this would be the most feasible way to extend your holding period and hopefully realize a greater return on the property. Granted I say this with no knowledge of the AC Real Estate market.
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#12
05-09-2007, 07:28 PM
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Re: I offered $185K for an apartment in AC on the boardwalk.............
[ QUOTE ]
I would hate to get into this place, win a bunch of money playing poker, and then have to bail out of this place in a year or two for an upgrade to a much nicer place. [/ QUOTE ] Wait, what? shouldn't that be your goal?
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#13
05-09-2007, 08:33 PM
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Re: I offered $185K for an apartment in AC on the boardwalk.............
[ QUOTE ]
[ QUOTE ] I would hate to get into this place, win a bunch of money playing poker, and then have to bail out of this place in a year or two for an upgrade to a much nicer place. [/ QUOTE ] Wait, what? shouldn't that be your goal? [/ QUOTE ] I just had an epiphany. I now have a goal. I guess I that really is a good problem to have.
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#14
05-09-2007, 08:42 PM
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Re: I offered $185K for an apartment in AC on the boardwalk.............
Make another counteroffer at 190 000? Not much else to do.
BTW, you are going to lose a lot of money if you resell it again within a few years. Prepayment penalties, real estate agent, closing costs, taxes, yada yada yada.
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#16
05-09-2007, 09:33 PM
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Re: I offered $185K for an apartment in AC on the boardwalk.............
[ QUOTE ]
You'd have to buy it at 165-170 000$ to recoup your losses BTW. [/ QUOTE ] Please elaborate, do you mean that the market price right now is more like 165-170? Or do you mean that all the hassle that I would go through would only make it worth that?
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#17
05-10-2007, 09:22 PM
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Re: I offered $185K for an apartment in AC on the boardwalk.............
I am assuming the market remains the same.
There are a lot of costs that will not be aware to you right now. Closing costs, real estate agent, taxes, prepayment penalties etc etc easily eat up lots of profits. When all is said and done, u'd break even at 170 000.
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#18
05-11-2007, 10:15 AM
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Re: I offered $185K for an apartment in AC on the boardwalk.............
[ QUOTE ]
I am assuming the market remains the same. There are a lot of costs that will not be aware to you right now. Closing costs, real estate agent, taxes, prepayment penalties etc etc easily eat up lots of profits. When all is said and done, u'd break even at 170 000. Gotcha, Thanks
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