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For the $3,119 Maintenance Fee + $845 Lease rent? For $4,000/monthly + your $199,000 you can certainly get some decent fee simple properties that are much nicer than that unit.
Not if you don't qualify for the mortgage ! What would the mortgage payment be on $1,400,000?
Not if you don't qualify for the mortgage ! What would the mortgage payment be on $1,400,000?
Well - it makes no financial sense to get a mortgage over $750,000 since it isn't deductible - so I suspect that doesn't have a large market.
Anyway, a person with $200,000 sitting around instead of buying a leasehold AND paying $4,000 month should buy a $1,000,000 place - put 20% down, have a payment with HOA in the $4,000 month - and actually own it.
Well - it makes no financial sense to get a mortgage over $750,000 since it isn't deductible - so I suspect that doesn't have a large market.
Anyway, a person with $200,000 sitting around instead of buying a leasehold AND paying $4,000 month should buy a $1,000,000 place - put 20% down, have a payment with HOA in the $4,000 month - and actually own it.
R U sure U R a real estate investor? Tax deductions is just a mortgage perk if you qualify for it. The main value of a mortgage is the time value of money.
If my time frame is 20 years I can buy that 2/2 with 1300sf plus the 1000 sf lanai or go down on the Gold Coast and spend a million on 500sf fee simple then there is a trade off.. Now the Foster Tower is across the street from the beach and the Gold Coast will get you on the beach. If there is a similar leasehold available when I'm down to my last twenty and I need live in help that could be a very viable option or I could sell a place or two and buy fee simple in Foster Tower. But if I only have $200,000 but not the ability to mortgage $1,000,000+ then the leasehold works pretty good to be near the beach. Quality of MY life and all. Screw the heirs!
But if I only have $200,000 but not the ability to mortgage $1,000,000+ then the leasehold works pretty good to be near the beach. Quality of MY life and all. Screw the heirs!
Except - in this instance, it is the heirs buying the place.
And you keep ignoring the $4,000/month in fees, also not deductible.
You can certainly get a mortgage with fees in the $4,000 range AND own it
That leasehold is presumably so bad it has a single interior photo
Except - in this instance, it is the heirs buying the place.
And you keep ignoring the $4,000/month in fees, also not deductible.
You can certainly get a mortgage with fees in the $4,000 range AND own it
That leasehold is presumably so bad it has a single interior photo
If the heirs want an investment then they need to have a bigger down payment and qualify for a big ass mortgage. I am not ignoring anything. You are ignoring the fact that you cannot deduct " cable TV, electricity, hot water, Internet service, sewer and water." on what ever property you live in. If you own this fee simple you also would not be able to deduct these costs. What are you thinking?
Just because you can pay $4,000 a month does not mean you can get a million dollar + mortgage.
This place is selling for the location, view and size. The kitchen shot looks nice. Even if the bathrooms were original and maintained I don't see how someone on a beer budget could complain. Living room, dining room and bedrooms are paint and flooring. Cheap fix!
How about a little friendly challenge? Do the math for a better deal considering we are only looking at 20 years and appreciation is off the table.
How about a little friendly challenge? Do the math for a better deal considering we are only looking at 20 years and appreciation is off the table.
Literally anything that costs $900,000 fee simple is a better deal. $2,900 mortgage + $1,000 HOA and in 20 years, even with no appreciation - the mortgage is nearly paid off, and you OWN it. And since you deduct mortgage interest, the electricity and cable bill is can be paid)
In 20 years of leasehold, you have nothing to show for your $200,000 + $4,000 monthly (and that $4,000 is going to go up far faster than the $1,000 HOA place)
Literally anything that costs $900,000 fee simple is a better deal. $2,900 mortgage + $1,000 HOA and in 20 years, even with no appreciation - the mortgage is nearly paid off, and you OWN it. And since you deduct mortgage interest, the electricity and cable bill is can be paid)
In 20 years of leasehold, you have nothing to show for your $200,000 + $4,000 monthly (and that $4,000 is going to go up far faster than the $1,000 HOA place)
Nah, you need to do a lot better that a made up place. Show me a comparable 2/2 1500sf place on or near the beach.
What does this mean? " And since you deduct mortgage interest, the electricity and cable bill is can be paid)"
Also I own this for 20 years same as the fee simple guy.
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