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Old 10-07-2009, 05:46 PM   #31
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Originally Posted by Bobby_M View Post
Rental properties without positive cash flow are generally a bad investment. However, if it's worth what you paid, I'd assume you have 5 years of equity saved up.
It is a shore condo so it is seasonal. My plan was to slowly creep up the rates (started at $1,500 prime weeks now is $1,950) while the mortgage payments stay the same. I am getting there, in the next 5 years or sooner it will be paying for itself and I have my own vacation home in the spring, fall and even winter if I want it. I am a fisherman so it works out well. 8-10 weeks of rentals paying the mortgage is not all that bad.

 
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Old 10-07-2009, 06:00 PM   #32
Saccharomyces
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Originally Posted by AZ_IPA View Post
no lie; I'm not missing a "1" on the 8/24/09 sale....that's how bad things are in the phoenix market
PHX isn't Detroit. For $34K I would buy it and rent it out. Then when the market recovers 50% you are break-even and can sell both to get out if you want.
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Old 10-07-2009, 06:01 PM   #33
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****, I was just reading an article in the Journal about Detroit real estate - houses going for $7,000. Hell, you can probably make half of that back in crack rocks that have fallen in the couch cushions. If I wasn't concerned about getting shot dead........
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Old 10-07-2009, 06:08 PM   #34
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Quote:
Originally Posted by Saccharomyces View Post
PHX isn't Detroit. For $34K I would buy it and rent it out. Then when the market recovers 50% you are break-even and can sell both to get out if you want.
The problem is these properties are trashed and not move-in-ready, yet they're driving comps down all over the county....

At least Detroit had a job market - Phx's job market is based on construction....and now that that's pretty much done, I don't have high hopes for that hell hole.

I'm glad I'm out of there, and only have a crappy condo with a LTV of 300% that I'm renting out for about 75% of what my expenses are. Things will be worse when my current tenants move out in 11/2010.

 
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