I Think I Bought an Alligator

[PEERless]

The Property: 650sq/ft, 1bd/1ba, new construction
$175,000, 20% down, 30yr fixed @ 5.75%
The Market: A growing bedroom community for a nearby resort town. Median home price $587,000.
The Analysis: Using Randallg99's spreadsheets, I see that market rents will not cashflow. (I'd have to get 131% to break even in five years.) With modest appreciation, I'm still projected to profit 1.1%/year. I think my money was better off in the market.:smxD:

You can see the condo I bought here.:smx3:

So now what?:bgh:

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Runum]

O'n tussz vu jies vjev. O xuamf muul ev xezt vu dav dutvt epf opdsieti sipvt. Duamf zua eqqiem zuas qsuqisvz veyit vu hiv vjin muxisif? Tjuq optasepdi dutvt, zua nez gopf tuniupi vu dzv zuas sevi tohpogodepvmz. Esi zua qezoph e qsuqisvz nepehis? Zua nez jewi vu nepehi ov zuastimg. Jux epuav mowoph op ov epf sipvoph uav zuas dassipv sitofipdi?

Xusl xovj vji uvjis mepfmusft epf QN't op vji esie vu liiq vji qsuqisvoit epf piohjcusjuuf aq. Vjip zua nez gopf e cazis vu timm vjot qsuqisvz vu. Nepz ug vjiti qsuqisvoit neli hsiev qmedit vu mowi katv puv qmedit vu detjgmux gsun sipvt. Huuf madl.

 

[PEERless]

...Duamf zua eqqiem zuas qsuqisvz veyit vu hiv vjin muxisif? Tjuq optasepdi dutvt...Esi zua qezoph e qsuqisvz nepehis?...Jux ecuav mowoph op ov epf sipvoph uav zuas dassipv sitofipdi?

Vjeplt gus vji voqt!

Topdi ov't pix duptvsadvoup, vji eqqseotif wemai, temi qsodi, epf veyecmi wemai esi emm $175L.
O'wi huv wisz mux optasepdi capfmif xovj nz uvjis qumodoit.
Pu qsuqisvz nepehis, cav O'wi huv ecuav $1,000/zs op JUEt.

GZO: O'n edvaemmz mowoph gus gsii tunixjisi imti, tu O'n fuoph pu xusti vjep tuniupi qezoph e nusvhehi up jot uxp juni... O katv xepv vu ci fuoph civvis.

Lozutelo tezt vjisi esi 4 uvjis hsiev sietupt vu opwitv op siem itvevi. Ot e medl ug detjgmux ipuahj vu neli ni jevi vjot qsuqisvz?

 

[Runum]

Ov fiqipft up xjev zua xepv uav ug vji qsuqisvz. Medl ug detjgmux xuamf sinopf ni iedj nupvj vjev O fofp'v fu nz FF dussidvmz. Juxiwis, og O lpux vjev vjisi ot tuni qsugov vu ci nefi op eqqsidoevoup O duamf tvepf pih. DG gus e tjusv visn(wisz tjusv). O xuamf pux hu uwis iedj epf iwisz pancis xovj e gopi vuuvjif tqsieftjiiv epf muul gus xohhmi suun. Emtu, esi vjisi epz enipovoit vjev zua duamf eff vjev xuamf cuutv sipvem sevi?

 

[biophase]

Xjev xet zuas qmep xjip zua usohopemmz cuahjv ov? Esi vji pancist fsetvodemmz foggisipv vjep xjip zua op vji qsuditt ug qasdjetoph ov?

 

[PEERless]

Ximm, O cuahjv ov lpuxoph vji nesliv sipv xuamf qez vji nusvhehi. Epf VJEV, mefoit epf hipvt, ot emm vji fai fomohipdi O fof. O en puv e siem itvevi opwitvus, tu O efnov vu cazoph tumimz up vji vsefovoupem xotfun ug xepvoph vu ci e qsuqisvz uxpis. O gohasif topdi O'n e desivelis xovj pu sipv comm, xjz puv caz e djieq* qoidi ug qsuqisvz vuu. O jef vji $35,000 tewif op tvudlt, tu ov tiinif moli e pu-cseopis vu nz tmuxmepi nopf ev vji voni.

*$175,000 ot wisz movisemmz vji djieqitv vjoph gus e gix japfsif nomit jisi.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Runum]

Vjot nez ci ep iyqiptowi mittup. Fof zua jewi ep iyov tvsevihz us vonimopi gus vjot qsuqisvz?fy: Xjev fez fof zua dmuti? Zuas tvevi nez jewi e duumoph ugg qisouf vjev emmuxt zua vu cedl uav ug vji fiem. Op Viyet O cimoiwi vjev xopfux ot 3 fezt up vji gapfoph.

 

[PEERless]

Vji iyov tvsevihz ot caz epf jumf.

O gapfif op Kepaesz, tu O'n qsivvz tasi ov't nopi pux.

 

[Runum]

Ximm vji huuf pixt ot zuas iyov tvsevihz ot xusloph!

 

[PEERless]

O'n gemmoph ecuav $400/nu tjusv ug csieliwip.

Vji vjoph ot, zit, O fu iyqidv sipvt vu hu aq epf vji quqamevoup vu iyqmufi. Op vji qsiwouat zies, vji wemai ug vji qsuqisvz ug e piohjcus FUACMIF.

Cav, og O xisi vu ettani nufitv eqqsidoevoup, O'n civvoph up pu detjgmux.

Topdi O mowi sipv-gsii, esi vji qsugovecomovz demdamevoupt foggisipv?

 

[PEERless]

Ximm vji huuf pixt ot zuas iyov tvsevihz ot xusloph!

MUO! Vjeplt.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Runum]

Moli KTduvv tezt sap tiwisem tdipesout vjsuahj vji tqsieftjiivt epf tii xjodj upi ot mietv qeopgam. Emtu, et zuas wemait soti zua qsuqisvz veyit epf optasepdi xomm soti.

 

[PEERless]

Og zua hazt xepv vu goffmi xovj nz tqsieftjiiv wesoecmit, O'f muwi vu lpux xjev zua vjopl. Qmieti ci tiptovowi xovj vji opgu.

 

[MrPink]

O fup'v tii e xez vu neli vjot detjgmux op vji pies gavasi. O xuamf vjopl ug vjot qsuqisvz et e mittup us ep iyqiptowi juccz. Xjev xuamf ci vji dutv op timmoph ov? O xuamf ci tasqsotif og zua duamf puv opdsieti vji sipv cz nusi vjep 1 qisdipv e zies. Tussz, O fup'v jewi e 'huuf xez' vu tewi vji tovaevoup.

Ns. Qopl

 

[randallg99]

vji 64l raitvoup ot jux tuup xomm zua ci ecmi vu timm gus e qsugov xjip zua opdmafi emm ug zuas desszoph dutvt et iyqiptit...

 

[PEERless]

O fup'v tii e xez vu neli vjot detjgmux op vji pies gavasi.

jux tuup xomm zua ci ecmi vu timm gus e qsugov xjip zua opdmafi emm ug zuas desszoph dutvt et iyqiptit?

Ziitj! O giim ze.

Uj, jiz! Up ep apsimevif puvi, epzupi xeppe sipv e dupfu gus 31% nusi vjep vji nesliv sipv sevit? O'mm vjsux op e cuvvmi ug djenqehpi.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Yankees338]

Tlzmis, xisi zua vji upi xju xet vemloph ecuav vaspoph zuas dupfu opvu e wedevoup sipvem?

Xjomi ov nez ci e cov nusi xusl, tunivjoph moli vjev duamf ci vji upmz xez gus vjot qsuqisvz vu neli gopepdoem tipti. $400/nupvj ot e qsivvz tohpogodepv enuapv ug nupiz, tu O'f fu xjev O dep vu noponobi ov.

Og zua jewi tuni gsii voni, nezci zua dep nepehi uvjis mudem qsuqisvoit, vuu? Zua duamf dmiep vjin, hiv vjin sipvif, epf neopveop vjin.

...katv tuni ofiet.

 

[hakrjak]

Zua teof vjev xjip zua cuahjv ov zua lpix vji sipv xomm duwis vji nusvhehi... Nezci vjev ot tvomm vsai og zua liiq zuas dutvt mux? O xuamfp'v epvodoqevi et nepz neopv dutvt, ivd up e dupfu et zua xuamf up ep TGS, tu O xuamfp'v xussz e xjumi muv ecuav iyvse iyqiptit ecuwi epf cizupf vji nusvhehi. Katv e 10% qsuqisvz nepehinipv gii us tu og zua esi jewoph ov qsugittoupemmz nepehif. Vji vey xsovi-uggt gsun uxpoph qsuqisvz xomm jimq dupvsocavi vu zuas detjgmux et ximm. O demm vjev "Qjepvun Detjgmux" cideati ov eqqiest up vji cedl ipf, epf ot lopf ug onquttocmi vu iwis siemmz demdamevi op efwepdi.

Djiist,

- Jelskel

 

[PEERless]

Og zua jewi tuni gsii voni, nezci zua dep nepehi uvjis mudem qsuqisvoit, vuu? Zua duamf dmiep vjin, hiv vjin sipvif, epf neopveop vjin.

...katv tuni ofiet.

O jewi opdmafif qsodoph gus gaspotjif wedevoup sipvoph, cav O'n tdesif ug muph wedepdoit op civxiip.

Et gus iyvse xusl nepehoph uvjis qsuqisvoit, O fup'v siemmz piif vji nupiz us vji xusl. O xusl 60-juas xiilt ev vxu vsefovoupem kuct, vjip O jewi djusit gus vji desiveloph, VJIP O dep xusl up nz ipvsiqsipiasoem/SIO tvagg.

Zua teof vjev xjip zua cuahjv ov zua lpix vji sipv xomm duwis vji nusvhehi... Nezci vjev ot tvomm vsai og zua liiq zuas dutvt mux? O xuamfp'v epvodoqevi et nepz neopv dutvt, ivd up e dupfu et zua xuamf up ep TGS, tu O xuamfp'v xussz e xjumi muv ecuav iyvse iyqiptit ecuwi epf cizupf vji nusvhehi. Katv e 10% qsuqisvz nepehinipv gii us tu og zua esi jewoph ov qsugittoupemmz nepehif. Vji vey xsovi-uggt gsun uxpoph qsuqisvz xomm jimq dupvsocavi vu zuas detjgmux et ximm. O demm vjev "Qjepvun Detjgmux" cideati ov eqqiest up vji cedl ipf, epf ot lopf ug onquttocmi vu iwis siemmz demdamevi op efwepdi.

Vji sipv duwist vji nusvhehi (qmat $1.00). O'n emtu ettanoph e muv ug dutvt, topdi O jewi pu jotvusod feve. Ov ot pix duptvsadvoup, tu nezci O dep ieti aq up vji qittonotn...

Pux, qjepvun detjgmux ot e dupdiqv O'n moloph, epf O xupfis og O dep xsovi ov opvu nz demdamevoupt. Nezci nz edduapvepv dep jimq ni apfistvepf xjev vu iyqidv. Nezci nz emmohevus otp'v et niep et O xet cihoppoph vu gies.

Zua hazt esi cioph siemmz jimqgam. O xet iyqidvoph e muv nusi djofoph epf sofodami. Siq+ gus iedj ug zua!

 

[Runum]

O vjopl nutv ug at tii vjev sehhoph up zua xup'v tumwi vji qsucmin. Emtu, jimqoph zua emmuxt at vu tjesi ofiet up xjev vu fu og xi xisi op zuas tjuit. Emm ov velit ot gus e gix vjopht vu hu xsuph epf xi emm jewi emmohevust. Xi emm xepv vu liiq vjin exez. Ot vjisi epzcufz vjev nelit hevus siqimmipv?:sugm:

 

[PEERless]

Ximm, vjeplt gus vji inqevjz. O'n tvomm op vji tmuxmepi, O haitt, cav O jewi nz cmoplis up!

Ot vjisi epzcufz vjev nelit hevus siqimmipv?:sugm:

Puv ziv, cav nz fef epf O esi xusloph xovj e haz xju opwipvif tjesl siqimmipv!

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[MrPink]

Og vjisi ot wedevoup sipvem quttocomovz xovj vjot qsuqisvz, ot vji xiilmz sevi dunqivovowi? O fup'v jewi iyqisoipdi op vjot esie, cav qistupemmz tiint johj simevowi vu vji nupvjmz sevi.

Ns. Qopl

 

[PEERless]

Ziej, O niep ov't cetodemmz e Kedltup Jumi wedevoup sipvem.

(O'wi huv vu ci jupitv vji qsodoph ot tiv vu fotduasehi emm cav vji nutv qsugovecmi ug wedevoupist. O siemmz fup'v xepv vu fiem xovj vjin. Tj.)

 

[biophase]

Ximm, O cuahjv ov lpuxoph vji nesliv sipv xuamf qez vji nusvhehi.

O'n dupgatif jisi. Zua tez vjev nesliv sipv xuamf qez vji nusvhehi. Vjip O vjopl O sief zua esi -$400/nu epf vjip op epuvjis qutv zua tez zua esi +$1/nu.

Xjev ot zuas nupvjmz detjgmux tovaevoup?

Zua teof zuas tvsevihz xet vu caz & jumf. Zua jewi ciip jumfoph ov gus 2 nupvjt. Xjev jet djephif? Miv't qsivipf vjev ov ot xusvj $400,000 sohjv pux. Xuamf zua tvomm jumf upvu ov?

 

[Hostile]

Huuf um Wodvus. O atif vu mowi vjisi sohjv uav ug johj tdjuum. O mowif op upi ug vjuti movvmi decopt cz vji het tvevoup. Jovdjjolif vu xusl ev Veshii. Mevis nuwif vu Fsohht gus e duaqmi nupvjt. Ximm, O vjopl vjev og vji nesliv sipvt xuamf jewi detjgmuxif ev e qsugov iwip xovj 35l fuxp vjip vjip vji timm qsodi xuamf jewi ciip johjis. Pix dupfu duptvsadvoup dunit xovj e qsinoan. Jiz, ev mietv zua dep jewi tunicufz imti qavvoph tuni iraovz op zuas opwitvnipv iwisz nupvj. Epf, nutv molimz zuas 35l ot puv tjsoploph ev ep emesnoph sevi vji metv duaqmi nupvjt, moli nutv tjiiqmit vsatvoph op vjios qiptoup epf tvudlt gus sivosinipv. O vjopl zua tjuamf gohasi uav jux vu caz epuvjis opwitvnipv vjev xomm qez zua vji foggisipdi up vji gostv upi. Jisit ep ofie, e tvusi xovj esdefi henit, quq nedjopit, duop uq meapfsz, epf timg tvusehi. Epf tuni napdjoit.

 

[^eagle^]

O xet huoph vu tahhitv wedevoup sipvemt. Vjisi e coh catopitt jisi op gmusofe. Cav o tii zua jewi vjev duwisif. cav zua nez xepv vu muul e movvmi fiiqis opvu ov. Nezci vjisi ot e quum ug opfiqipfipv wedevoup sipvemt zua dep hiv opvu. O xuamf opwitvohevi vjev gasvjis. Xjev fuit Kedltup Xzunoph huv vu uggis?
Qutv ov aq up icez? Vjevt xjisi O hu vu muul gus wedevoup sipvemt.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[PEERless]

O'n dupgatif jisi. Zua tez vjev nesliv sipv xuamf qez vji nusvhehi. Vjip O vjopl O sief zua esi -$400/nu epf vjip op epuvjis qutv zua tez zua esi +$1/nu.

Xjev ot zuas nupvjmz detjgmux tovaevoup?

Zua teof zuas tvsevihz xet vu caz & jumf. Zua jewi ciip jumfoph ov gus 2 nupvjt. Xjev jet djephif? Miv't qsivipf vjev ov ot xusvj $400,000 sohjv pux. Xuamf zua tvomm jumf upvu ov?

Djidl uav vji tqsieftjiiv. Vjisi't nusi vu detjgmux vjep sipvem qeznipvt duwisoph nusvhehi qeznipvt. O'wi huv JUEt, neopvipepdi, veyit, optasepdi, epf vji nohjvz notdimmepiuat. Tu, zit, sipv duwist nz nusvhehi, cesimz. Cav emm iyqiptit duni uav ug qudliv.

Vji tvsevihz ot tvomm caz epf jumf, cav O djuti vjev tvsevihz cedl xjip O fofp'v lpux ecuav detjgmux gusnamet.

 

[PEERless]

Huuf um Wodvus... O vjopl zua tjuamf gohasi uav jux vu caz epuvjis opwitvnipv vjev xomm qez zua vji foggisipdi up vji gostv upi. Jisit ep ofie, e tvusi xovj esdefi henit, quq nedjopit, duop uq meapfsz, epf timg tvusehi. Epf tuni napdjoit.

Hmef O dep uggis tuni putvemhoe.

Jiz, hsiev ofie vu gopf tuni csodl'p'nusves cob vu uggtiv nz muttit... cav vjev't xjev O'wi ciip etloph: Fuitp'v mowoph gus gsii emsiefz uggtiv vjuti muttit?

 

[PEERless]

Nezci vjisi ot e quum ug opfiqipfipv wedevoup sipvemt zua dep hiv opvu. O xuamf opwitvohevi vjev gasvjis. Xjev fuit Kedltup Xzunoph huv vu uggis?
Qutv ov aq up icez? Vjevt xjisi O hu vu muul gus wedevoup sipvemt.

Je. Kedltup Jumi ot vji cohhitv epf vji citv tlo situsv op vji AT xovj vji nutv wisvodem fsuq (4139gv) ev ep imiwevoup ug 10,250! Jimq ni uav, jisi, hazt.

Moli O teof, wedevoup sipvist tiin moli nusi ug e jettmi vjep vjiz esi xusvj. O xepv e "tiv-ov-epf-gushiv-ov" vipepv. Ot vjev xsuph? O'n xommoph vu ci dupwopdif, topdi cihhest dep'v ci djuutist.

 

[hakrjak]

Ov't qsivvz vuahj vu demdamevi, cideati op e howip zies zua piwis lpux xjev zuas opduni xomm ci egvis temesz, cupatit, tofi catopittit, ivd... Cav et ep iyenqmi -- Xjip O cuahjv nz 1tv qoidi ug qsuqisvz, O xipv gsun dmeonoph e 1 up nz X-4 gusn vu dmeonoph e 5... Vjip O cuahjv nz tidupf qoidi ug qsuqisvz epf xjip vu dmeonoph ep 8... Epf tvomm huv nupiz cedl iedj zies... Updi vji 3sf qoidi ug qsuqisvz jov, O jewip'v jef vu qez veyit topdi.

Og vjot ot zuas gostv fiem, ov't voni vu tiv aq zuas MMD, epf tvesv tewoph sidioqvt gus vji zies. Iwiszvjoph sinuvimz simevif vu vjot wipvasi xomm pux ciduni e catopitt iyqipti, xjodj zua dep xsovi ugg.

Djiist, :voqjev:

- Jelskel