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Re: dickmilde post# 2556

Saturday, 01/18/2014 8:42:34 PM

Saturday, January 18, 2014 8:42:34 PM

Post# of 2684
What state are your properties?

Some observations on your posts.
In my opinion Real estate investment is mainly luck, you are lucky that you were able to have money when prices were at historical corrections.
I bought a property years ago whose cost only demanded 5K as a down payment and returned 3-4 million in net rents over the decades and is being offered at 2000 times the down payment. It is exaggerated luck, although I was a slave to the building and had no management so probably put in 25K per year
in torture touring every crevice, but juxta-positioned me into thinking I was hot shit.

I find any well appointed apt needs only a partial renovation every 15 years, so in my opinion top apts are not a weighty pressure. The apts I rent attract people who make 1/4 million per year and I can re-freshen their apts in 2 days per 1000 sq.
I like the Condo model best as sick of taking care of whole building, roof, back yards, garbage and boiler and plumbing, utility interferences, floods etc.
In NYC real estate taxes are getting too high now as city wants conversion to Condos (or co-ops) so they can raise taxes considerably , cost me $800 an apt per month, large grab off my bag.

So Real Estate best when price is below replacement costs and geographical dynamics, change in zoning etc changes dramatically ( slum turns into gentrified palace to live.
Unless unless one has have 40 million and bid on rarest apt which appreciate the most anywhere in this environment. Or simply have access to funds which offer a minute down payment, and rising prices offer refinancing for branches of geming up even in modest of rising climate.
Another point is that I like Condos with more than 300 units, I am in one which has 450 and that keeps the maintenance 20% lower by virtue of having so many apts pay for the staff which does not grow as much once over 100 units.

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