How is $1200 a profit when you spent $30000? Unless you purchased it 2 years ago, your $1200 a month is still paying down the initial 30k. As time goes by, you'll be pulling great profits - nice investment.
I paid cash and the $1200 a month equals $14,400 per year, 48% ROI in the first year. I can't do better than that on the stock market, I have tried.
I'm 23 and I dropped out at the start of my second semester. It's not that I was bad in school (I actually made good grades), I just couldn't afford to do it with out taking out student loans. My first truck was given to me ('99 s10), but besides that I have purchased every vehicle myself.
Why would somebody pay 1200 a month for a 30K property? It makes no sense. I mean first off what kind of dump would it have to be to be 30K? And if it were 30K why wouldnt rents be dramatically lower?
That although I could have afforded a car with more goodies, she was going to be the one to have to buy it for herself. Hell, at least she has a car.Whats the point of that? Does it make any difference to you financially to spring for the power windows? What exactly are you teaching her? That she should spend even more money sooner to replace a half functional car when you could have gotten her a fully functional car in the first place? Then when she upgraded she could make an even better lifestyle change to a better class of car. Makes no sense. You start her off with nice things and she'll get even nicer things next time. You start her off with ghetto stuff and its just one more step she has to make to live well.I bought my daughter her first car and I made sure it had no power windows. When she asked about it, I said that cranking the window handle up and down would help her build character!
I need a few of those tax free, maintenence free, always occupied duplexes my self!
You do know there is an Obama subsidy so that people with roll-up windows qualify for the power window package so they can do one less thing, right?I bought my daughter her first car and I made sure it had no power windows. When she asked about it, I said that cranking the window handle up and down would help her build character!
One lesson is non-entitlement; to work for what you want. My father did the same for me... kept that manual window car for 7 years. Really helped me learn at a young age to live within my means.
It is a Duplex with 3 bedrooms on each side. 600.00 per side for a 3 bedroom apartment is crazy cheap. My guess is it isn't the nicest duplex if it sold for 30k UNLESS it was purchased at auction or something. Lots of property gets foreclosed on these days and banks just want cash.
Actually there are (used to be) many nice homes available for 30 Grand, cash. Welcome to the world of foreclosures. The homes usually need a little fixing up, and if you know what you are doing, a 30K house can be a 100K house very quickly. The trick is you must have cash, no loans! Oh, an you have to live somewhere else besides San Francisco. You all pay $400 sqft for homes I wouldn't buy. Yes, it is location, but good locations near you start around $900 sqft. In Florida, $50 sqft will get you a really nice home. What he did makes sense to me, although it is a difficult job being a landlord.
