02-19-2006, 06:23 AM
| | Hi I'm Scott and new to the group!
My name is Scott and I live in Jacksonville, Fl. I currently own 2 investment properties.
There both 3 br 2 bath aprox 1450 sq ft.
I bought the first one on 5/9/2003 for $129,900
I put 20 % down so...$129,900 - $25,980 = $103,920 15 year Mortgage 5,75% $862.96 a month in payment and total taxes= $2,453.18 / 12 = $204.43 =$1,067.39 actually I pay $1,109.32 and it currently rented for $1,150 per month
OK when I bought it I did repaint the outside and inside and re-carpet everywhere.
I would like to buy more but.....
OK Same house same size down the street now sells for $209,900 20% down = $41,980. $167,920 with a 30 year 6.75% $1,089.13 per month taxes est $3170. /12 = $264.25 so… $1,353.37 and I rent it for say $1200 a month my loss would be $153. a month. Now that woul be worth it if it were going to go up in value over the next year but the Real Estate bubble might go boom
Now the BIG question how much will that house be worth in a year? In 3 years?