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Old 02-19-2006, 05:23 AM
Smumfor
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Default Hi I'm Scott and new to the group!



Hi

My name is Scott and I live in Jacksonville, Fl. I currently own 2 investment properties.


http://neflnewhomes.com/images/woaks.jpg
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?


Scott
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Old 05-18-2006, 09:45 AM
SC Land Man
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Default Scott

Scott,

I don't know much about housing but I've met alot of people from Florida who are trying to make a move to my area (South Carolina). Have you ever thought of investing in another state not so prone to Hurricanes? I think this is one of the primary reasons the Floridians I talk to want to move to western SC.

There are alot of people I talk to who are looking at tracts of land as a less risky investment, though sometimes with slower returns. It really depends on what you buy. Some even plan on holding on to land for over ten years just to get periodic income from timber management then sell as the total value increases.

I can understand if you want to stay though, my cousin lives near Jacksonville. Very nice down there.

chris in SC
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