... Just thought I'd share. I lost a little bit, but I took out equity I had transfeerred from a previous sale and that cash will go a long way these days.
Story is: ...I acquired a 4 plex apartment back in 2005 and I technically sold it for 40K more than I bought it, which is great, but I lost that 40K in transaction costs and basically broke even
.....
I spent about another 20K doing remodeling in the time I've owned it so, I basically lost that money. The rent was just about breaking even, maybe couple of thousands +/-..
Still, the cash is good and a lot of people are fairing a lot worse. I don't regret purchasing the property..other than the fact that it was too far away from where I lived. It took 45 minutes in clear traffic just to get down, 45 minutes up and I had to be down there sometimes 2 - 3x /week, in addition to a full time job....
I still have a couple of other residential rental properties that I get very good rent on and which values are still doing ok that I plan on keeping for the long run..
Anyway, it's a good Christmas present to use after Christmas sails, and sh... don't tell my wife, engine build
(though she keeps saying "NO" which really == maybe :biggrin
I'm hoping the gifts I get herchanges her mind... hehe.
Merry Christmas, folks! Don't forget to give and help those unfortunate too.
PS: It's still all BS untill the $$ hits the bank.. as I signed on the property yesterday, and the property formally registers with the county today, and the wire is to be done on Friday (damn holiday I'm paying interest for!!) etc..
Story is: ...I acquired a 4 plex apartment back in 2005 and I technically sold it for 40K more than I bought it, which is great, but I lost that 40K in transaction costs and basically broke even
.....I spent about another 20K doing remodeling in the time I've owned it so, I basically lost that money. The rent was just about breaking even, maybe couple of thousands +/-..
Still, the cash is good and a lot of people are fairing a lot worse. I don't regret purchasing the property..other than the fact that it was too far away from where I lived. It took 45 minutes in clear traffic just to get down, 45 minutes up and I had to be down there sometimes 2 - 3x /week, in addition to a full time job....
I still have a couple of other residential rental properties that I get very good rent on and which values are still doing ok that I plan on keeping for the long run..
Anyway, it's a good Christmas present to use after Christmas sails, and sh... don't tell my wife, engine build
(though she keeps saying "NO" which really == maybe :biggrin I'm hoping the gifts I get herchanges her mind... hehe.Merry Christmas, folks! Don't forget to give and help those unfortunate too.
PS: It's still all BS untill the $$ hits the bank.. as I signed on the property yesterday, and the property formally registers with the county today, and the wire is to be done on Friday (damn holiday I'm paying interest for!!) etc..
Last edited:
