The Real Estate Thread: Investing in Houses overseas in the USA

[Fatboxingfan]

Yeah Gandalf but $3.5 million is peanuts when you consider as @walrus has said 4 bedrooms, you can get $1500/month each if you rent it out. $6000/no will handsomely pay the mortgage, no?

[walrus]

Yeah Gandalf but $3.5 million is peanuts when you consider as @walrus has said 4 bedrooms, you can get $1500/month each if you rent it out. $6000/no will handsomely pay the mortgage, no?

I’m sorry maybe I read it quick I thought it said four family. If it’s four bedrooms I had no idea realestate was that expensive in that area

[Gandalf]

Yeah Gandalf but $3.5 million is peanuts when you consider as @walrus has said 4 bedrooms, you can get $1500/month each if you rent it out. $6000/no will handsomely pay the mortgage, no?

3.8 million divided by 6000 a month is a very long mortgage. I may be Gandalf but I am not an Immortal.

[walrus]

Yeah Gandalf but $3.5 million is peanuts when you consider as @walrus has said 4 bedrooms, you can get $1500/month each if you rent it out. $6000/no will handsomely pay the mortgage, no?

3.8 million divided by 6000 a month is a very long mortgage. I may be Gandalf but I am not an Immortal.

Yeah it four families 8 bedrooms. What would be the going rate for a two bedroom apartment in flushing. That peak in the last year on that chart is insane. It’s funny I went back to look after I gave it my much too brief look. I spent a lot of time in that area. There is a rather well known acupuncture place blocks away. That area is split down the middle. There is a Chinatown area then you cross the street and it’s a Hasidic Jewish area. That house is in the Hasidic Jewish area. Also it’s been on the market going on 5 months. If it was that good an investment deal it wouldn’t sit so long. I am far from a NY realestate expert but I can tell you I never saw any empty places or for sale signs it’s a very bustling area. 3.5 seems very, if the mortgage is 20k a year you got four families how much can you rent each unit out for. I was thinking 4 thousand but they must be thinking more than that. Do people pay 6k a month in flushing I have no idea. I guess if you can get the price down and pay cash it might work. Obviously somebody thinks it makes sense but the rent would have to be killer and yes that recent jump defies logic

[Fatboxingfan]

@Gandalf @walrus my mistake, it's 4 FAMILIES, Walrus the Tusked One was correct. I did some That's research and $2750 is the 1-family going rent per month there. Yes Walrus that's a Chasidim area. So you could earn $11,000 USD per month in rental income. 5 months on the market isn't so bad as that's a fucking bug ass purchase, plus if it's Chasidim, they may want to keep the neighborhood kosher, waiting for the right buyer.

[walrus]

@Gandalf @walrus my mistake, it's 4 FAMILIES, Walrus the Tusked One was correct. I did some That's research and $2750 is the 1-family going rent per month there. Yes Walrus that's a Chasidim area. So you could earn $11,000 USD per month in rental income. 5 months on the market isn't so bad as that's a fucking bug ass purchase, plus if it's Chasidim, they may want to keep the neighborhood kosher, waiting for the right buyer.

Yeah 11k a month but mortgage at that price is 19k a month you would think they would need to at least break even or just be short a thousand or two. Five months when your in an area dominated by rentals is a pretty long time. Shows they need to knock that price down

[Fatboxingfan]

@Gandalf @walrus my mistake, it's 4 FAMILIES, Walrus the Tusked One was correct. I did some That's research and $2750 is the 1-family going rent per month there. Yes Walrus that's a Chasidim area. So you could earn $11,000 USD per month in rental income. 5 months on the market isn't so bad as that's a fucking bug ass purchase, plus if it's Chasidim, they may want to keep the neighborhood kosher, waiting for the right buyer.

Yeah 11k a month but mortgage at that price is 19k a month you would think they would need to at least break even or just be short a thousand or two. Five months when your in an area dominated by rentals is a pretty long time. Shows they need to knock that price down

How're u coming up with mortgage $19 G's, B? Oh and $1,000/mo prop tax

[walrus]

@Gandalf @walrus my mistake, it's 4 FAMILIES, Walrus the Tusked One was correct. I did some That's research and $2750 is the 1-family going rent per month there. Yes Walrus that's a Chasidim area. So you could earn $11,000 USD per month in rental income. 5 months on the market isn't so bad as that's a fucking bug ass purchase, plus if it's Chasidim, they may want to keep the neighborhood kosher, waiting for the right buyer.

Yeah 11k a month but mortgage at that price is 19k a month you would think they would need to at least break even or just be short a thousand or two. Five months when your in an area dominated by rentals is a pretty long time. Shows they need to knock that price down

How're u coming up with mortgage $19 G's, B? Oh and $1,000/mo prop tax

2k a month in property taxes actually over that. Check out that site it breaks down the mortgage. 3.5 million u are gonna pay a big monthly chunk

[walrus]

@Gandalf @walrus my mistake, it's 4 FAMILIES, Walrus the Tusked One was correct. I did some That's research and $2750 is the 1-family going rent per month there. Yes Walrus that's a Chasidim area. So you could earn $11,000 USD per month in rental income. 5 months on the market isn't so bad as that's a fucking bug ass purchase, plus if it's Chasidim, they may want to keep the neighborhood kosher, waiting for the right buyer.

Yeah 11k a month but mortgage at that price is 19k a month you would think they would need to at least break even or just be short a thousand or two. Five months when your in an area dominated by rentals is a pretty long time. Shows they need to knock that price down

How're u coming up with mortgage $19 G's, B? Oh and $1,000/mo prop tax

Saddosotafats you didn’t know him but we had a guy here called Brock. He was kind of a dick but lived in the city of NY and used to tell us about how bad rents were in the city. I remember he said he and his wife were living in this tiny place which I don’t even think was a legal apartment and despite being a shit hole it was quite expensive. I’m pretty sure that Zillow breaks down payments on a conventional mortgage and they had it at over 19k a month in mortgage payments. So if you have four apartments you would think whoever buys it would want the monthly rent charges to at least get as close to covering that mortgage but preferably at least make a little profit. So if I am correct he would need to get 5k monthly rent from each unit. Now I have no clue how they do it. Maybe the Hasidic Jews have figured out somehow to do it differently and make money. One of us is going to have to call the agent and get to the bottom of this as I am lost.

I don’t talk to Brock anymore we had a falling out, he was being rude to beanz, I complained to the mods and got him banned. If u screw with beanz you screw with me. He emailed me from India but I’m not getting back to him and get these questions answered. Anyway frenchyfats check Zillow again and see if I was right at 19k a month. I would look myself but I need to test my memory. Thanks frenchyfats and I to warn you there is an official rule at saddo #noharshwordstobeanz if you break that rule me and fenald will bounce you out so quick you won’t know what happened. By the way I am not threatening you I just want to make sure you understand how serious the #noharshwordstobeanz is around here. It makes #metoo look like a minor thing like giving a hot chick walking by a quick slap on the buttocks.