Quote Originally Posted by Gandalf View Post
Quote Originally Posted by Fatboxingfan View Post
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