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TomC · 01-26-2010, 04:30 PM

the debt service on $1.5M @8% for 30 years is $11K/month. Then, as you say, there is insurance, utilities. Don't forget the waterfront taxes! Even if you take the somewhat favorable rate of 1% of the value, taxes are another $2K/month. The owner would be lucky to get 3-4 months out of $60K.

01-26-2010, 04:30 PM	#20
TomC Senior Member Join Date: Apr 2004 Location: Lakes Region Posts: 560 Thanks: 10 Thanked 32 Times in 23 Posts	tough carrying costs... the debt service on $1.5M @8% for 30 years is $11K/month. Then, as you say, there is insurance, utilities. Don't forget the waterfront taxes! Even if you take the somewhat favorable rate of 1% of the value, taxes are another $2K/month. The owner would be lucky to get 3-4 months out of $60K.