he did some exterior cosmetics and listed for $1.5 million, let’s just say $40k for the improvements (likely underestimation as he did go for brand new lawns, built-in bbq, pavers in the backyard, and new trees in the front.)
currently he is asking for $1,300,000 in May of ’08.
he was late paying his property tax of $20k, but he did finally manage to pay it.
assuming 5% commission, even at $1.3 million he’ll only be looking at $95,000 profit.
we know he had just 10% down, so his monthly mortgage runs roughly $6,400, after 10 months of holding this, he is out $64k.
so he’s basically hoping for a $30k paycheck on this?
