Hey rockclimber, are you coming to the dinner get-together planned in July? I look forward to meeting you. I live near Henry’s.
I signed a 2-year lease on a townhouse at $1/sq ft (2200 sq ft, $2200). Plus I paid $1800 for half the A/C installation. I have a foreclosure clause in my contract, to get prorated reimbursement for the A/C in case of foreclosure. My landlord paid in around $475K for the place, so I doubt my rent covers the mortgage payment. I am sure he took out any equity available for his other real estate ventures, but he’s been in the RE biz for 20 years, so he has some stability. I hope.
I checked SFH rentals recently, and found many higher-priced homes in better neighborhoods. I assume they are either investors or people who moved and kept their homes in hopes of getting continued appreciation. Soon enough, both groups will realize the prices are dropping. Then: will they sell to get out what they can, or hold on until prices come back up?
Anyway, I realize I have a good deal with this rental. I am grateful for the 2 year lease.
