6 months into my 1 year lease… Aug 05, I was informed by my landlord that he was wanted to put the property up for sale. He purchase oct 04 for 1.3 million. I offered 1.4 no agent. (my rent was 3,400)
He went with and agent and listed it for 1.75M… finally sold for 1.43M 8 months later.
I figure with repairs, improvements, a $2 to $3k month negative, opportunity loss on $600k down payment, taxes, prepayment penalty, realestate commission of 5%… he lost $10k to $30k on his “La Jolla purchase in Oct 04 Sell March 06” investment.
I thought you could not lose in La Jolla realestate.
No hard feelings Mr. Landlord… thanks for rejecting my offer!!!
