13348 Shadetree Ct

[ocrenter]

purchase price was $1.08 million.

he had 10% down, followed by two loans with Indymac, the first is a $864,000 Jumbo and the second at $108,000 as an equity line of credit.

With the $850k sale price, after commission price would be $799k. So the second completely lost out and the first position lost $65k.

The Chiro lost his $108k down. probably $50k on the landscaping. $50k on property tax over the last 3 years. $5400 on hoa for 3 yrs. $4000 on utility for 3 yrs. $1000 on gardener for 3 yrs. Total of about $220k from this endeavor.

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[enron_by_the_sea]

In 3 years he might have also paid about ~30K of principal assuming ~7% interest rate. (OTOH He might have gone IO route and paid nothing or he might have had a lower interest rate and paid more down towards principal)

[enron_by_the_sea]

In 3 years he might have also paid about ~30K of principal assuming ~7% interest rate. (OTOH He might have gone IO route and paid nothing or he might have had a lower interest rate and paid more down towards principal)

[enron_by_the_sea]

In 3 years he might have also paid about ~30K of principal assuming ~7% interest rate. (OTOH He might have gone IO route and paid nothing or he might have had a lower interest rate and paid more down towards principal)

[enron_by_the_sea]

In 3 years he might have also paid about ~30K of principal assuming ~7% interest rate. (OTOH He might have gone IO route and paid nothing or he might have had a lower interest rate and paid more down towards principal)

[enron_by_the_sea]

In 3 years he might have also paid about ~30K of principal assuming ~7% interest rate. (OTOH He might have gone IO route and paid nothing or he might have had a lower interest rate and paid more down towards principal)

[ocrenter]

[quote=enron_by_the_sea]In 3 years he might have also paid about ~30K of principal assuming ~7% interest rate. (OTOH He might have gone IO route and paid nothing or he might have had a lower interest rate and paid more down towards principal)[/quote]

yup, totally forgot the most important carrying cost. I have to assume 5% interest since his first was full jumbo. Which means $5200/month in principal and interest. That’s roughly $187k.

with the $220k from my prior post, we are looking at $407k loss for the whole affair.

of course, a third of it should be tax deductible. so probably just around $270k in real losses.

[ocrenter]

[quote=enron_by_the_sea]In 3 years he might have also paid about ~30K of principal assuming ~7% interest rate. (OTOH He might have gone IO route and paid nothing or he might have had a lower interest rate and paid more down towards principal)[/quote]

yup, totally forgot the most important carrying cost. I have to assume 5% interest since his first was full jumbo. Which means $5200/month in principal and interest. That’s roughly $187k.

with the $220k from my prior post, we are looking at $407k loss for the whole affair.

of course, a third of it should be tax deductible. so probably just around $270k in real losses.

[ocrenter]

[quote=enron_by_the_sea]In 3 years he might have also paid about ~30K of principal assuming ~7% interest rate. (OTOH He might have gone IO route and paid nothing or he might have had a lower interest rate and paid more down towards principal)[/quote]

yup, totally forgot the most important carrying cost. I have to assume 5% interest since his first was full jumbo. Which means $5200/month in principal and interest. That’s roughly $187k.

with the $220k from my prior post, we are looking at $407k loss for the whole affair.

of course, a third of it should be tax deductible. so probably just around $270k in real losses.

[ocrenter]

[quote=enron_by_the_sea]In 3 years he might have also paid about ~30K of principal assuming ~7% interest rate. (OTOH He might have gone IO route and paid nothing or he might have had a lower interest rate and paid more down towards principal)[/quote]

yup, totally forgot the most important carrying cost. I have to assume 5% interest since his first was full jumbo. Which means $5200/month in principal and interest. That’s roughly $187k.

with the $220k from my prior post, we are looking at $407k loss for the whole affair.

of course, a third of it should be tax deductible. so probably just around $270k in real losses.

[Author]

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