- This topic has 8 replies, 4 voices, and was last updated 18 years ago by powayseller.
-
AuthorPosts
-
September 10, 2006 at 8:09 PM #7464September 10, 2006 at 8:49 PM #34915hahahaParticipant
SORRY, SORRY, MY BAD.
I BOUGHT OCT 2000 (2300 SQFT AT CMR) FOR $400,000.
SOLD IT MAR 06 FOR $655000.
CASHED OUT $220,000 IN THE POCKET. OH YEAH BABY.MY STUPID AGENT TOLD ME TO WAIT FOR BETTER DEAL. SHE WAS MORE GREEDY THAN US. SHE SAID IT COULD SELL FOR ABOUT $715000. I TOLD HER NO WAY, NONE OF MY NEIGHBORS ARE SELLING AT THAT PRICE RANGE. THEY ARE HOPING, BUT NO ACTION, NO OFFER, JUST SITTING. I AIN’T WAITIN’ NO MORE, BUDDIES. MARKET IS DROPPING AND I AIN’T HOPING, I ACTED.
SO, NOW I AM SO VERY HAPPY.
END OF STORY.
September 10, 2006 at 9:09 PM #34921waiting hawkParticipantGood deal. Where was this home located?
September 10, 2006 at 9:28 PM #34923hahahaParticipantCARMEL MOUNTAIN RANCH
September 11, 2006 at 6:21 AM #34935ChrispyParticipantCongratulations. Can you type in lower case so it’s easier to read? Thanks!
What are the standard expense items to consider when figuring profit, everybody? Here’s what’s on my list:
1) Realtor commissions
2) HOA fees paid while in the house
3) Mello-Roos if any
4) Homeowner’s insurance
5) Upgrades, maintenance
6) Real estate taxesDo you add in PITI? Or just interest? Or just principal?
September 11, 2006 at 6:21 AM #34936powaysellerParticipantHe told us in his post (2300 sq ft CMR), CMR = Carmel Mtn Ranch
September 11, 2006 at 6:24 AM #34937powaysellerParticipantChrispy, it depends on when the person bought it. Someone who bought a few years ago, has a mortgage much lower than current rental rates, so they made more money by owning than by renting, every single month. They should subtract their mortgage savings vs. rent, from their final cost. If they bought after mortgages exceeded rental costs, then the additional mortgage payment could be considered a holding cost too.
September 11, 2006 at 10:47 AM #34959ChrispyParticipantThanks, PS. That’s the clarification I need. I get annoyed when people merely subtract the price they originally paid from the new sales price to figure out their profit – without figuring in expenses.
I feel there will be quite a few negative figures in the near future. As a seller, can you imagine bringing a checkbook to closing?
September 11, 2006 at 1:54 PM #34983powaysellerParticipantLots of sellers are bringing checkbooks to closing. If you don’t the IRS taxes you on the forgiven debt at your regular tax rate.
-
AuthorPosts
- You must be logged in to reply to this topic.