Posted by Jim IL on April 29, 1999 at 23:57:59:
The numbers do not add up. Maybe I missed something, but these numbers do not make sense to me.
Property one:
“Current Market Value is $185k, Purchased $214k, Equity $205k, market rental $280/wk”
If it is worth $185k now, then where does the “equity” of $205k come from?
And, if purchased for $214k, then why is it only worth $185k?
And the “market rent” is $1120/month? That will not cover expenses on a $200k property. That looks like negative cash flow to me.
The same applies to property two for me.
Please explain better, you lost me on this one,
Jim IL