Quote:
Originally Posted by CrzyCanuck
Today 5K down
April 30 Poss Date 195K
Forsale sign May 1
Sell within 2 months.
Cost of Interest 5K - 5 months 250$
Cost of Interest 195K - 6% 2 months $2000
Comfree Fee $600
Legal Fees Buy and Sell $1500
Property Taxes $200 (2 months worth)
Misc Costs I don't know about yet $500
Total Cost $5000.00
Buy 200K gain 4% per month 3-4 months
List 225K
Sell 220K
Total Gain 20K
Gain 20K less Costs 5K = 15K Gain
50% Cap Gains still equals $7500 profit
So for really doing nothing there is a bit of money to make. Wht else could I do to make that kind of money is such little time?
Help/advice is greatly appreciated.
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Also add in the 2 months codo fees. If the place is skyrocketing in price that quick (12,5k per month) than the taxes should be a bit more than 1.2k per year?
Also, wouldnt there be a mortgage break fee of some sort unless the seller assumed the mortgage?
I think 25K growth for a place, unless its new with ug parking and either downtown or damn close or in Edmonton's case the University area (stay away from mill woods), you arent going to get that kind of upswing IMO - maybe back last Nov-Feb2006 but not now.
MYK