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  • #31
    Originally posted by MetroEd View Post
    Originally posted by Chmilz View Post
    Those lotto's are stupid. They're set up to draw the attention of rich people, or at least people with lots of free cash. That greatly reduces the pool of customers. They should scrap the $2 million mansion with cars and boats, and instead offer up 5-10 luxury condos downtown, or at least some infill that's more central. Give people better odds of winning a home, and make it homes they could afford to keep (taxes on those mansions gotta be insane), and I'm sure they would see ticket sales increase.
    the problem with condos, highrise or not, is the insane condo fees that the homeowner is responsible for. once the winner finds out about his monthly charge, if he isn't aware of them already, it would result in the winners selling them on a regular basis.
    It's interesting you say that about the condo fees.

    I've been looking at possibly getting a condo as a revenue property.

    There's one that is a decent price ($180,000) for 1000 sq foot.

    Unfortunately it doesn't include a laundry, but the fees mentioned the laundry service included so it works out.

    Problem is that the condo fees are about $700/mo.

    So, typically, it would cost me roughly $1200/mo to own this condo and to try to rent it for $1500 just to make any money off it.

    Not sure the tenant would pay that.

    So I can see how much the condo fees for this luxury unit is or the property taxes on a million dollar home.

    Mind you, I could rent out the condo easily for $2500/month.