bills_fan

It was a really small studio, a long walk from the Path. True. But if you bought the house, you are essentially paying yourself. If you rent, that money you pay every month goes out the window. Never to be seen again. Agreed. You will have more cash up front. At least an apt. Houses suck.

I said taxes. And it was not a condo, but a co-op. All of my apt were co-ops. A co-op is a uniquely NY thing, essentially it is a real estate corporation that owns the building. You buy shares in that corporation, entitling you to occupy your apartment. Its helpful to think of the shares are the same thing as a deed. The shares are pledged for the mortgage. The interest on the shares is deductible, same as on a mortgage. The property taxes. You don't pay prop taxes on your apt, but the corporation pays them on the whole building. You pay maintenance to the corporation every month. All of the buildings I have owned a co-op, the maintenance also included heat, hot water and electricity. So, you pay $500 per month, for example, and 60% of that is tax deductible (the prop tax portion of the maintenance). There are no separate co-op fees, it is included in the monthly maintenance.

I did not include the tax refunds, so I did not include the interest, taxes and co-op fees (no HOA here). All three components are tax deductible and I received refunds every year. So, to what extent it factored in, I'm not certain. I don't have the desire to go back and figure it all out.

No, its above and beyond the purchase price, after closing costs, less the cost of any improvements I made and not including tax deductions. I don't know any other way to describe it but "profit." Renting is not always less expensive. It definately doesn't carry less risk. If you rent for two years, that money is gone...you will never see it again. If you buy, you may make money, lose it, or break even. It is 100% certain that after renting for 2 years, you will have nothing. After two years of owning almost any real estate, you at least have a chance of getting that money back.

You are NEVER better off renting. First job after school...bought a studio in Hoboken, NJ, sold 2 years later for 10k profit. Bought 1 bedroom on Upper East...sold 3 years later 60k profit. Bought 2 bedroom in Bay Ridge, Brooklyn, sold 2.5 years later...125k profit. I made improvements to all three, but the first two were just asthetic improvements. I sold all 3 properties on craigslist, no broker. Add in the tax deductions and it really is a no-brainer.

I'm not in the carribean? Siesta Key and Holiday Valley.

The real problem with the Twins is their multi-billionaire owner Carl Pohlad (who has more money than most, if not all, MLB owners and is in his 80s) won't spend any money on the team. Hey Carl...you can't take it with you!!

No list is complete without the Knicks!

They are vacation properties and thats what the prevailing rates are in the markets where I own. Also, when I tell you, I do nothing...I do nothing. Except cash a check that is...

I had some success with short-term vacation rentals (ski and beach properties). The management company does just about everything, for 25% of the rental. Totally worth it, all I do is collect a check every month that, when evened out, covers the mortgages on the places and allows me to buy my wife a nice dinner. Of course, I knew the markets very well before I bought and always take care of my rental agents. My properties are rented aggressively.

I drive an 05 Jeep Wrangler and absolutely love it. I have had absolutely no problems.

Thanks for the update Bill...good luck.

Jack London is really an unappreciated author, beyond the obvious White Fang and Call of the Wild. If you want a good one for the summer, pick up Martin Eden. Many think its London's autobiography, as a struggling young writer. Here is a summary if you want, personally, I would just read it. http://en.wikipedia.org/wiki/Martin_Eden

No, never even heard of it. Please enlighten me.

No, probably the single greatest Halloween party that exists...and its on Key West. http://www.fantasyfest.net/

A couple of my favorites not yet mentioned... Jack London, Martin Eden Ernest Hemingway, The Sun Also Rises Jack Kerouac, On The Road F. Scott Fitzgerald, The Great Gatsby

That was me this summer with respect to Pamplona. If I can't stay at La Perla, I'll just wait and go another year.

I booked the gardens hotel (in my original post) in December 07.

But NASCAR is making the same mistake as hockey...abandoning its core markets and taking races away from core tracks to give to markets that don't really care. Hockey took away the Jets and Nordiques. While the Avalanche have been a success, the Coyotes have struggled mightily. Nascar is doing the same thing, taking races away from die hards in VA and NC to stage races in Las Vegas and California that noone really cares about.

Please keep us posted. I'm curious as well...unfortunately the end of my cigarette smoking is drawing near.

Going in October...perhaps I will post some.

I am not a soccer fan by any means, in fact, I deplore the sport. But my best friend is an Arsenal fan and finally got me to go out with him to watch the "match" one Saturday morning at Nevada Smith's in NYC. Let me tell you...that was a fun time. Imagine a bar with about 300 people in it at 7:00AM Saturday morning...6 different games, fan groups chanting and singing really obsence and funny songs at each other...all while getting plastered. Walk out of the bar around noon, bombed, and proceed to try and figure something out to do with your day. If thats what soccer is in Europe, I can understand the attraction. The game is secondary, the drinking and back-and-forth between the fan groups is the fun.

Try zipcar for a short term or temporary solution. My buddy is a member and loves it, he can always get a car when he needs it in the city. This way it will buy you some time until you can find a better solution/job for your situation. http://www.zipcar.com/

You realize there is one, small beach on Key West right? Key West is not the spot for beaches. Islamorda, Marathon or even Key Largo have better beaches. Nightlife, restaurants, biking and nice pools are definately the Key West vibe...beaches, not so much.

Yes, for "men" who wear Crocs.