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Recently appraised my NYC co-op for refi...
2012 Feb 21, 5:59am 5,450 views 11 comments
by woppa follow (0)
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How do you plan on realizing this?
HELOC?
If rents track values in the area, he realizes it by not paying increasing rents. If he moves out and rents the place, he realizes value by collecting higher rents. If he sells it, he realizes the value by the profit.
121212
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2012 Dec 26, 8:56am
If rents track values in the area, he realizes it by not paying increasing rents. If he moves out and rents the place, he realizes value by collecting higher rents. If he sells it, he realizes the value by the profit.
That's one or two ways. There are many. I was just pointing out that while you live in a property you do not realize any of the equity unless your are willing to leverage ownership either by selling, renting some or parts of the property or by using capital market tools.
Sounds like he did well, im happy for him, keep doing it.
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Pleasantly surprised with the appraisal of 240k with 6 comps in the area. Bought 2 years ago in April for 97k - 8k homebuyers credit + ~30k renovations. Doubled my money (on paper) but more importantly paying less than I was in rent for an additional bedroom. WINNING!
Point being don't let the doomsday critics scare you, if you're smart it can be great to buy!