Originally Posted by
foreveryoung
Originally Posted by
gangsta207therevolution
Originally Posted by
DoubleJs07
I'm with you on that....don't know why he just didn't buy.
Here's his apartment:
Link
Thats a dope apartment/ condo, but with those means, I wouldnt ever rent. ESP in NY. But this one def falls into the luxury thats not worth maintaining if im going to be everywhere but NY til a deal is in place.
Some people with the realestate market being in the pooper are doing this... for reasons that still baffle me.
finding a property that you can improve is still a 3 times better option than buying a turnkey property at market value or renting imo.
You gotta look at it from his perspective tho. As a professional athlete your intention is not to make millions off of property. With no guarantee of where youll be playin next year commiting to a property is not a smart idea. Especially when you dont have your own family. Like Amare he only signed a what, 5 yr deal with New York?
Say rents 50k a month, so 500k/yr. They said the penthouse was on the market for 16 mil. 500k/yr rent over 5 years is 2.5 mil. That 16 mil doesnt even account for property taxes, which is 13% a year in New York so like 2mil/year. Then association fees, maintenece fees, upkeep etc etc. None of which you wanna be tied down if you leave/retire/move and all that
Renting over buying he's obviously gonna save a lot of money. Buying and hoping the market turns around at the right time for you to sell is closer to gambling really
But what do i kno my rents 700 bucks a month