Quote:
Originally Posted by Charles
The costs of ownership isn't figured into the long term view?
Chas
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I'm sure it is and that's part of the gamble. Of course the longer you hold it, the less return you will see.
The thing is this; No one is paying taxes on a lot of it now. Nor is anyone "mowing the grass" or anything else for that matter. It's currently a burden, rather than an asset, to the city. (Have you seen it?)
So, what costs are there? I don't know what it is, but it can't be much.
There was a segment on this on T.V. about a year ago. 20/20 or 60 minutes, something like that, I don't remember. Anyhow, they showed a guy going around buying properties for as little as $1. When asked what he was going to do with the $1 property, he said. "We'll be around to tear down the house in a few days. After that, I wait."
Dave