Andy Driscoll writes: "Rental units are a gold mine for landlords, once cash flow out strips the initial investment, and that is always within six months of purchase, if not immediately."
Vicky Heller comments: Gosh - Brookfield Development didn't have a gold mine. Gosh - The Radisson Hotel needed a $20 million infusion of cash from the Minneapolis taxpayers. Gosh - Riverside Plaza is so broke (despite collecting $10 million each year in rent) that it can't pay Minneapolis the land rent it owes. Gosh - Seven Corners Apartments needed $20 million of government subsidies to make ends meet. Gosh - Steve Minn can't make a profit on 221 units at Stone Arch without $30 million of other people's money. Gosh - Target Stores couldn't afford to build its own store without $63+ million from Minneapolis taxpayers. Gosh - Ratner and Wolfenson stuck Minneapolis with the Target Center before they went bellyup. The new owner is so broke, he doesn't pay any property taxes at all. Gosh - The poor suckers who built Grand Marc Apartments (without subsidies) lost a fortune and have been trying to get rid of it for over a year. The asking price is $23 million - but no one wants it. Oops! There is one bidder - a group from Texas who wants the MCDA to finance the purchase for $38 million. The MCDA is actually considering this (big fees involved.) Gosh - The property taxes on a 70 unit building that I sold in January DOUBLED in five years. By 2010, each studio apartment (400 sq ft) will be paying about $300 per month in taxes alone. Gosh - Someone should tell the banks and the real estate developers that rental property is a good investment. Then, the Minneapolis taxpayers wouldn't have to bankroll every project. Vicky Heller Cedar-Riverside and North Oaks _______________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
