Housing Bubble 2: Return of the Ugly

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A community for discussing and documenting the second great housing bubble.

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Landlord wants tenant to assume 11k/month mortgage on Penthouse. Tenant currently paying 6k/month rent. (lemmy.world)

submitted 3 weeks ago by [email protected] to c/[email protected]

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[–] [email protected] 11 points 3 weeks ago (1 children)

How do they have a 1.9m balance with monthly payments of 11k but have a maturity date of just 18 months away??

[–] [email protected] 4 points 3 weeks ago (1 children)

WTF takes out a 60 month mortgage?

$11K/mo. x 60 = 660,000, so at the end you have a balloon payment of 1.2 million?

[–] [email protected] 6 points 3 weeks ago

This is in Canada. They don't offer 30 year fixed mortgages generally.

[–] [email protected] 8 points 3 weeks ago (1 children)

So the landlord is loosing 5k a month? No wonder they want to sell.

[–] [email protected] 8 points 3 weeks ago (1 children)

Not really losing. They just have a tenant paying half the loan.

The owner gets free 6k a month for their investment in the house.

Also wtf 6k a month rent??????????

[–] [email protected] 2 points 3 weeks ago* (last edited 3 weeks ago)

Also wtf 6k a month rent??????????

That's the bit that got me. At first I was like, 6K per year rent? Although 11k is going to be a shock it's not extortionate, especially for a penthouse!