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Originally Posted by project15
So it's being sold at foreclosure auction? How would you have the option to sell it in 3 years? Wouldn't your only option be to have the bank sell it right now?
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No,
other apartments with similar floor plans are being sold in forclosures. Mine is fine. So this is how I know how much mine would sell for if I were to put it on the market today.
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Why not increase the rent to cover the shortfall?
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That would fix everything, true, however, I can't just increase the rent from 1200 to 1650. The market determines the rental price of properties not me, I can certainly ask for 1650, but I'm sure no one would pay.
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Are you deducting this (mortgage interest, taxes, depreciation) when you file your tax return?
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Yes we did for last year.