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  • Profile photo of DeanCollinsDeanCollins
    Participant
    @deancollins
    Post count: 315

    BTW thought some of you investors in Australia would get a kick out of this and make you feel better about some of your council fees.

    We just completed our New York coop’s expenses spreadsheet for 2016 to send to the accountant. (a coop is like a strata…..but over here the strata pays for city taxes…eg. Council rates not the individual apartments)

    Our 2016 NYC city coop taxes for a small 6 apartment building in Brooklyn Heights is now $41,455 a year or approx 64.3% of annual building running costs.

    :(

    Hope that brings a smile to your face next time you see $400 a qtr for your council rates.

    Cheers,
    Dean

    Profile photo of BennyBenny
    Moderator
    @benny
    Post count: 874

    Hi Dean,

    Whoa !!! How can anyone make money as a landlord then? $7000 per apartment ($140 a week or ~$600 a month). Rents must be through the roof with that kind of impost.

    THanks for making us feel better Dean…. ;)

    Benny

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Post count: 4,954

    Whoa – that’s crazy!

    Although – I’ve got an IP in Canberra where rates are circa $3k p.a and land tax is around $5k

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: info@passgo.com.au

    Profile photo of DeanCollinsDeanCollins
    Participant
    @deancollins
    Post count: 315

    Hi Benny,

    nope….yields in property just plain suck here (though this is my PPOR), because NY City sees property as a cash cow (which is why a lot of people are commuting from bedroom suburbs like NJ and CT etc (think Gosford etc)

    our particular unit is the largest due to combinations of smaller apartments but most of the apartments in the building are probably similar to this getting around $1750pm article – http://ny.curbed.com/2017/1/10/14229962/new-york-city-rent-williamsburg-astoria-kips-bay-comparison (though in our area close to $2000pm)

    All figures provided above are in US dollars if it wasn’t obvious before.

    Like I said wasn’t posting for any reason in particular….just thought it might have been of interest to some of you.

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