Assume my brother-in-law tells me he wants me to buy a $1,000,000 condo in Florida.
He can rent it out, make the mortgage payments on the note, make some money for himself and eventually I will own this condo debt free.
It will be a great investment for both of us. All I need to do is get the mortgage and he will do the rest.
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Here are some extra stipulations:
- The first 4 years he can not make any payments.
- I will have to get a loan for $1,200,000 due in 30 years, not $1,000,0000.
- The extra $200,000 will make the interest payments for him the first 4 years.
- Year 5, he will start making payments on the $1,200,000 note
- He, however, does not want a straight line amortized payment.
- He wants to start with a lower payment that increases every year.
- With a balloon payment of $200,000 in the last year (30th year).
Lets assume I went out and got the $1,200,000 loan.
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Then three years later, he tells me that I will be responsible for any expenses fixing the condo over $180,000, and he has already incurred expenses of $174,000 . Nice brother-in-law??
Check out Schedule C of the Polar Park lease. The PawSox are the City of Worcester's brother-in-law.
Comments
Year 30 or 2048 is the last year to pay off the bond.
PawSox have a ballon payment. In total they pay almost $10,000,000 in 2048
Nobody on the ball team has any personal liability whatsoever so Worcester becomes Pawtucket. We either pay their bill or lose the team if it even still exist by then. what a great deal!
Of course, by then we will have 58 different tax rates based on which side of the street you live on so that everyone will be distracted fighting against each other as taxpayers instead of blaming the city leader ship and city Council