Buy A House at Golden Oak with Me for Only $8.78 per Day!

[mjaclyn]

Just to preface this... my strong subjects in school were Creative Writing, Art and History. Math was probably my least favorite subject so I'm not sure that these numbers work out exactly, but the concept is good... right? ...right?

Anyway, I have a GREAT idea that would allow me and 51 other families to live in a $5 million house at Golden Oak in WDW for only $8.78 per day!

$5 million divided by 52 families = $96,153.85
30 Year Mortgage for $96,153.85 = $3205.13 per year or $8.78 per day!!

Basically, each of the 52 families could live in the house 1 week per year with the option of trading weeks or selling their week to another family at any time.

Any takers?

PS...I just realized I forgot to factor in tax and interest so I'm not sure how much that would raise the price.

 

[*NikkiBell*]

I can't tell if you're serious or joking here. lol Enlighten me.

 

[DisneyKevin]

I'm sure the folks spending 5 million on their residence are going to be quite happy to have 52 different neighbors each year.

I know that if I bought in an ultra-exclusive, high end, gated community, I'd be thrilled with this prospect.

 

[mjaclyn]

LOL!! I wish I were serious but even though the concept is brilliant it's ultimately flawed... As much as it would work in my head I doubt it would work for real.

 

[mainegal]

One of the flaws - I only want to buy in for the winter weeks.

 

[doconeill]

Hmm...don't be surprised if there are provisions in the deeds to prevent being able to do this...

 

[DisneyKevin]

Hmm...don't be surprised if there are provisions in the deeds to prevent being able to do this...

There will be provisions and restrictions that will prohibit you from planting the wrong color petunias or wearing red shoes on Tuesday, if Celebration was any indication.

 

[dalt01]

your math is a wee bit flawed.............the payment on your share would be just under 700.00 a month........so...........8300.00 a year for your 1 week................

 

[EDuke98080]

Just to preface this... my strong subjects in school were Creative Writing, Art and History. Math was probably my least favorite subject so I'm not sure that these numbers work out exactly, but the concept is good... right? ...right?

Anyway, I have a GREAT idea that would allow me and 51 other families to live in a $5 million house at Golden Oak in WDW for only $8.78 per day!

$5 million divided by 52 families = $96,153.85
30 Year Mortgage for $96,153.85 = $3205.13 per year or $8.78 per day!!

Basically, each of the 52 families could live in the house 1 week per year with the option of trading weeks or selling their week to another family at any time.

Any takers?

PS...I just realized I forgot to factor in tax and interest so I'm not sure how much that would raise the price.

Don't forget insurance, cable, internet, elecricity, yard maint., pool maint, furnishings, pest control, cleaning and someone to do the bookkeeping. And Kevin you are probably right the zoning would probably preclude short term stays but technically it wouldn't be a rental so maybe 52 owners could share it lol. Probably have to get a good lawyer too....

 

[Cheshire Figment]

Being a CPA, I decided to look at the numbers. So I went to a mortgage payment calculator.

Running the $96,183 as the principal amount, and figuring 2% as the property tax, the monthly payments come to $676.43, which is $8,117.16 per year. Add onto that utilities, landscape maintenance, and furnishings and you are much better of in a Suite at the Grand Floridian.

 

[roomthreeseventeen]

Fire Island shares work just like this.

 

[gkrykewy]

Notwithstanding the math concerns others have raised, I don't think one would be able to get a 30-year mortgage from a bank for one-52nd of a piece of property. Maybe during the bubble years, but not so much now.

 

[DCTooTall]

Notwithstanding the math concerns others have raised, I don't think one would be able to get a 30-year mortgage from a bank for one-52nd of a piece of property. Maybe during the bubble years, but not so much now.

Hmmm... But would you be able to get a 30year mortgage for a single trust, with 52 owners/members of the trust?

 

[lugnut33]

Can't we just stay with Pete?

 

[mjaclyn]

Can't we just stay with Pete?

I second that! I'd gladly give Pete my $8.78 per day for two of the four (or more) bedrooms in the $5 million house he buys at Golden Oak. Pete, I promise that for the week we're there you won't even know you have guests! I bet those houses are going to be pretty big... we could go for days without seeing each other!