Quote:
Originally Posted by AGDAlum
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I know nothing about the business of fraternity housing, so forgive me if this sounds like a stupid question, but in the press release it says they're building a $5.5 million house and are raising $3 million to do it. That suggests to me they're taking out a $2.5 million mortgage, which would amortize out to about $19K a year in payments.
IOW, if they ran the house at 50% capacity (30 guys), for 9 months per year for 30 years, the portion of each members housing bill used to pay the mortgage would only be $70/month. Even adding on sky-high insurance, utilities, maintenance, food, etc., the total seems very cheap. Am I missing something?
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