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Jim,

Thank you for taking the time to give me such a complete reply, it is fantastic. I learned a little more than I already knew, which is really what these message boards are intended for.

Two things. First, the reason I came up with a PI that was lower than yours is that I am a Canuck and in Canada mortgages are compounded semiannually which would account for the difference. Sorry that I forgot to mention that.

I probably should have gone into a little more detail on my question, but I think I mentioned that the lease would be triple net(not sure if that is Canadian terminology). This means that the taxes, maintence costs and insurance is all the responsibility of the renter.

This changes the situation somewhat and puts me back at a gross effective yeild of a little over 17%. If this were the situation, is it still something that you would pass up?

Thanks again for the post, I am beginning to think more critically about REI.

ThePup
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