For Sale Total apartment closing Costs with all final fees taxes and commissions in Buenos Aires when buying residential real estate?

[Dazed & Confused]

Hi everyone. I have been lurking on the board for the past few months and love the format of this website. I saw there is an older forum but this forum seems funner and the posters seem more intelligent over here. Besides, every other thread over there is talking about this forum.

Dear Hubby and I are finally retiring this month. It's been a long ride but we're finally done working! We don't want to live in the USA anymore. The value on our home has exploded here in Tampa. We are going to sell it to my sister-in-law. She already got pre-approved so it should be very easy.

We like bigger cities so we are thinking about Buenos Aires. But we may be open to buying a second small condo somewhere peaceful like Bariloche or Mendoza. We have been looking at real estate for the past few years and fortunately, the prices kept going down. They seem like they are a bargain now compared to when we first started looking 4 years ago. But now prices seem like they are finally going up a little. This is the first time in 4 years we see it turning around.

I am looking at some realtor websites but I see absolutely wild and crazy commissions and fees. For example, on one realtor's site they are saying that ME as the buyer has to pay 4%? In the USA we pay 0% and the SELLER pays all the real estate commission. Is this true I have to pay 4% then it says on top of that 21% VAT taxes! This seems like it has to be an error?

Then the realtor told me there is a "legal fee" and said I can select the lawyer but she said that can be up to 2.5% fee that I must pay. I asked if there were any other fees and I felt like a game show contestant. She said, "wait there is more". Then explained about stamp taxes which seemed to be just under 2% at 1.8%. And also some other closing costs and fees.

Am I doing the math right??? Help. I'm dazed and confused.

 

[Johnny]

Hi everyone. I have been lurking on the board for the past few months and love the format of this website. I saw there is an older forum but this forum seems funner and the posters seem more intelligent over here. Besides, every other thread over there is talking about this forum.

Dear Hubby and I are finally retiring this month. It's been a long ride but we're finally done working! We don't want to live in the USA anymore. The value on our home has exploded here in Tampa. We are going to sell it to my sister-in-law. She already got pre-approved so it should be very easy.

We like bigger cities so we are thinking about Buenos Aires. But we may be open to buying a second small condo somewhere peaceful like Bariloche or Mendoza. We have been looking at real estate for the past few years and fortunately, the prices kept going down. They seem like they are a bargain now compared to when we first started looking 4 years ago. But now prices seem like they are finally going up a little. This is the first time in 4 years we see it turning around.

I am looking at some realtor websites but I see absolutely wild and crazy commissions and fees. For example, on one realtor's site they are saying that ME as the buyer has to pay 4%? In the USA we pay 0% and the SELLER pays all the real estate commission. Is this true I have to pay 4% then it says on top of that 21% VAT taxes! This seems like it has to be an error?

Then the realtor told me there is a "legal fee" and said I can select the lawyer but she said that can be up to 2.5% fee that I must pay. I asked if there were any other fees and I felt like a game show contestant. She said, "wait there is more". Then explained about stamp taxes which seemed to be just under 2% at 1.8%. And also some other closing costs and fees.

Am I doing the math right??? Help. I'm dazed and confused.

@Dazed & Confused,

Welcome to the forum! I just signed up a while back too. I went through EXACTLY the same process as you did. Congrats on your retirement! I'm still about 10 years from retirement. I just bought a new construction in Buenos Aires. I bought in Palermo in a really nice area. I really loved Recoleta as well. Where are you looking?

I think you should read this website below. Go through each page in detail. I hired @BuySellBA but they told me to still go through all the pages first and then I did a consultation and they answered all my questions. I hired them and they purchased a penthouse apartment for me. I just flew down there with @earlyretirement a few weeks ago to go see the building. It's awesome!

BuySellBA

Don't buy real estate in Buenos Aires without knowing all of the laws, ins and outs and all the possible pitfalls.

buysellba.com

I had many of the same questions as you did but that website will answer ALL your questions. Things are much different than back in the USA where I own many properties. The 21% IVA tax is on the realtor's fee. For example, my account cost $155,000 and the realtor's fee was $6,200 plus IVA would have been another $1,302 US dollars but with many realtors, you can tell them you don't need an official receipt and they might waive that IVA. You just have to see.

I got my good faith estimate on the closing costs and there is a stamp tax and also legal fees which looked to be around 2.2% of the purchase price. I'm told the buyer pays for most of the legal fees. I bought a new construction so I couldn't select the Escribano.

I can't wait to take possession of my property around August 2024.

 

[Man on the Moon]

Hi everyone. I have been lurking on the board for the past few months and love the format of this website. I saw there is an older forum but this forum seems funner and the posters seem more intelligent over here. Besides, every other thread over there is talking about this forum.

Dear Hubby and I are finally retiring this month. It's been a long ride but we're finally done working! We don't want to live in the USA anymore. The value on our home has exploded here in Tampa. We are going to sell it to my sister-in-law. She already got pre-approved so it should be very easy.

We like bigger cities so we are thinking about Buenos Aires. But we may be open to buying a second small condo somewhere peaceful like Bariloche or Mendoza. We have been looking at real estate for the past few years and fortunately, the prices kept going down. They seem like they are a bargain now compared to when we first started looking 4 years ago. But now prices seem like they are finally going up a little. This is the first time in 4 years we see it turning around.

I am looking at some realtor websites but I see absolutely wild and crazy commissions and fees. For example, on one realtor's site they are saying that ME as the buyer has to pay 4%? In the USA we pay 0% and the SELLER pays all the real estate commission. Is this true I have to pay 4% then it says on top of that 21% VAT taxes! This seems like it has to be an error?

Then the realtor told me there is a "legal fee" and said I can select the lawyer but she said that can be up to 2.5% fee that I must pay. I asked if there were any other fees and I felt like a game show contestant. She said, "wait there is more". Then explained about stamp taxes which seemed to be just under 2% at 1.8%. And also some other closing costs and fees.

Am I doing the math right??? Help. I'm dazed and confused.

WOW! 21%? I never had to pay 21% tax on the apartment commission. Is that a new thing? I think my lawyer also wanted to charge that 21% on some bill and I told him hell no. And he said he couldn't give me an official receipt. I told him I don't need no official receipt!

 

[Dazed & Confused]

WOW! 21%? I never had to pay 21% tax on the apartment commission. Is that a new thing? I think my lawyer also wanted to charge that 21% on some bill and I told him hell no. And he said he couldn't give me an official receipt. I told him I don't need no official receipt!

Yes, every realtor that we spoke to said there is 21% IVA tax on every professional bill. Even the legal bill. So that drastically increases the costs on all the fees.

Here is the property I'm interested in:

Departamento en venta 4 ambientes en Av. del Libertador 1000, Recoleta, Capital Federal

Mirá esta propiedad en RE/MAX: EXCELENTE PISO SOBRE AV. DEL LIBERTADOR CON BALCON TERRAZA EN UNA DE LAS MEJORES ZONAS DE RECOLETA. HERMOSO DEPARTAMENTO CON TERRAZA SOBRE AV LIBERTADO...

www.remax.com.ar

 

[Dazed & Confused]

@Dazed & Confused,

Welcome to the forum! I just signed up a while back too. I went through EXACTLY the same process as you did. Congrats on your retirement! I'm still about 10 years from retirement. I just bought a new construction in Buenos Aires. I bought in Palermo in a really nice area. I really loved Recoleta as well. Where are you looking?

I think you should read this website below. Go through each page in detail. I hired @BuySellBA but they told me to still go through all the pages first and then I did a consultation and they answered all my questions. I hired them and they purchased a penthouse apartment for me. I just flew down there with @earlyretirement a few weeks ago to go see the building. It's awesome!

BuySellBA

Don't buy real estate in Buenos Aires without knowing all of the laws, ins and outs and all the possible pitfalls.

buysellba.com

I had many of the same questions as you did but that website will answer ALL your questions. Things are much different than back in the USA where I own many properties. The 21% IVA tax is on the realtor's fee. For example, my account cost $155,000 and the realtor's fee was $6,200 plus IVA would have been another $1,302 US dollars but with many realtors, you can tell them you don't need an official receipt and they might waive that IVA. You just have to see.

I got my good faith estimate on the closing costs and there is a stamp tax and also legal fees which looked to be around 2.2% of the purchase price. I'm told the buyer pays for most of the legal fees. I bought a new construction so I couldn't select the Escribano.

I can't wait to take possession of my property around August 2024.

View attachment 1011

Thank you @Johnny ! Your place looks beautiful. DH and I need more space but that looks nice. What part of town is it in? I think we got the IVA figured out. It's only on the commission amount paid to professionals. It seems to be like a service tax but most say they will waive it if you don't need an official receipt. I guess if not they aren't reporting the income either so they don't have to pay any income tax on it.

 

[Larry]

I would NOT recommend you try to buy a property remotely from the USA. If you need a realtor let me know and I can refer you to know. I know a good one that speaks English. You should know property prices are over inflated. Some by as much as 30%. You need an expert realtor to help you.

 

[Dazed & Confused]

I would NOT recommend you try to buy a property remotely from the USA. If you need a realtor let me know and I can refer you to know. I know a good one that speaks English. You should know property prices are over inflated. Some by as much as 30%. You need an expert realtor to help you.

I have a long-time friend who lives in BA and seeing some. I'm making the short list but then will go see it but strange as many owners don't answer or allow me to see it in person. It's getting frustrating! 8 out of the past 10 properties I selected they said I can't see now! My friend was waiting to go to see them. On 3 of them the realtor never showed up. Is this normal? Are people that flaky there?

Also, I'm confused what is the Escribano? Isn't that just the lawyer? Do I need a lawyer and an Escribano? This is kind of confusing.

 

[Daniela]

@Dazed & Confused,

Welcome to the forum! I just signed up a while back too. I went through EXACTLY the same process as you did. Congrats on your retirement! I'm still about 10 years from retirement. I just bought a new construction in Buenos Aires. I bought in Palermo in a really nice area. I really loved Recoleta as well. Where are you looking?

I think you should read this website below. Go through each page in detail. I hired @BuySellBA but they told me to still go through all the pages first and then I did a consultation and they answered all my questions. I hired them and they purchased a penthouse apartment for me. I just flew down there with @earlyretirement a few weeks ago to go see the building. It's awesome!

BuySellBA

Don't buy real estate in Buenos Aires without knowing all of the laws, ins and outs and all the possible pitfalls.

buysellba.com

I had many of the same questions as you did but that website will answer ALL your questions. Things are much different than back in the USA where I own many properties. The 21% IVA tax is on the realtor's fee. For example, my account cost $155,000 and the realtor's fee was $6,200 plus IVA would have been another $1,302 US dollars but with many realtors, you can tell them you don't need an official receipt and they might waive that IVA. You just have to see.

I got my good faith estimate on the closing costs and there is a stamp tax and also legal fees which looked to be around 2.2% of the purchase price. I'm told the buyer pays for most of the legal fees. I bought a new construction so I couldn't select the Escribano.

I can't wait to take possession of my property around August 2024.

View attachment 1011

Thanks @Johnny! I saw that 21% on a realtor's listing and I thought there was a 21% tax on the apartment! That crushed my dreams of buying something there. But that makes sense on the realtor's fee. I just asked my uncle that lives there and he said they are supposed to charge that on all professional invoices but he said typically you can avoid it if you don't need an official receipt.

 

[Billy Goat]

Costs are very high relatively speaking on a closing of a property here or also to sell a property here in Argentina. It's more expensive to close in Argentina than the USA where I own some properties. My main expense in the USA is the realtor but the rest isn't too bad.

This is not a buy-and-flip market!

 

[earlyretirement]

I have a long-time friend who lives in BA and seeing some. I'm making the short list but then will go see it but strange as many owners don't answer or allow me to see it in person. It's getting frustrating! 8 out of the past 10 properties I selected they said I can't see now! My friend was waiting to go to see them. On 3 of them the realtor never showed up. Is this normal? Are people that flaky there?

Also, I'm confused what is the Escribano? Isn't that just the lawyer? Do I need a lawyer and an Escribano? This is kind of confusing.

Hi @Dazed & Confused!

It can be very complex to buy real estate in Buenos Aires. It's nothing like buying in the USA or many first-world countries. Argentina is a bit like the wild wild west when you buy here. You have to be very careful. I have purchased over 800 properties in Buenos Aires now and it's never easy.

I'd suggest that you read my website https://buysellba.com/step-by-step-guide-to-buy. It's been called the best source of information in the world for a non-resident foreigner to purchase in Buenos Aires. It's all free and will explain things in detail and what to look out for.

It will also explain about the lawyer and Escribano. An Escribano is a specialized lawyer and every single real estate transaction in Argentina must have one involved with the transaction. You as the buyer get to select the Escribano to be used for the transaction unless it's a new construction in which case the entire building will use the same Escribano provided by the BUILDER.

Ideally, you are in Buenos Aires in person but my firm has purchased over 500 properties for out-of-town foreign investors. I'd suggest if its a property that you will live in for retirement you DEFINITELY come down and see the properties in person. You will find many owners are VERY flaky in general but especially right before the holidays many don't show their properties. So that might be what you're experiencing, This can go on until the end of January when many are gone on vacation and don't want to show their properties.

 

[Betsy Ross]

Hi @Dazed & Confused!

It can be very complex to buy real estate in Buenos Aires. It's nothing like buying in the USA or many first-world countries. Argentina is a bit like the wild wild west when you buy here. You have to be very careful. I have purchased over 800 properties in Buenos Aires now and it's never easy.

I'd suggest that you read my website https://buysellba.com/step-by-step-guide-to-buy. It's been called the best source of information in the world for a non-resident foreigner to purchase in Buenos Aires. It's all free and will explain things in detail and what to look out for.

It will also explain about the lawyer and Escribano. An Escribano is a specialized lawyer and every single real estate transaction in Argentina must have one involved with the transaction. You as the buyer get to select the Escribano to be used for the transaction unless it's a new construction in which case the entire building will use the same Escribano provided by the BUILDER.

Ideally, you are in Buenos Aires in person but my firm has purchased over 500 properties for out-of-town foreign investors. I'd suggest if its a property that you will live in for retirement you DEFINITELY come down and see the properties in person. You will find many owners are VERY flaky in general but especially right before the holidays many don't show their properties. So that might be what you're experiencing, This can go on until the end of January when many are gone on vacation and don't want to show their properties.

All correct info. Property owners are VERY flaky around the holidays so it's not you. It's them. In general owners aren't the most organized. When I was looking sometimes they would say they had a headache or a cold or something. LOL. And then cancel at the last minute. It was agonizing!

What the others are mentioning is true. Based on my 2 properties I purchased in Bueonos Aires I paid NO VAT tax. I told them i didn't need any official invoice. So they didn't need to provide a "factura". The realtor was also happy as she didn't have to pay any income tax on that. Most of Argentina is like that. My Escribano made me pay some. He declared some of the income. So I paid 21% on whatever we declared. She said she had to declare partial income. But I think her fee was around 2.5% of the total but she only billed me on 21% of 1% of her fee.

 

[Howard Stern]

All correct info. Property owners are VERY flaky around the holidays so it's not you. It's them. In general owners aren't the most organized. When I was looking sometimes they would say they had a headache or a cold or something. LOL. And then cancel at the last minute. It was agonizing!

What the others are mentioning is true. Based on my 2 properties I purchased in Bueonos Aires I paid NO VAT tax. I told them i didn't need any official invoice. So they didn't need to provide a "factura". The realtor was also happy as she didn't have to pay any income tax on that. Most of Argentina is like that. My Escribano made me pay some. He declared some of the income. So I paid 21% on whatever we declared. She said she had to declare partial income. But I think her fee was around 2.5% of the total but she only billed me on 21% of 1% of her fee.

I also didn't pay any IVA to my realtor but I did have to pay it to the Escribano/lawyer who said he couldn't waive it at all as there was no way to get around it as it was all registered.

The one thing that was a pain and added to my stress level was getting CASH here. My realtor helped with it but I really didn't understand all of it and I hope it was legal. I wired in funds from my USA bank to some cueva and we went there for closing. I paid 3.5% fee to get the cash here and they paid the seller. My escribano didn't want to be in the room until all the cash was there. And then when he got in the room he just asked me a question and asked if this was my cash and I said yes. He made me sign an affidavit saying that it was my cash and I'm not sure what else as it was in Spanish. Then I paid the seller. Like I said it was fairly stressful seeing all that cash.

 

[JonJLA]

I also didn't pay any IVA to my realtor but I did have to pay it to the Escribano/lawyer who said he couldn't waive it at all as there was no way to get around it as it was all registered.

The one thing that was a pain and added to my stress level was getting CASH here. My realtor helped with it but I really didn't understand all of it and I hope it was legal. I wired in funds from my USA bank to some cueva and we went there for closing. I paid 3.5% fee to get the cash here and they paid the seller. My escribano didn't want to be in the room until all the cash was there. And then when he got in the room he just asked me a question and asked if this was my cash and I said yes. He made me sign an affidavit saying that it was my cash and I'm not sure what else as it was in Spanish. Then I paid the seller. Like I said it was fairly stressful seeing all that cash.

@Howard Stern it doesn't sound like your realtor had you bringing in the cash legally. It might not batter now that Milei is president but you could have issues when you go to sell the property. A friend brought in cash through a cueva many years ago and when he sold it, he had to pay all kinds of penalties as he didn't bring it in legally.

Argentina has a lot of currency controls and money laundering laws. People think it's easy but it's actually quite strict here. If the Escribano left the room it was because he probably wanted to be able to say that you brought the money here and were signing off on that. Not common for Escribano to leave the room like that.

I have purchased and sold a few apartments in BA over the years.

It is not difficult to legally bring money in to get cash and its all legal. You can go through the bond market. It just adds about 2.5% or so to the price but you can easily have a broker buy bonds and then give you the US dollars. It’s quick and easy.

 

[earlyretirement]

@Howard Stern it doesn't sound like your realtor had you bringing in the cash legally. It might not batter now that Milei is president but you could have issues when you go to sell the property. A friend brought in cash through a cueva many years ago and when he sold it, he had to pay all kinds of penalties as he didn't bring it in legally.

Argentina has a lot of currency controls and money laundering laws. People think it's easy but it's actually quite strict here. If the Escribano left the room it was because he probably wanted to be able to say that you brought the money here and were signing off on that. Not common for Escribano to leave the room like that.

I have purchased and sold a few apartments in BA over the years.

It is not difficult to legally bring money in to get cash and its all legal. You can go through the bond market. It just adds about 2.5% or so to the price but you can easily have a broker buy bonds and then give you the US dollars. It’s quick and easy.

This is exactly correct. Things have changed since years ago. Now the way you can legally bring in US dollars is to go through a bond broker to do a bond swap. I do it all the time. They will charge you a fixed cost. Usually around 2.5 to 3.5% and then will bring in your US dollars so you can pay the owner of the real estate you're buying. Very safe as long as you're using a reputable broker.

I agree if the Escribano left the room he wanted to protect himself so that later if the buyer has an issue the lawyer must have gotten sign-off from the buyer saying that he brought in the funds/cash himself legally. People do NOT sign anything that hasn't been officially translated to English. Why would you sign anything you don't understand? Would you buy a home in the USA and sign something that is in Chinese? Real estate in Argentina is a serious business. It's all 100% CASH. No room for mistakes.

Remember when you go to sell the property, you don't know who will be President, you don't know what the laws will be like. But you have to go into it telling yourself you will do everything legally especially bringing in your cash to Argentina. It has to all be legal to avoid problems later.

 

[Bobbie Burgers]

This is exactly correct. Things have changed since years ago. Now the way you can legally bring in US dollars is to go through a bond broker to do a bond swap. I do it all the time. They will charge you a fixed cost. Usually around 2.5 to 3.5% and then will bring in your US dollars so you can pay the owner of the real estate you're buying. Very safe as long as you're using a reputable broker.

I agree if the Escribano left the room he wanted to protect himself so that later if the buyer has an issue the lawyer must have gotten sign-off from the buyer saying that he brought in the funds/cash himself legally. People do NOT sign anything that hasn't been officially translated to English. Why would you sign anything you don't understand? Would you buy a home in the USA and sign something that is in Chinese? Real estate in Argentina is a serious business. It's all 100% CASH. No room for mistakes.

Remember when you go to sell the property, you don't know who will be President, you don't know what the laws will be like. But you have to go into it telling yourself you will do everything legally especially bringing in your cash to Argentina. It has to all be legal to avoid problems later.

Thanks for the great info! Very helpful! Is 2.5% to 3.5% still a reasonable expectation for the cost to legally get USD cash here legally? I'm eying a house in Pilar and this is very helpful. Would you happen to know any reputable brokers there?

Also, @earlyretirement is the bond swap the cheapest and easiest way to pay for the cash to the seller?

 

[earlyretirement]

Thanks for the great info! Very helpful! Is 2.5% to 3.5% still a reasonable expectation for the cost to legally get USD cash here legally? I'm eying a house in Pilar and this is very helpful. Would you happen to know any reputable brokers there?

Also, @earlyretirement is the bond swap the cheapest and easiest way to pay for the cash to the seller?

Yes, I work with a few really great and ethical real estate brokers that I've worked with the past 22+ years. Very ethical people. Send me a DM and I'm happy to share those contacts with you. Bond swap costs just depend on the day and what the market looks like. Sometimes it can be less than that. Sometimes more. But there are good people that have been I've working with for 22+ years as well.

I'd bet if an owner has a house in Pilar s/he probably would have a bank account outside of Argentina. The easiest way is to just wire to their account directly in US Dollars. It's perfectly legal as well. That by far is the EASIEST way and I've structured many deals like that in the past few years.

 

[Swowbird]

Thanks for the great info! Very helpful! Is 2.5% to 3.5% still a reasonable expectation for the cost to legally get USD cash here legally? I'm eying a house in Pilar and this is very helpful. Would you happen to know any reputable brokers there?

Also, @earlyretirement is the bond swap the cheapest and easiest way to pay for the cash to the seller?

@Bobbie Burgers why the heck do you want to buy real estate in Argentina! All the Porteños I know have their properties for sale and they want to go buy something in Miami. Miami is full of Argentine-owned real estate and businesses now!

 

[Bobbie Burgers]

@Bobbie Burgers why the heck do you want to buy real estate in Argentina! All the Porteños I know have their properties for sale and they want to go buy something in Miami. Miami is full of Argentine-owned real estate and businesses now!

Duh.... maybe because I love Argentina and I hate Florida? Argentines aren't always known for making the right financial choices. Selling real estate now in Buenos Aires would be a monumental blunder. Probably like people that were selling in 2002 and the years after. Real estate has fallen for almost 5 years in a row. It's going up now.

Real estate in the USA is crazy high. Almost an all-time high. Some of my friends are sitting on 300% to 400% gains and they purchased a decade ago or so.

Florida is a dump. I don't like dumps. I like Argentina.

 

[Boy Toy]

Most people are dumb and have a herd mentality. I know lots of people that sell low (which is what Porteños would be doing if they sold now) and buy high (like people buying in the USA now at sky high prices).

I think prices are very low in Buenos Aires now. I also looked at prices outside of BA in other parts of Argentina and it's really low! Most real estate in other first-world countries is sky-high! Even in Mexico, I went to look for something and it's at USA prices!

I've been watching the market here for years. I'm a gay male and keep coming to Buenos Aires for the gay scene here. I love it! And I want to have a place of my own. Some properties I saw back at the peak of 2018 for $275,000 is now $170,000.

I can't decide what to do. I don't think I can afford anything decent. I don't know if I should get residency here or not. Fortunately, I have almost no net worth anywhere around the world so I don't have to worry about the tax part of it.

I think the only thing I could really afford here is only around $50,000 which doesn't buy much in good areas. I don't think I will stay here for the long term because I don't have much money and I don't speak Spanish and don't care to learn. Prices here seem like they are going up.

I think I may go back to Colombia where I had more luck with the guys. Here it doesn't seem like they really care if you're a gringo. In Colombia I was a bigger deal. That kind of bums me out here.

 

[Used]

I'm so done with these realtors acting like they own the place, asking for a whole limb and my firstborn just to show me a rental! And Airbnb? Ugh, don't even get me started on those sketchy hosts. I went all out on Airbnb recently after the owner took my money and then pulled this crazy rule I couldn't even have any unregistered guests in my own place! Like, seriously? I had to threaten them with criminal charges just to get my money back, and in the end, I had to fight it out with my bank.

The last spot I stayed at had a gross sewage problem – every time I showered, the place smelled horrible and water was bubbling up from the floor drain. The owner wouldn't fix it and had the nerve to try and charge me for the mess! And the Airbnb before that? My neighbor decided to play plumber and wrecked the water main, leaving me high and dry for five days. The whole place reeked of poo, and I ended up sick from the fumes.

I'm over it. Life's too short for this kind of nonsense. I found a sweet monthly spot in the new rental. Now, I'm on a mission to buy my own place and escape this constant insecurity of dealing with these shady people and platforms every month. Somebody needs to cash in on a cool monthly apartment hotel business here – it's a goldmine.