How to buy a condo?

Don't.

 

Thanks for your advice.. I've been thinking this through a lot. I'm going to the Mortgage Broker on Friday to talk to them, because I just want to see what options I have and if it's worth it. Right now I am only paying $650 in rent, for a studio, and the rent/bills are split between me and my girlfriend.

How much are you/ can you put down?
I don't have any money saved, and can't put anything down.

What are the comporable sales in the area?
The other condos in this complex are about the same price, except the previous owner did a lot of remodeling in this one, so it's a few thousand higher.

What's the square footage?
463 - it's a studio.

What's your credit like?
Bad, but my girlfriends is good.

How much are the HOA dues?
$207/Monthly

Features: BBQ, Clubhouse/Rec Room, Exercise Room, Laundry Facilities, Pool, Spa/Hot Tub - has, Dishwasher, Disposal, Range/Oven, Refrigerator.

Here are a couple photos:

 

Keep renting. Seriously. Bad credit, no savings. What happens when the hot water heater, the a/c and the fridge all go on the fritz at the same time? That's right, McDonald's for dinner again tonight. Until you have the money in savings to make all your monthly bills for a couple months, keep renting. And regardless of how good her credit is, yours matters too unless the condo is in her name only. Then you're just renting from her and she's responsible for all that shit.

 

HOly Shit - $650 month rent is a keeper.

No brainer. Keep renting. Buying the condo is a bad move. Take the extra money the condo would cost every month and invest it somewhere liquid.

Or *grimace* pay off the unsecured debt I hope you don't have.

 

If you are looking for 100%...580+ credit is the minimum and you're rate will be double digits...on a 2 year arm.

Do NOT buy...

You are probably looking at $1700+ per month in payments...PLUS HOA...PLUS taxes (I'd bet they are HIGH out there).

You're monthle expenditure will more than triple...

 

:newsmile53: Don't buy, save your money, 463 sq. ft. for 187K????

 

The price is not the issue - if that's what the market bears in SD, that's what it bears.

The issue is whether it's a good idea based on expenses - and it's a very bad idea.

 

I never would sell it if I bought it. Rent income is pretty good here. I don't know how much the condo I want is, but based on newer onces in the area it should be in my price range. My deal is are the rates still good and should I do that interest only loan you guys were discussing.

 

I say go for it. Sounds too good to be true. Home ownership, with no money down, is the American dream. Maybe your fat movie star friends will chip in some much-needed cash.

 

Rates still kick ass. Interest only is good IF you are buying in an appreciating area and aren't using it to buy something you really can't afford. I'm working with a lady right now...80/20 purchase...

6.375% on the first and 9 on the second.

Both are interest only. She should make money on the property...good area and price...and she doesn't NEED the loan to be interest only.