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  • August 21, 2008 at 12:38 PM #13629
    kev374
    Participant

    I came across a condo short sale in Ladera Ranch for $250,000, 2bd, 1230sqft, looks pretty decent. HOA is $150/mo. I’m estimating that if I put 10% down, the payment for PITI+HOA is going to be around $1810. I’m guessing the rental value is around $1600 for it so with tax deductions (I am in the 37% Fed+State bracket) I think it should be just about rental value. If I can get 10% off it would be a better deal because I could account for some maintainence expenses.

    The question is: does it make sense to get into something like this? I want to keep my option OPEN to rent it out and move elsewhere if I wanted to so breaking EVEN with rent is extremely important to me… otherwise I will not buy.

    Also, if I continue renting my tiny 650sqft condo it will cost me $17,000 over the next 12 months.

    Please advice.

    August 21, 2008 at 12:42 PM #259538
    kev374
    Participant

    Thanks!

    August 21, 2008 at 12:42 PM #259731
    kev374
    Participant

    Thanks!

    August 21, 2008 at 12:42 PM #259745
    kev374
    Participant

    Thanks!

    August 21, 2008 at 12:42 PM #259834
    kev374
    Participant

    Thanks!

    August 21, 2008 at 12:42 PM #259794
    kev374
    Participant

    Thanks!

    August 21, 2008 at 1:31 PM #259818
    cv2
    Participant

    If you can afford the payment and do not plan to sell it for the next 7 years, I will buy it. You will lose some if you rent it out but as long as you could afford it, it is not a bad choice.

    However, I would caution you on the HOA part. Read their reserve studies and get a good financial picture of the HOA.

    Good luck!

    August 21, 2008 at 1:31 PM #259859
    cv2
    Participant

    If you can afford the payment and do not plan to sell it for the next 7 years, I will buy it. You will lose some if you rent it out but as long as you could afford it, it is not a bad choice.

    However, I would caution you on the HOA part. Read their reserve studies and get a good financial picture of the HOA.

    Good luck!

    August 21, 2008 at 1:31 PM #259770
    cv2
    Participant

    If you can afford the payment and do not plan to sell it for the next 7 years, I will buy it. You will lose some if you rent it out but as long as you could afford it, it is not a bad choice.

    However, I would caution you on the HOA part. Read their reserve studies and get a good financial picture of the HOA.

    Good luck!

    August 21, 2008 at 1:31 PM #259756
    cv2
    Participant

    If you can afford the payment and do not plan to sell it for the next 7 years, I will buy it. You will lose some if you rent it out but as long as you could afford it, it is not a bad choice.

    However, I would caution you on the HOA part. Read their reserve studies and get a good financial picture of the HOA.

    Good luck!

    August 21, 2008 at 1:31 PM #259564
    cv2
    Participant

    If you can afford the payment and do not plan to sell it for the next 7 years, I will buy it. You will lose some if you rent it out but as long as you could afford it, it is not a bad choice.

    However, I would caution you on the HOA part. Read their reserve studies and get a good financial picture of the HOA.

    Good luck!

    August 21, 2008 at 4:57 PM #259769
    Ren
    Participant

    Just keep in mind that rent rates may drop a bit as well. Just because it’s break-even now, doesn’t mean it will be in a few years. Also you need to consider vacancies when calculating rent income. Personally, I would prefer a lot more breathing room.

    August 21, 2008 at 4:57 PM #259962
    Ren
    Participant

    Just keep in mind that rent rates may drop a bit as well. Just because it’s break-even now, doesn’t mean it will be in a few years. Also you need to consider vacancies when calculating rent income. Personally, I would prefer a lot more breathing room.

    August 21, 2008 at 4:57 PM #259975
    Ren
    Participant

    Just keep in mind that rent rates may drop a bit as well. Just because it’s break-even now, doesn’t mean it will be in a few years. Also you need to consider vacancies when calculating rent income. Personally, I would prefer a lot more breathing room.

    August 21, 2008 at 4:57 PM #260022
    Ren
    Participant

    Just keep in mind that rent rates may drop a bit as well. Just because it’s break-even now, doesn’t mean it will be in a few years. Also you need to consider vacancies when calculating rent income. Personally, I would prefer a lot more breathing room.

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