Menu

Home › Forums › Housing › My girlfriend wants to buy a condo in north county. But what do the Piggs say?

Viewing 15 posts - 1 through 15 (of 71 total)
1 2 3 4 5
  • Author
    Posts
  • March 8, 2009 at 10:38 PM #15254
    Oxford
    Participant

    My girlfriend rents a condo in Del Mar over by Torrey Pines High School. She pays about $1600 a month for a 2 bedroom/2 bath (about 1000 sq ft).

    She wants to own and was considering buying something in Encinitas/Carlsbad/north county coastal in the $250k to $300k range but said she did not find much on Realtor.com that appealed to her.

    Her Income is verifiable $2,500 a month with a FICA of 760. She works for her family’s company in property management and the company pays her rent and lease on the Mercedes so she does not have outstanding debt. First time buyer. Can put down $10,000.

    I told her we should run it by the Piggs for their wit and wisdom in such matters.

    So:
    – Should she buy now or wait?
    – Any thoughts/advice on getting a loan?
    – Are there better value areas for condos?
    – Would buying a house inland be impossible?

    Your opinions are very welcomed.

    OX

    March 8, 2009 at 11:03 PM #362556
    blahblahblah
    Participant

    If she wants to buy a place she shouldn’t spend more than 3X her annual income, 4X at the outside. So the max she should pay for her condo is $90-120K.

    March 8, 2009 at 11:03 PM #362850
    blahblahblah
    Participant

    If she wants to buy a place she shouldn’t spend more than 3X her annual income, 4X at the outside. So the max she should pay for her condo is $90-120K.

    March 8, 2009 at 11:03 PM #363000
    blahblahblah
    Participant

    If she wants to buy a place she shouldn’t spend more than 3X her annual income, 4X at the outside. So the max she should pay for her condo is $90-120K.

    March 8, 2009 at 11:03 PM #363041
    blahblahblah
    Participant

    If she wants to buy a place she shouldn’t spend more than 3X her annual income, 4X at the outside. So the max she should pay for her condo is $90-120K.

    March 8, 2009 at 11:03 PM #363150
    blahblahblah
    Participant

    If she wants to buy a place she shouldn’t spend more than 3X her annual income, 4X at the outside. So the max she should pay for her condo is $90-120K.

    March 9, 2009 at 12:10 AM #362576
    TheBreeze
    Participant

    I didn’t quite understand your post. The company she works for pays her $1600/month rent? If she bought, would she herself be making the monthly payments or would the company do it?

    Why does she want to buy if her rent is paid for? This makes absolutely no sense. She would be giving up a $1600/month benefit in exchange for an approximately $1800-2000 month liability. That’s a $3,400 swing. How could anyone think this is a good idea?

    Personally, I think it’s outrageous that someone in your girlfriend’s position could get a loan for $250K. After taxes, the monthly payment would consume almost all of her monthly nut. Unfortunately, FHA will probably welcome your girlfriend with open arms only to see her foreclosed upon in less than a year.

    Plus, it’s almost guaranteed that the place your girlfriend ends up buying will be worse than her current condo. I can think of no reason why she should buy.

    March 9, 2009 at 12:10 AM #362870
    TheBreeze
    Participant

    I didn’t quite understand your post. The company she works for pays her $1600/month rent? If she bought, would she herself be making the monthly payments or would the company do it?

    Why does she want to buy if her rent is paid for? This makes absolutely no sense. She would be giving up a $1600/month benefit in exchange for an approximately $1800-2000 month liability. That’s a $3,400 swing. How could anyone think this is a good idea?

    Personally, I think it’s outrageous that someone in your girlfriend’s position could get a loan for $250K. After taxes, the monthly payment would consume almost all of her monthly nut. Unfortunately, FHA will probably welcome your girlfriend with open arms only to see her foreclosed upon in less than a year.

    Plus, it’s almost guaranteed that the place your girlfriend ends up buying will be worse than her current condo. I can think of no reason why she should buy.

    March 9, 2009 at 12:10 AM #363020
    TheBreeze
    Participant

    I didn’t quite understand your post. The company she works for pays her $1600/month rent? If she bought, would she herself be making the monthly payments or would the company do it?

    Why does she want to buy if her rent is paid for? This makes absolutely no sense. She would be giving up a $1600/month benefit in exchange for an approximately $1800-2000 month liability. That’s a $3,400 swing. How could anyone think this is a good idea?

    Personally, I think it’s outrageous that someone in your girlfriend’s position could get a loan for $250K. After taxes, the monthly payment would consume almost all of her monthly nut. Unfortunately, FHA will probably welcome your girlfriend with open arms only to see her foreclosed upon in less than a year.

    Plus, it’s almost guaranteed that the place your girlfriend ends up buying will be worse than her current condo. I can think of no reason why she should buy.

    March 9, 2009 at 12:10 AM #363061
    TheBreeze
    Participant

    I didn’t quite understand your post. The company she works for pays her $1600/month rent? If she bought, would she herself be making the monthly payments or would the company do it?

    Why does she want to buy if her rent is paid for? This makes absolutely no sense. She would be giving up a $1600/month benefit in exchange for an approximately $1800-2000 month liability. That’s a $3,400 swing. How could anyone think this is a good idea?

    Personally, I think it’s outrageous that someone in your girlfriend’s position could get a loan for $250K. After taxes, the monthly payment would consume almost all of her monthly nut. Unfortunately, FHA will probably welcome your girlfriend with open arms only to see her foreclosed upon in less than a year.

    Plus, it’s almost guaranteed that the place your girlfriend ends up buying will be worse than her current condo. I can think of no reason why she should buy.

    March 9, 2009 at 12:10 AM #363170
    TheBreeze
    Participant

    I didn’t quite understand your post. The company she works for pays her $1600/month rent? If she bought, would she herself be making the monthly payments or would the company do it?

    Why does she want to buy if her rent is paid for? This makes absolutely no sense. She would be giving up a $1600/month benefit in exchange for an approximately $1800-2000 month liability. That’s a $3,400 swing. How could anyone think this is a good idea?

    Personally, I think it’s outrageous that someone in your girlfriend’s position could get a loan for $250K. After taxes, the monthly payment would consume almost all of her monthly nut. Unfortunately, FHA will probably welcome your girlfriend with open arms only to see her foreclosed upon in less than a year.

    Plus, it’s almost guaranteed that the place your girlfriend ends up buying will be worse than her current condo. I can think of no reason why she should buy.

    March 9, 2009 at 1:02 AM #362586
    surveyor
    Participant

    haha

    Uh oh, she’s nesting! Better run!

    Kidding!

    March 9, 2009 at 1:02 AM #362880
    surveyor
    Participant

    haha

    Uh oh, she’s nesting! Better run!

    Kidding!

    March 9, 2009 at 1:02 AM #363030
    surveyor
    Participant

    haha

    Uh oh, she’s nesting! Better run!

    Kidding!

    March 9, 2009 at 1:02 AM #363071
    surveyor
    Participant

    haha

    Uh oh, she’s nesting! Better run!

    Kidding!

  • Author
    Posts
Viewing 15 posts - 1 through 15 (of 71 total)
1 2 3 4 5
  • You must be logged in to reply to this topic.