In escrow. Need opinions. – Piggington's Econo-Almanac

This topic has 15 replies, 4 voices, and was last updated 15 years, 8 months ago by barnaby33.

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March 17, 2009 at 8:07 AM #15313

SDguy
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I rent a one bedroom for $785.00 in an okay neighborhood, or street to be more precise. The rest of the neighborhood is crime ridden (North Park / University Heights).

I found a 2 story, 2 bed, 1.5 bath condo in good condition for $95,000. Not a conversion. I have 20% for the down payment. The monthly payment including HOA fee would be around $650.00. Crime has been much lower in this neighborhood. My only concern is the drive to work, but even that’s okay. I just have to wake up 20 minutes earlier than I already do.

I’ll get $8,000.00 back from the government if I buy this year.

In 2006, the place sold for nearly $300,000. I plan to be there for a couple years and hopefully sell at a higher price to get a detached home.

Sounds good to me, but just thought I’d get some opinions. Thanks.

March 17, 2009 at 8:28 AM #367623

waiting hawk
Participant

I dont see nothing wrong with 650 a month man. If you dont mind the hoa fees/rules then you are good to go. If you are in escrow and hang on this site, you must have given it a ton of thought already. congratz.

March 17, 2009 at 8:28 AM #367912

waiting hawk
Participant

I dont see nothing wrong with 650 a month man. If you dont mind the hoa fees/rules then you are good to go. If you are in escrow and hang on this site, you must have given it a ton of thought already. congratz.

March 17, 2009 at 8:28 AM #368081

waiting hawk
Participant

I dont see nothing wrong with 650 a month man. If you dont mind the hoa fees/rules then you are good to go. If you are in escrow and hang on this site, you must have given it a ton of thought already. congratz.

March 17, 2009 at 8:28 AM #368117

waiting hawk
Participant

I dont see nothing wrong with 650 a month man. If you dont mind the hoa fees/rules then you are good to go. If you are in escrow and hang on this site, you must have given it a ton of thought already. congratz.

March 17, 2009 at 8:28 AM #368232

waiting hawk
Participant

I dont see nothing wrong with 650 a month man. If you dont mind the hoa fees/rules then you are good to go. If you are in escrow and hang on this site, you must have given it a ton of thought already. congratz.

March 17, 2009 at 9:52 AM #367668

peterb
Participant

Sounds pretty good. That’s a huge drop in price. Can you find out how many units are actually owner occupied? This effects your financing options.How many are empty? Your time frame sounds a little on the short side as far as having to sell it later on. But if rents stay where they are, you could just rent it to someone. Does the HOA allow this?
One of the major issues with condo’s is the other owners, since you share common ownership with so much of the property. So making sure there are enough other owners to pay HOA’s and keep maintenance up, etc…

March 17, 2009 at 9:52 AM #367957

peterb
Participant

Sounds pretty good. That’s a huge drop in price. Can you find out how many units are actually owner occupied? This effects your financing options.How many are empty? Your time frame sounds a little on the short side as far as having to sell it later on. But if rents stay where they are, you could just rent it to someone. Does the HOA allow this?
One of the major issues with condo’s is the other owners, since you share common ownership with so much of the property. So making sure there are enough other owners to pay HOA’s and keep maintenance up, etc…

March 17, 2009 at 9:52 AM #368126

peterb
Participant

Sounds pretty good. That’s a huge drop in price. Can you find out how many units are actually owner occupied? This effects your financing options.How many are empty? Your time frame sounds a little on the short side as far as having to sell it later on. But if rents stay where they are, you could just rent it to someone. Does the HOA allow this?
One of the major issues with condo’s is the other owners, since you share common ownership with so much of the property. So making sure there are enough other owners to pay HOA’s and keep maintenance up, etc…

March 17, 2009 at 9:52 AM #368163

peterb
Participant

Sounds pretty good. That’s a huge drop in price. Can you find out how many units are actually owner occupied? This effects your financing options.How many are empty? Your time frame sounds a little on the short side as far as having to sell it later on. But if rents stay where they are, you could just rent it to someone. Does the HOA allow this?
One of the major issues with condo’s is the other owners, since you share common ownership with so much of the property. So making sure there are enough other owners to pay HOA’s and keep maintenance up, etc…

March 17, 2009 at 9:52 AM #368278

peterb
Participant

Sounds pretty good. That’s a huge drop in price. Can you find out how many units are actually owner occupied? This effects your financing options.How many are empty? Your time frame sounds a little on the short side as far as having to sell it later on. But if rents stay where they are, you could just rent it to someone. Does the HOA allow this?
One of the major issues with condo’s is the other owners, since you share common ownership with so much of the property. So making sure there are enough other owners to pay HOA’s and keep maintenance up, etc…

March 17, 2009 at 2:06 PM #368080

barnaby33
Participant

Where are you moving to, City Heights, El Cajon, or Vista?

Josh

March 17, 2009 at 2:06 PM #368368

barnaby33
Participant

Where are you moving to, City Heights, El Cajon, or Vista?

Josh

March 17, 2009 at 2:06 PM #368536

barnaby33
Participant

Where are you moving to, City Heights, El Cajon, or Vista?

Josh

March 17, 2009 at 2:06 PM #368574

barnaby33
Participant

Where are you moving to, City Heights, El Cajon, or Vista?

Josh
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