sandiego, you posted that your neighbor was appraised at $1 million and that you had 65% LTV at the time, which is how I came up with the $650k loan amount, you later posted that you put $100K down, so I assumed a $750K purchase price.
I was trying to be very conservative on the other numbers, so as not to overstate the rent vs purchase difference. For a downtown condo I would guess your HOA is probably closer to $800.
Regardless, my point still stands that it’s important to base real estate purchase decisions on sound fundamentals, not hyper inflated appraisals and hopes of a forever rising real estate market.
Knowing what you know now, do you think in the future you will probably take steps to avoid finding yourself in another situation similar to what you’re in now?
