Advice For First Time Buyer, Loans, FHA and Condos

[(former)FormerSanDiegan]

I would build up more cash reserves and work on credit scores first. (Of course, that’s NOT what I did when I was in your shoes, but my timing was lucky)

If you decide to buy, though, consider the potential cash flow if you were to turn it into a rental. That way your future plans to move up or move on will have more flexibility.

[UCGal]

[quote=Looking2buysoon]Thanks for the advice. We would like to have a kid in the next 3 years. I like the Penasquitos area since its in the Poway district and a central location. We are thinking condo’s/ townhomes because they are probably all we can afford. Maybe we can stay in it for around 5 years until we out grow it and can upgrade. We currently live in Kearny Mesa and rent an overpriced apartment at Spectrum.[/quote]
Be careful in PQ – I’m pretty sure parts of it are Mira Mesa schools. Not that this is the end of the world… Mira Mesa schools have been kicking booty on api scores compared to most of the rest of San Diego unified.

but you should confirm the school district before purchasing.

My advice… rent… It sounds like you’d be stretched to get a place big enough for raising kids. It’s still cheaper to rent in the areas you’re looking at.

[UCGal]

[quote=Looking2buysoon]Thanks for the advice. We would like to have a kid in the next 3 years. I like the Penasquitos area since its in the Poway district and a central location. We are thinking condo’s/ townhomes because they are probably all we can afford. Maybe we can stay in it for around 5 years until we out grow it and can upgrade. We currently live in Kearny Mesa and rent an overpriced apartment at Spectrum.[/quote]
Be careful in PQ – I’m pretty sure parts of it are Mira Mesa schools. Not that this is the end of the world… Mira Mesa schools have been kicking booty on api scores compared to most of the rest of San Diego unified.

but you should confirm the school district before purchasing.

My advice… rent… It sounds like you’d be stretched to get a place big enough for raising kids. It’s still cheaper to rent in the areas you’re looking at.

[UCGal]

[quote=Looking2buysoon]Thanks for the advice. We would like to have a kid in the next 3 years. I like the Penasquitos area since its in the Poway district and a central location. We are thinking condo’s/ townhomes because they are probably all we can afford. Maybe we can stay in it for around 5 years until we out grow it and can upgrade. We currently live in Kearny Mesa and rent an overpriced apartment at Spectrum.[/quote]
Be careful in PQ – I’m pretty sure parts of it are Mira Mesa schools. Not that this is the end of the world… Mira Mesa schools have been kicking booty on api scores compared to most of the rest of San Diego unified.

but you should confirm the school district before purchasing.

My advice… rent… It sounds like you’d be stretched to get a place big enough for raising kids. It’s still cheaper to rent in the areas you’re looking at.

[UCGal]

[quote=Looking2buysoon]Thanks for the advice. We would like to have a kid in the next 3 years. I like the Penasquitos area since its in the Poway district and a central location. We are thinking condo’s/ townhomes because they are probably all we can afford. Maybe we can stay in it for around 5 years until we out grow it and can upgrade. We currently live in Kearny Mesa and rent an overpriced apartment at Spectrum.[/quote]
Be careful in PQ – I’m pretty sure parts of it are Mira Mesa schools. Not that this is the end of the world… Mira Mesa schools have been kicking booty on api scores compared to most of the rest of San Diego unified.

but you should confirm the school district before purchasing.

My advice… rent… It sounds like you’d be stretched to get a place big enough for raising kids. It’s still cheaper to rent in the areas you’re looking at.

[UCGal]

[quote=Looking2buysoon]Thanks for the advice. We would like to have a kid in the next 3 years. I like the Penasquitos area since its in the Poway district and a central location. We are thinking condo’s/ townhomes because they are probably all we can afford. Maybe we can stay in it for around 5 years until we out grow it and can upgrade. We currently live in Kearny Mesa and rent an overpriced apartment at Spectrum.[/quote]
Be careful in PQ – I’m pretty sure parts of it are Mira Mesa schools. Not that this is the end of the world… Mira Mesa schools have been kicking booty on api scores compared to most of the rest of San Diego unified.

but you should confirm the school district before purchasing.

My advice… rent… It sounds like you’d be stretched to get a place big enough for raising kids. It’s still cheaper to rent in the areas you’re looking at.

[Looking2buysoon]

Thanks, we used to rent a condo located in PQ (right by the 56 and 15) Despite some of our neighbors looking down on us for being renters we liked it and loved the location.

Trulia has tons of these 2 bedroom 2 baths listed at $175-250k. We are 26 and hope to be parents before 30 so our thinking is to maybe sneak into a condo or townhome. Stay in it for maybe 5 years or until our kid is old enough to run around and need more space.

[Looking2buysoon]

Thanks, we used to rent a condo located in PQ (right by the 56 and 15) Despite some of our neighbors looking down on us for being renters we liked it and loved the location.

Trulia has tons of these 2 bedroom 2 baths listed at $175-250k. We are 26 and hope to be parents before 30 so our thinking is to maybe sneak into a condo or townhome. Stay in it for maybe 5 years or until our kid is old enough to run around and need more space.

[Looking2buysoon]

Thanks, we used to rent a condo located in PQ (right by the 56 and 15) Despite some of our neighbors looking down on us for being renters we liked it and loved the location.

Trulia has tons of these 2 bedroom 2 baths listed at $175-250k. We are 26 and hope to be parents before 30 so our thinking is to maybe sneak into a condo or townhome. Stay in it for maybe 5 years or until our kid is old enough to run around and need more space.

[Looking2buysoon]

Thanks, we used to rent a condo located in PQ (right by the 56 and 15) Despite some of our neighbors looking down on us for being renters we liked it and loved the location.

Trulia has tons of these 2 bedroom 2 baths listed at $175-250k. We are 26 and hope to be parents before 30 so our thinking is to maybe sneak into a condo or townhome. Stay in it for maybe 5 years or until our kid is old enough to run around and need more space.

[Looking2buysoon]

Thanks, we used to rent a condo located in PQ (right by the 56 and 15) Despite some of our neighbors looking down on us for being renters we liked it and loved the location.

Trulia has tons of these 2 bedroom 2 baths listed at $175-250k. We are 26 and hope to be parents before 30 so our thinking is to maybe sneak into a condo or townhome. Stay in it for maybe 5 years or until our kid is old enough to run around and need more space.

[looking]

[quote=Looking2buysoon]Thanks, we used to rent a condo located in PQ (right by the 56 and 15) Despite some of our neighbors looking down on us for being renters we liked it and loved the location.

Trulia has tons of these 2 bedroom 2 baths listed at $175-250k. We are 26 and hope to be parents before 30 so our thinking is to maybe sneak into a condo or townhome. Stay in it for maybe 5 years or until our kid is old enough to run around and need more space.[/quote]
Somehow it seems that the moment you are expecting, the amount of stuff quadruples. In all seriousness though, there is a lot of stuff associated with kids even when they are infants.

I think in the situation you described I would think it is a better call to rent. If you only have 10k for a downpayment, how much do you have for emergencies?

[looking]

[quote=Looking2buysoon]Thanks, we used to rent a condo located in PQ (right by the 56 and 15) Despite some of our neighbors looking down on us for being renters we liked it and loved the location.

Trulia has tons of these 2 bedroom 2 baths listed at $175-250k. We are 26 and hope to be parents before 30 so our thinking is to maybe sneak into a condo or townhome. Stay in it for maybe 5 years or until our kid is old enough to run around and need more space.[/quote]
Somehow it seems that the moment you are expecting, the amount of stuff quadruples. In all seriousness though, there is a lot of stuff associated with kids even when they are infants.

I think in the situation you described I would think it is a better call to rent. If you only have 10k for a downpayment, how much do you have for emergencies?

[looking]

[quote=Looking2buysoon]Thanks, we used to rent a condo located in PQ (right by the 56 and 15) Despite some of our neighbors looking down on us for being renters we liked it and loved the location.

Trulia has tons of these 2 bedroom 2 baths listed at $175-250k. We are 26 and hope to be parents before 30 so our thinking is to maybe sneak into a condo or townhome. Stay in it for maybe 5 years or until our kid is old enough to run around and need more space.[/quote]
Somehow it seems that the moment you are expecting, the amount of stuff quadruples. In all seriousness though, there is a lot of stuff associated with kids even when they are infants.

I think in the situation you described I would think it is a better call to rent. If you only have 10k for a downpayment, how much do you have for emergencies?

[looking]

[quote=Looking2buysoon]Thanks, we used to rent a condo located in PQ (right by the 56 and 15) Despite some of our neighbors looking down on us for being renters we liked it and loved the location.

Trulia has tons of these 2 bedroom 2 baths listed at $175-250k. We are 26 and hope to be parents before 30 so our thinking is to maybe sneak into a condo or townhome. Stay in it for maybe 5 years or until our kid is old enough to run around and need more space.[/quote]
Somehow it seems that the moment you are expecting, the amount of stuff quadruples. In all seriousness though, there is a lot of stuff associated with kids even when they are infants.

I think in the situation you described I would think it is a better call to rent. If you only have 10k for a downpayment, how much do you have for emergencies?

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