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PCinSD.
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January 15, 2009 at 7:32 PM #330062January 15, 2009 at 7:32 PM #330145
PCinSD
GuestMy friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.
January 15, 2009 at 7:41 PM #329627thebazman
Participant[quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
That is disappointing to lose that much equity…good that he can afford it, just not the best investment.
I know all about “silent seconds”…My mortgage broker back in 2006 preapproved me for 275K through the CalHFA program, and every loan estimate I inquired to him about, he used the 7,500K silent second to lower my monthly payment. That was the 35-year loan with interest-only payments for the first 5 years. I’m so glad I didn’t buy a 250K condo back then….I would not be able to afford the payments!
FYI, if you go to the CalHFA website now, the 35-year loan is no longer an option.
January 15, 2009 at 7:41 PM #329966Participant[quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
That is disappointing to lose that much equity…good that he can afford it, just not the best investment.
I know all about “silent seconds”…My mortgage broker back in 2006 preapproved me for 275K through the CalHFA program, and every loan estimate I inquired to him about, he used the 7,500K silent second to lower my monthly payment. That was the 35-year loan with interest-only payments for the first 5 years. I’m so glad I didn’t buy a 250K condo back then….I would not be able to afford the payments!
FYI, if you go to the CalHFA website now, the 35-year loan is no longer an option.
January 15, 2009 at 7:41 PM #330039Participant[quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
That is disappointing to lose that much equity…good that he can afford it, just not the best investment.
I know all about “silent seconds”…My mortgage broker back in 2006 preapproved me for 275K through the CalHFA program, and every loan estimate I inquired to him about, he used the 7,500K silent second to lower my monthly payment. That was the 35-year loan with interest-only payments for the first 5 years. I’m so glad I didn’t buy a 250K condo back then….I would not be able to afford the payments!
FYI, if you go to the CalHFA website now, the 35-year loan is no longer an option.
January 15, 2009 at 7:41 PM #330067Participant[quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
That is disappointing to lose that much equity…good that he can afford it, just not the best investment.
I know all about “silent seconds”…My mortgage broker back in 2006 preapproved me for 275K through the CalHFA program, and every loan estimate I inquired to him about, he used the 7,500K silent second to lower my monthly payment. That was the 35-year loan with interest-only payments for the first 5 years. I’m so glad I didn’t buy a 250K condo back then….I would not be able to afford the payments!
FYI, if you go to the CalHFA website now, the 35-year loan is no longer an option.
January 15, 2009 at 7:41 PM #330150Participant[quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
That is disappointing to lose that much equity…good that he can afford it, just not the best investment.
I know all about “silent seconds”…My mortgage broker back in 2006 preapproved me for 275K through the CalHFA program, and every loan estimate I inquired to him about, he used the 7,500K silent second to lower my monthly payment. That was the 35-year loan with interest-only payments for the first 5 years. I’m so glad I didn’t buy a 250K condo back then….I would not be able to afford the payments!
FYI, if you go to the CalHFA website now, the 35-year loan is no longer an option.
January 15, 2009 at 7:48 PM #329632Bugs
ParticipantIt’s kinda weird to think that the PITI+HOA for these units is now markedly less than the rents would be. I’ve seen some other situations like this too. It tells me that there is room for bigger rent declines than I originally figured.
The other thing that I find shocking is how quickly the pricing unraveled.
January 15, 2009 at 7:48 PM #329971ParticipantIt’s kinda weird to think that the PITI+HOA for these units is now markedly less than the rents would be. I’ve seen some other situations like this too. It tells me that there is room for bigger rent declines than I originally figured.
The other thing that I find shocking is how quickly the pricing unraveled.
January 15, 2009 at 7:48 PM #330044ParticipantIt’s kinda weird to think that the PITI+HOA for these units is now markedly less than the rents would be. I’ve seen some other situations like this too. It tells me that there is room for bigger rent declines than I originally figured.
The other thing that I find shocking is how quickly the pricing unraveled.
January 15, 2009 at 7:48 PM #330072ParticipantIt’s kinda weird to think that the PITI+HOA for these units is now markedly less than the rents would be. I’ve seen some other situations like this too. It tells me that there is room for bigger rent declines than I originally figured.
The other thing that I find shocking is how quickly the pricing unraveled.
January 15, 2009 at 7:48 PM #330155ParticipantIt’s kinda weird to think that the PITI+HOA for these units is now markedly less than the rents would be. I’ve seen some other situations like this too. It tells me that there is room for bigger rent declines than I originally figured.
The other thing that I find shocking is how quickly the pricing unraveled.
January 15, 2009 at 8:34 PM #329671patientlywaiting
Participant[quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
If he got public assistance for the purchase, is he not obligated to reside in the condo or payback the loan?
January 15, 2009 at 8:34 PM #330011Participant[quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
If he got public assistance for the purchase, is he not obligated to reside in the condo or payback the loan?
January 15, 2009 at 8:34 PM #330084Participant[quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
If he got public assistance for the purchase, is he not obligated to reside in the condo or payback the loan?
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