Help for young couple buying a first-time condo with FHA?

[4plexowner]

lower end condos are likely to be condo conversions as well – opens up a whole new set of issues – mostly having to do with quality

yes, I look at RE mostly from an investment perspective – I have my owner-occ situation well taken care of so my only interest in SoCal RE is investment

and I might suggest that anyone contemplating a purchase of something costing $200K+ could spend a few moments considering the investment aspects of that purchase – the OP even mentions renting the place out down the road

[Balboabride]

Right. I get that an “investment” to someone like me is different to someone will larger savings, bigger salary, and greater buying capacity.

I was using the term “investment” to mean being able to sell a condo for more than I bought it for in 5-10 years. If it is not possible to do so, please educate me on the subject or point me towards a resource.

The people who we rent from now are doing this– the condo we live in this their “kid’s college fund”. They bought a “lower end unit” (it is actually pretty nice…and so far we have been able to not seriously damage the place…lol!) and lived in it for 5 years before using the equity plus their savings to buy a home.

Is this a bad way to go? Are these days over?

[Balboabride]

Right. I get that an “investment” to someone like me is different to someone will larger savings, bigger salary, and greater buying capacity.

I was using the term “investment” to mean being able to sell a condo for more than I bought it for in 5-10 years. If it is not possible to do so, please educate me on the subject or point me towards a resource.

The people who we rent from now are doing this– the condo we live in this their “kid’s college fund”. They bought a “lower end unit” (it is actually pretty nice…and so far we have been able to not seriously damage the place…lol!) and lived in it for 5 years before using the equity plus their savings to buy a home.

Is this a bad way to go? Are these days over?

[Balboabride]

Right. I get that an “investment” to someone like me is different to someone will larger savings, bigger salary, and greater buying capacity.

I was using the term “investment” to mean being able to sell a condo for more than I bought it for in 5-10 years. If it is not possible to do so, please educate me on the subject or point me towards a resource.

The people who we rent from now are doing this– the condo we live in this their “kid’s college fund”. They bought a “lower end unit” (it is actually pretty nice…and so far we have been able to not seriously damage the place…lol!) and lived in it for 5 years before using the equity plus their savings to buy a home.

Is this a bad way to go? Are these days over?

[Balboabride]

Right. I get that an “investment” to someone like me is different to someone will larger savings, bigger salary, and greater buying capacity.

I was using the term “investment” to mean being able to sell a condo for more than I bought it for in 5-10 years. If it is not possible to do so, please educate me on the subject or point me towards a resource.

The people who we rent from now are doing this– the condo we live in this their “kid’s college fund”. They bought a “lower end unit” (it is actually pretty nice…and so far we have been able to not seriously damage the place…lol!) and lived in it for 5 years before using the equity plus their savings to buy a home.

Is this a bad way to go? Are these days over?

[Balboabride]

Right. I get that an “investment” to someone like me is different to someone will larger savings, bigger salary, and greater buying capacity.

I was using the term “investment” to mean being able to sell a condo for more than I bought it for in 5-10 years. If it is not possible to do so, please educate me on the subject or point me towards a resource.

The people who we rent from now are doing this– the condo we live in this their “kid’s college fund”. They bought a “lower end unit” (it is actually pretty nice…and so far we have been able to not seriously damage the place…lol!) and lived in it for 5 years before using the equity plus their savings to buy a home.

Is this a bad way to go? Are these days over?

[NotCranky]

We had a thread about whether a first time buyer’s purchase is an investement or not. I was in the yes camp. The point I take is that if you do it wrong it hurts.It could be part of a slippery slope up down or a ladder up.
I don’t think you can look at what you are thinking about and say it is a no brainer. When you find something that is, then I would bet it is a good investment. I am not going to go into what that might be because you are the one who has to be able to live there. I’d process it though,as you are sensibly doing, and wait until I could move into something that made me laugh all the way to the bank.

First time buyers who have waited until now will likely have as good of an opportunity to do that as anyone ever had. That is if they can sacrifice a little somewhere. It might be comfort it might mean looking a little poor.Depends on where you are starting at. Doing it right is what matters. “These days”, like your land lord lived,are not over just consider the timing and other options very well.

This is not to say that you, or anyone else,has to look at their home as a launching pad to good real estate investing….but the question did come up. It it beats being “upside down” going nowhere.

Sorry if I get worked up about this.LOL.

[NotCranky]

We had a thread about whether a first time buyer’s purchase is an investement or not. I was in the yes camp. The point I take is that if you do it wrong it hurts.It could be part of a slippery slope up down or a ladder up.
I don’t think you can look at what you are thinking about and say it is a no brainer. When you find something that is, then I would bet it is a good investment. I am not going to go into what that might be because you are the one who has to be able to live there. I’d process it though,as you are sensibly doing, and wait until I could move into something that made me laugh all the way to the bank.

First time buyers who have waited until now will likely have as good of an opportunity to do that as anyone ever had. That is if they can sacrifice a little somewhere. It might be comfort it might mean looking a little poor.Depends on where you are starting at. Doing it right is what matters. “These days”, like your land lord lived,are not over just consider the timing and other options very well.

This is not to say that you, or anyone else,has to look at their home as a launching pad to good real estate investing….but the question did come up. It it beats being “upside down” going nowhere.

Sorry if I get worked up about this.LOL.

[NotCranky]

We had a thread about whether a first time buyer’s purchase is an investement or not. I was in the yes camp. The point I take is that if you do it wrong it hurts.It could be part of a slippery slope up down or a ladder up.
I don’t think you can look at what you are thinking about and say it is a no brainer. When you find something that is, then I would bet it is a good investment. I am not going to go into what that might be because you are the one who has to be able to live there. I’d process it though,as you are sensibly doing, and wait until I could move into something that made me laugh all the way to the bank.

First time buyers who have waited until now will likely have as good of an opportunity to do that as anyone ever had. That is if they can sacrifice a little somewhere. It might be comfort it might mean looking a little poor.Depends on where you are starting at. Doing it right is what matters. “These days”, like your land lord lived,are not over just consider the timing and other options very well.

This is not to say that you, or anyone else,has to look at their home as a launching pad to good real estate investing….but the question did come up. It it beats being “upside down” going nowhere.

Sorry if I get worked up about this.LOL.

[NotCranky]

We had a thread about whether a first time buyer’s purchase is an investement or not. I was in the yes camp. The point I take is that if you do it wrong it hurts.It could be part of a slippery slope up down or a ladder up.
I don’t think you can look at what you are thinking about and say it is a no brainer. When you find something that is, then I would bet it is a good investment. I am not going to go into what that might be because you are the one who has to be able to live there. I’d process it though,as you are sensibly doing, and wait until I could move into something that made me laugh all the way to the bank.

First time buyers who have waited until now will likely have as good of an opportunity to do that as anyone ever had. That is if they can sacrifice a little somewhere. It might be comfort it might mean looking a little poor.Depends on where you are starting at. Doing it right is what matters. “These days”, like your land lord lived,are not over just consider the timing and other options very well.

This is not to say that you, or anyone else,has to look at their home as a launching pad to good real estate investing….but the question did come up. It it beats being “upside down” going nowhere.

Sorry if I get worked up about this.LOL.

[NotCranky]

We had a thread about whether a first time buyer’s purchase is an investement or not. I was in the yes camp. The point I take is that if you do it wrong it hurts.It could be part of a slippery slope up down or a ladder up.
I don’t think you can look at what you are thinking about and say it is a no brainer. When you find something that is, then I would bet it is a good investment. I am not going to go into what that might be because you are the one who has to be able to live there. I’d process it though,as you are sensibly doing, and wait until I could move into something that made me laugh all the way to the bank.

First time buyers who have waited until now will likely have as good of an opportunity to do that as anyone ever had. That is if they can sacrifice a little somewhere. It might be comfort it might mean looking a little poor.Depends on where you are starting at. Doing it right is what matters. “These days”, like your land lord lived,are not over just consider the timing and other options very well.

This is not to say that you, or anyone else,has to look at their home as a launching pad to good real estate investing….but the question did come up. It it beats being “upside down” going nowhere.

Sorry if I get worked up about this.LOL.

[sdrealtor]

LV Renter
How can you make a statement that most buildings in the price range have serious DQ HOA issues? There is no way anyone could make that statement. There is no way of knowing this information and your comments are wild eyed speculation at best. Are there problems at some complexes…absolutely. But most? That’s a rididculous statement.

[sdrealtor]

LV Renter
How can you make a statement that most buildings in the price range have serious DQ HOA issues? There is no way anyone could make that statement. There is no way of knowing this information and your comments are wild eyed speculation at best. Are there problems at some complexes…absolutely. But most? That’s a rididculous statement.

[sdrealtor]

LV Renter
How can you make a statement that most buildings in the price range have serious DQ HOA issues? There is no way anyone could make that statement. There is no way of knowing this information and your comments are wild eyed speculation at best. Are there problems at some complexes…absolutely. But most? That’s a rididculous statement.

[sdrealtor]

LV Renter
How can you make a statement that most buildings in the price range have serious DQ HOA issues? There is no way anyone could make that statement. There is no way of knowing this information and your comments are wild eyed speculation at best. Are there problems at some complexes…absolutely. But most? That’s a rididculous statement.

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