Forum Replies Created
-
AuthorPosts
-
March 30, 2011 at 9:45 AM in reply to: Park Mesa Condos in Linda Vista by Mesa College, HOA 415 #682549March 30, 2011 at 9:45 AM in reply to: Park Mesa Condos in Linda Vista by Mesa College, HOA 415 #682903
ljinvestor
Participant[quote=SDisGreat]i can’t believe that they underfunded their account, now the current homeowners are definitely feeling it in lower sale prices…
the purchasing power on $415/month is roughly 60k…
so what happens when units like these have too many foreclosures and short sales and owners don’t make their monthly dues? i am assuming the currently homeowners have to pick up the monthly losses in increase HOA fees….[/quote]
Many large condo associations in San Diego have underfunded accts because of either poor planning and/or foreclosures
Purchase power closer to 75k with the current 30yr rate @ 5%
Yes, current homeowners eventually get stuck with the bill.
ParticipantI would say stay put for a while or sell now for a loss. The stars have to align perfect for what you want to pull off. If you are self employed, recently changed jobs, less then excellent credit, or already have a high debt to income ratio then it gets even harder. If none of the prior applies and you consistently make $200k+ a yr then it should become easier.
You will only know if it’s a wise decision by seeing what amounts you can get approved for and the program/rate. Since you need equity from current home for DP you would first have to get approved for equity loan, line of credit, or cash out refi. Once closed on loan/line you need to see what your max approval price is for 2nd property. I believe lenders are going to treat this as an investment property loan and probably will not consider future rental income so it’s much harder to qualify for amount needed to purchase $850k home. To keep rate & closing cost low you typically need 25%-30% down payment. Check local credit unions and aimloan.com for HELOC & Cash Out Refi rates.
If you were able to pull that off & own 2 properties, you now have much more debt and are a landlord in need of finding good consistent tenants. You also need home to increase $100k in next 5yrs so that you don’t lose that DP equity. A 15% recovery within 5yrs is not a bet I would personally make. It’s possible but that would be on the higher end for most bulls & you know what the bears are thinking. Certain areas will rebound better than others. As mentioned earlier your loss is somewhat locked in because if your home goes up 15% then good chance “trade up” home will increase similar %.
If you just don’t want to stay in current home, it might be best to sell for a loss. Then you can target homes in the $750k-$1MM range and wait until one lowball gets accepted and you made up for the prior loss. More deals & less competition in the higher price ranges. Downside is that you have to rent for a while and need to be patient as it could take many offers to find great deal.
ParticipantI would say stay put for a while or sell now for a loss. The stars have to align perfect for what you want to pull off. If you are self employed, recently changed jobs, less then excellent credit, or already have a high debt to income ratio then it gets even harder. If none of the prior applies and you consistently make $200k+ a yr then it should become easier.
You will only know if it’s a wise decision by seeing what amounts you can get approved for and the program/rate. Since you need equity from current home for DP you would first have to get approved for equity loan, line of credit, or cash out refi. Once closed on loan/line you need to see what your max approval price is for 2nd property. I believe lenders are going to treat this as an investment property loan and probably will not consider future rental income so it’s much harder to qualify for amount needed to purchase $850k home. To keep rate & closing cost low you typically need 25%-30% down payment. Check local credit unions and aimloan.com for HELOC & Cash Out Refi rates.
If you were able to pull that off & own 2 properties, you now have much more debt and are a landlord in need of finding good consistent tenants. You also need home to increase $100k in next 5yrs so that you don’t lose that DP equity. A 15% recovery within 5yrs is not a bet I would personally make. It’s possible but that would be on the higher end for most bulls & you know what the bears are thinking. Certain areas will rebound better than others. As mentioned earlier your loss is somewhat locked in because if your home goes up 15% then good chance “trade up” home will increase similar %.
If you just don’t want to stay in current home, it might be best to sell for a loss. Then you can target homes in the $750k-$1MM range and wait until one lowball gets accepted and you made up for the prior loss. More deals & less competition in the higher price ranges. Downside is that you have to rent for a while and need to be patient as it could take many offers to find great deal.
ParticipantI would say stay put for a while or sell now for a loss. The stars have to align perfect for what you want to pull off. If you are self employed, recently changed jobs, less then excellent credit, or already have a high debt to income ratio then it gets even harder. If none of the prior applies and you consistently make $200k+ a yr then it should become easier.
You will only know if it’s a wise decision by seeing what amounts you can get approved for and the program/rate. Since you need equity from current home for DP you would first have to get approved for equity loan, line of credit, or cash out refi. Once closed on loan/line you need to see what your max approval price is for 2nd property. I believe lenders are going to treat this as an investment property loan and probably will not consider future rental income so it’s much harder to qualify for amount needed to purchase $850k home. To keep rate & closing cost low you typically need 25%-30% down payment. Check local credit unions and aimloan.com for HELOC & Cash Out Refi rates.
If you were able to pull that off & own 2 properties, you now have much more debt and are a landlord in need of finding good consistent tenants. You also need home to increase $100k in next 5yrs so that you don’t lose that DP equity. A 15% recovery within 5yrs is not a bet I would personally make. It’s possible but that would be on the higher end for most bulls & you know what the bears are thinking. Certain areas will rebound better than others. As mentioned earlier your loss is somewhat locked in because if your home goes up 15% then good chance “trade up” home will increase similar %.
If you just don’t want to stay in current home, it might be best to sell for a loss. Then you can target homes in the $750k-$1MM range and wait until one lowball gets accepted and you made up for the prior loss. More deals & less competition in the higher price ranges. Downside is that you have to rent for a while and need to be patient as it could take many offers to find great deal.
ParticipantI would say stay put for a while or sell now for a loss. The stars have to align perfect for what you want to pull off. If you are self employed, recently changed jobs, less then excellent credit, or already have a high debt to income ratio then it gets even harder. If none of the prior applies and you consistently make $200k+ a yr then it should become easier.
You will only know if it’s a wise decision by seeing what amounts you can get approved for and the program/rate. Since you need equity from current home for DP you would first have to get approved for equity loan, line of credit, or cash out refi. Once closed on loan/line you need to see what your max approval price is for 2nd property. I believe lenders are going to treat this as an investment property loan and probably will not consider future rental income so it’s much harder to qualify for amount needed to purchase $850k home. To keep rate & closing cost low you typically need 25%-30% down payment. Check local credit unions and aimloan.com for HELOC & Cash Out Refi rates.
If you were able to pull that off & own 2 properties, you now have much more debt and are a landlord in need of finding good consistent tenants. You also need home to increase $100k in next 5yrs so that you don’t lose that DP equity. A 15% recovery within 5yrs is not a bet I would personally make. It’s possible but that would be on the higher end for most bulls & you know what the bears are thinking. Certain areas will rebound better than others. As mentioned earlier your loss is somewhat locked in because if your home goes up 15% then good chance “trade up” home will increase similar %.
If you just don’t want to stay in current home, it might be best to sell for a loss. Then you can target homes in the $750k-$1MM range and wait until one lowball gets accepted and you made up for the prior loss. More deals & less competition in the higher price ranges. Downside is that you have to rent for a while and need to be patient as it could take many offers to find great deal.
ParticipantI would say stay put for a while or sell now for a loss. The stars have to align perfect for what you want to pull off. If you are self employed, recently changed jobs, less then excellent credit, or already have a high debt to income ratio then it gets even harder. If none of the prior applies and you consistently make $200k+ a yr then it should become easier.
You will only know if it’s a wise decision by seeing what amounts you can get approved for and the program/rate. Since you need equity from current home for DP you would first have to get approved for equity loan, line of credit, or cash out refi. Once closed on loan/line you need to see what your max approval price is for 2nd property. I believe lenders are going to treat this as an investment property loan and probably will not consider future rental income so it’s much harder to qualify for amount needed to purchase $850k home. To keep rate & closing cost low you typically need 25%-30% down payment. Check local credit unions and aimloan.com for HELOC & Cash Out Refi rates.
If you were able to pull that off & own 2 properties, you now have much more debt and are a landlord in need of finding good consistent tenants. You also need home to increase $100k in next 5yrs so that you don’t lose that DP equity. A 15% recovery within 5yrs is not a bet I would personally make. It’s possible but that would be on the higher end for most bulls & you know what the bears are thinking. Certain areas will rebound better than others. As mentioned earlier your loss is somewhat locked in because if your home goes up 15% then good chance “trade up” home will increase similar %.
If you just don’t want to stay in current home, it might be best to sell for a loss. Then you can target homes in the $750k-$1MM range and wait until one lowball gets accepted and you made up for the prior loss. More deals & less competition in the higher price ranges. Downside is that you have to rent for a while and need to be patient as it could take many offers to find great deal.
Participantwanttobuy-
What neighborhood or development are you in. Was it new construction back in 2007
Have you been approved for the HELOC yet. Did you make large DP back in 2007 so that you qualify for IO refi. Sometimes the 7yr IO rate isn’t much higher than the 5yr IO.
Participantwanttobuy-
What neighborhood or development are you in. Was it new construction back in 2007
Have you been approved for the HELOC yet. Did you make large DP back in 2007 so that you qualify for IO refi. Sometimes the 7yr IO rate isn’t much higher than the 5yr IO.
Participantwanttobuy-
What neighborhood or development are you in. Was it new construction back in 2007
Have you been approved for the HELOC yet. Did you make large DP back in 2007 so that you qualify for IO refi. Sometimes the 7yr IO rate isn’t much higher than the 5yr IO.
Participantwanttobuy-
What neighborhood or development are you in. Was it new construction back in 2007
Have you been approved for the HELOC yet. Did you make large DP back in 2007 so that you qualify for IO refi. Sometimes the 7yr IO rate isn’t much higher than the 5yr IO.
Participantwanttobuy-
What neighborhood or development are you in. Was it new construction back in 2007
Have you been approved for the HELOC yet. Did you make large DP back in 2007 so that you qualify for IO refi. Sometimes the 7yr IO rate isn’t much higher than the 5yr IO.
March 13, 2011 at 9:38 AM in reply to: Recommend any sites to look at open houses in La Jolla? #676604ParticipantThe La Jolla Light or La Jolla Village Newspapers. They come out every Thursday and also have online sites.
Besides that I have found that the best way is to just drive around the specific area of La Jolla on Sundays
March 13, 2011 at 9:38 AM in reply to: Recommend any sites to look at open houses in La Jolla? #677213ParticipantThe La Jolla Light or La Jolla Village Newspapers. They come out every Thursday and also have online sites.
Besides that I have found that the best way is to just drive around the specific area of La Jolla on Sundays
March 13, 2011 at 9:38 AM in reply to: Recommend any sites to look at open houses in La Jolla? #677350ParticipantThe La Jolla Light or La Jolla Village Newspapers. They come out every Thursday and also have online sites.
Besides that I have found that the best way is to just drive around the specific area of La Jolla on Sundays
-
AuthorPosts
