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Will you Bros give me real advice on buying a condo????

Parents will give me 10 percent to contribute to down paymen...
spruce razzmatazz theater therapy
  05/22/18
here: don't buy a condo
Aromatic green space
  05/22/18
What about a cheap like 2 bedroom 1 bath ranch style home or...
spruce razzmatazz theater therapy
  05/22/18
Sounds better than shitty condo
henna harsh national
  05/22/18
far preferable
Aromatic green space
  05/22/18
Right. Buy a house
henna harsh national
  05/22/18
It still kind of sucks cuz anything I can afford with a hous...
spruce razzmatazz theater therapy
  05/22/18
...
Buff Office Striped Hyena
  05/22/18
lol enjoy your 10% richie rich
fantasy-prone sex offender multi-billionaire
  05/22/18
Yeah, really only ten percent? So on a 250k condo, they're g...
Curious Pontificating Indirect Expression Kitchen
  05/22/18
(rich boi)
fantasy-prone sex offender multi-billionaire
  05/22/18
...
henna harsh national
  05/22/18
If not flame I meant 10 percent of value. So $25k. I can't a...
spruce razzmatazz theater therapy
  05/22/18
Wait, you don't have the cash for the other half yet? Jesus....
Curious Pontificating Indirect Expression Kitchen
  05/22/18
So you'd rather wait a year to come up with enough for full ...
spruce razzmatazz theater therapy
  05/22/18
(reading comp masterman)
violent misunderstood locus partner
  05/22/18
no but i have plenty of fake advice to offer
Excitant fat ankles love of her life
  05/22/18
WTF is wrong with a condo? It's cheaper than renting for ...
Curious Pontificating Indirect Expression Kitchen
  05/22/18
condos are not starter homes. do you think leases are start...
Aromatic green space
  05/22/18
Are you retarded? A condo is something you own. It's not lik...
Curious Pontificating Indirect Expression Kitchen
  05/22/18
you own a hotel room with crippling HOA fees and restriction...
Aromatic green space
  05/22/18
This is highly inaccurate and you're getting ripped off way ...
Curious Pontificating Indirect Expression Kitchen
  05/22/18
i agree renting is retarded. when i was in this situation...
Aromatic green space
  05/22/18
jesus christ that sounds like a pain the in the ass. did you...
medicated volcanic crater
  05/22/18
HOA fees vary a lot depending on the condo and a lot of time...
violent misunderstood locus partner
  05/22/18
no need to sell just turn into passive income when u move ou...
fantasy-prone sex offender multi-billionaire
  05/22/18
An option, for sure.
Curious Pontificating Indirect Expression Kitchen
  05/22/18
Seems like most condo HOAs don't let you do this
spruce razzmatazz theater therapy
  05/22/18
Opposite here in are country downtown; every place I've look...
fantasy-prone sex offender multi-billionaire
  05/22/18
In that case, those properties will very likely develop horr...
sick corner
  05/22/18
Yeah, sure, investment properties are so unappealing to so m...
Curious Pontificating Indirect Expression Kitchen
  05/22/18
you seem a little like you have no fucking idea what you're ...
Aromatic green space
  05/22/18
(has never owned anything, particularly a condo)
Curious Pontificating Indirect Expression Kitchen
  05/22/18
Unless there is a very tight market for rental units in the ...
sick corner
  05/22/18
good, lower tax bill for me
fantasy-prone sex offender multi-billionaire
  05/22/18
What? lol, of course they do.
Curious Pontificating Indirect Expression Kitchen
  05/22/18
As a general rule, properties with good potential for apprec...
sick corner
  05/22/18
Dumb, not true.
Curious Pontificating Indirect Expression Kitchen
  05/22/18
Not in my area...
spruce razzmatazz theater therapy
  05/22/18
...
razzle police squad haunted graveyard
  05/22/18
Condos have HOAs and generally don't appreciate as fast as h...
spruce razzmatazz theater therapy
  05/22/18
Do a little research before you buy, see what's on the up an...
Curious Pontificating Indirect Expression Kitchen
  05/22/18
Condo fee should replace the cost of doing maintenance on yo...
fantasy-prone sex offender multi-billionaire
  05/22/18
Actually, terrible advice is making declarations like "...
appetizing confused library gunner
  05/22/18
You realize not all condos have a HOA fee right? Obviousl...
Curious Pontificating Indirect Expression Kitchen
  05/22/18
Ah, the old dumb fucking boomer logic: "but home owners...
appetizing confused library gunner
  05/22/18
Is the neighborhood where you are buying a condo completely ...
sick corner
  05/22/18
US market is way overheated right now
cobalt roast beef
  05/22/18
sadly true and very fucked up and frustrating
fantasy-prone sex offender multi-billionaire
  05/22/18
This is my concern, but I feel like it might be years to wai...
spruce razzmatazz theater therapy
  05/22/18
I don't disagree, but I also don't foresee significant depre...
milky adventurous famous landscape painting piazza
  05/22/18
cr. i think its wise to take out a 3 year 3% cd with negligi...
Aggressive internal respiration
  05/22/18
Wait
contagious school cafeteria
  05/22/18
take that 10% and take it to Orange Beach AL where you can c...
Deep hairless pistol station
  05/22/18
Whoa, I know someone who moved down to that exact place. ...
Curious Pontificating Indirect Expression Kitchen
  05/22/18
yuck! he lisped
Deep hairless pistol station
  05/22/18
FLAME there's no way to LISP that word faggot
Curious Pontificating Indirect Expression Kitchen
  05/22/18
fuck I'm done here
Deep hairless pistol station
  05/22/18
what city are you in OP and don't be a vague faggot about it
medicated volcanic crater
  05/22/18


Poast new message in this thread



Reply Favorite

Date: May 22nd, 2018 12:25 AM
Author: spruce razzmatazz theater therapy

Parents will give me 10 percent to contribute to down payment on a cheap condo

Should I do it or rent again for another year?

They say the offer remains open so I don't have to rush, but time value of money and all... Hmmmmm

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102199)



Reply Favorite

Date: May 22nd, 2018 12:28 AM
Author: Aromatic green space

here: don't buy a condo

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102234)



Reply Favorite

Date: May 22nd, 2018 12:29 AM
Author: spruce razzmatazz theater therapy

What about a cheap like 2 bedroom 1 bath ranch style home or something

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102240)



Reply Favorite

Date: May 22nd, 2018 12:29 AM
Author: henna harsh national

Sounds better than shitty condo

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102245)



Reply Favorite

Date: May 22nd, 2018 12:30 AM
Author: Aromatic green space

far preferable

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102251)



Reply Favorite

Date: May 22nd, 2018 12:29 AM
Author: henna harsh national

Right. Buy a house

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102241)



Reply Favorite

Date: May 22nd, 2018 12:31 AM
Author: spruce razzmatazz theater therapy

It still kind of sucks cuz anything I can afford with a house is shitty compared to what I rent now. Otoh it's free $$ from parents so basically win win unless housing market really gets fucked

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102268)



Reply Favorite

Date: May 22nd, 2018 12:46 AM
Author: Buff Office Striped Hyena



(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102402)



Reply Favorite

Date: May 22nd, 2018 12:31 AM
Author: fantasy-prone sex offender multi-billionaire

lol enjoy your 10% richie rich

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102264)



Reply Favorite

Date: May 22nd, 2018 12:33 AM
Author: Curious Pontificating Indirect Expression Kitchen

Yeah, really only ten percent? So on a 250k condo, they're going to give you just $5k for down payment. Ummmm

REAL parents GIVE the down payment.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102289)



Reply Favorite

Date: May 22nd, 2018 12:33 AM
Author: fantasy-prone sex offender multi-billionaire

(rich boi)

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102296)



Reply Favorite

Date: May 22nd, 2018 12:34 AM
Author: henna harsh national



(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102306)



Reply Favorite

Date: May 22nd, 2018 12:36 AM
Author: spruce razzmatazz theater therapy

If not flame I meant 10 percent of value. So $25k. I can't afford the other 10 percent tho so I'd have to pay PMI still. Fml

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102324)



Reply Favorite

Date: May 22nd, 2018 12:39 AM
Author: Curious Pontificating Indirect Expression Kitchen

Wait, you don't have the cash for the other half yet? Jesus. Don't jump the gun brej.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102355)



Reply Favorite

Date: May 22nd, 2018 12:42 AM
Author: spruce razzmatazz theater therapy

So you'd rather wait a year to come up with enough for full 20 percent down payment than take the 10 percent now?

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102375)



Reply Favorite

Date: May 22nd, 2018 10:24 AM
Author: violent misunderstood locus partner

(reading comp masterman)

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103696)



Reply Favorite

Date: May 22nd, 2018 12:31 AM
Author: Excitant fat ankles love of her life

no but i have plenty of fake advice to offer

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102266)



Reply Favorite

Date: May 22nd, 2018 12:31 AM
Author: Curious Pontificating Indirect Expression Kitchen

WTF is wrong with a condo?

It's cheaper than renting for sure, and if it's a good area, value will probably appreciate, so you sell at a profit when you're ready to get a house.

Called a start home. Jfc you people give terrible advice.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102270)



Reply Favorite

Date: May 22nd, 2018 12:32 AM
Author: Aromatic green space

condos are not starter homes. do you think leases are starter cars?

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102278)



Reply Favorite

Date: May 22nd, 2018 12:33 AM
Author: Curious Pontificating Indirect Expression Kitchen

Are you retarded? A condo is something you own. It's not like leasing a car.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102299)



Reply Favorite

Date: May 22nd, 2018 12:34 AM
Author: Aromatic green space

you own a hotel room with crippling HOA fees and restrictions. congratulations.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102307)



Reply Favorite

Date: May 22nd, 2018 12:38 AM
Author: Curious Pontificating Indirect Expression Kitchen

This is highly inaccurate and you're getting ripped off way more with rent and that money goes towards nothing. Depending on where he lives, there could be great condo options.

It's a good way to own an appreciating asset while being able to save money and save on the costs of owning/maintaining a house.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102344)



Reply Favorite

Date: May 22nd, 2018 12:41 AM
Author: Aromatic green space

i agree renting is retarded.

when i was in this situation, i bought the shittiest single family in the best neighborhood i could find. that's a "starter home."

i have now owned 4 different single family homes in three different metro areas and have made money on each sale even factoring in maintenance and improvements.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102367)



Reply Favorite

Date: May 22nd, 2018 10:35 AM
Author: medicated volcanic crater

jesus christ that sounds like a pain the in the ass. did you live in all of them

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103759)



Reply Favorite

Date: May 22nd, 2018 10:26 AM
Author: violent misunderstood locus partner

HOA fees vary a lot depending on the condo and a lot of times it's less than what you end up spending on maintaining a house.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103708)



Reply Favorite

Date: May 22nd, 2018 12:32 AM
Author: fantasy-prone sex offender multi-billionaire

no need to sell just turn into passive income when u move out

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102279)



Reply Favorite

Date: May 22nd, 2018 12:34 AM
Author: Curious Pontificating Indirect Expression Kitchen

An option, for sure.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102301)



Reply Favorite

Date: May 22nd, 2018 12:34 AM
Author: spruce razzmatazz theater therapy

Seems like most condo HOAs don't let you do this

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102310)



Reply Favorite

Date: May 22nd, 2018 12:36 AM
Author: fantasy-prone sex offender multi-billionaire

Opposite here in are country downtown; every place I've looked at has allowed leasing

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102322)



Reply Favorite

Date: May 22nd, 2018 12:37 AM
Author: sick corner

In that case, those properties will very likely develop horrible reputations that will suppress appreciation.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102334)



Reply Favorite

Date: May 22nd, 2018 12:41 AM
Author: Curious Pontificating Indirect Expression Kitchen

Yeah, sure, investment properties are so unappealing to so many buyers. *eye roll*

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102369)



Reply Favorite

Date: May 22nd, 2018 12:42 AM
Author: Aromatic green space

you seem a little like you have no fucking idea what you're talking about and your knowledge comes from reddit posts

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102380)



Reply Favorite

Date: May 22nd, 2018 9:20 AM
Author: Curious Pontificating Indirect Expression Kitchen

(has never owned anything, particularly a condo)

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103296)



Reply Favorite

Date: May 22nd, 2018 12:49 AM
Author: sick corner

Unless there is a very tight market for rental units in the neighborhood that will continue for the foreseeable future, buying a single condo with the hope of realizing a good ROI from renting it is an absolutely horrible idea. The property will likely turn to complete shit in the next 5 to 10 years, and during that same period of time, the HOA easily could find itself in financial jeopardy.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102416)



Reply Favorite

Date: May 22nd, 2018 12:42 AM
Author: fantasy-prone sex offender multi-billionaire

good, lower tax bill for me

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102378)



Reply Favorite

Date: May 22nd, 2018 12:40 AM
Author: Curious Pontificating Indirect Expression Kitchen

What? lol, of course they do.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102362)



Reply Favorite

Date: May 22nd, 2018 12:42 AM
Author: sick corner

As a general rule, properties with good potential for appreciation do not allow renting.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102374)



Reply Favorite

Date: May 22nd, 2018 9:20 AM
Author: Curious Pontificating Indirect Expression Kitchen

Dumb, not true.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103295)



Reply Favorite

Date: May 22nd, 2018 12:43 AM
Author: spruce razzmatazz theater therapy

Not in my area...

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102384)



Reply Favorite

Date: May 22nd, 2018 12:32 AM
Author: razzle police squad haunted graveyard



(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102281)



Reply Favorite

Date: May 22nd, 2018 12:32 AM
Author: spruce razzmatazz theater therapy

Condos have HOAs and generally don't appreciate as fast as homes. But what if I just got into a super swanky area and downgraded a lot? I dunno

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102287)



Reply Favorite

Date: May 22nd, 2018 12:35 AM
Author: Curious Pontificating Indirect Expression Kitchen

Do a little research before you buy, see what's on the up and up. They can appreciate as quick or more quickly than a house. Doesn't make a difference.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102315)



Reply Favorite

Date: May 22nd, 2018 12:35 AM
Author: fantasy-prone sex offender multi-billionaire

Condo fee should replace the cost of doing maintenance on your own prop -- obv many factors go into the comparison tho

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102316)



Reply Favorite

Date: May 22nd, 2018 9:56 AM
Author: appetizing confused library gunner

Actually, terrible advice is making declarations like "it's cheaper than renting for sure."

Condos are not necessarily cheaper. For many people condos are an extremely poor financial decision when considering HOA fees, and PMI, which is an issue for OP.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103531)



Reply Favorite

Date: May 22nd, 2018 10:14 AM
Author: Curious Pontificating Indirect Expression Kitchen

You realize not all condos have a HOA fee right?

Obviously you'd have to crunch the numbers to determine what's best, that goes without saying. But generally, a mortgage on a condo even with tax & ins would probably be cheaper than rent in many cases + your money is going towards owning an asset rather than nothing.

You seem dumb.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103635)



Reply Favorite

Date: May 22nd, 2018 11:14 AM
Author: appetizing confused library gunner

Ah, the old dumb fucking boomer logic: "but home ownership is an investment!"

For most people, taking out a 90% mortgage (which will be more like 95-97% with settlement fees) on a condo is a shit financial decision, and will take 8-10 years to break even over renting.

I understand the pros and cons of rent vs own, so save your breath. Based on the limited information from OP, who can't even afford the down payment for a conventional 30 year mortgage, it does not appear he understands or appreciates all of the factors that go into this financial decision.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36104051)



Reply Favorite

Date: May 22nd, 2018 12:35 AM
Author: sick corner

Is the neighborhood where you are buying a condo completely built out, or are there new buildings going up or will be started in the near future? If there are new buildings going up, do not buy the condo.

Was the building originally built as a condo building, or is it a converted apartment building? If the latter, do not buy the condo unless you have contacts in the local construction industry you trust who vouch for the developer.

Is it reasonably likely you will want to buy a single family home in the next 5 to 7 years? Do not buy the condo.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102318)



Reply Favorite

Date: May 22nd, 2018 12:44 AM
Author: cobalt roast beef

US market is way overheated right now

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102390)



Reply Favorite

Date: May 22nd, 2018 12:45 AM
Author: fantasy-prone sex offender multi-billionaire

sadly true and very fucked up and frustrating

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102397)



Reply Favorite

Date: May 22nd, 2018 12:45 AM
Author: spruce razzmatazz theater therapy

This is my concern, but I feel like it might be years to wait for a crash, in which case I'll probably be suffering too

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102401)



Reply Favorite

Date: May 22nd, 2018 9:44 AM
Author: milky adventurous famous landscape painting piazza

I don't disagree, but I also don't foresee significant depreciation in most coastal markets. Even if there were it could still be a good call if OP plans to live there for long enough

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103448)



Reply Favorite

Date: May 22nd, 2018 10:16 AM
Author: Aggressive internal respiration

cr. i think its wise to take out a 3 year 3% cd with negligible penalty for early withdrawal and just wait for the market to crash

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103645)



Reply Favorite

Date: May 22nd, 2018 10:15 AM
Author: contagious school cafeteria

Wait

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103638)



Reply Favorite

Date: May 22nd, 2018 10:20 AM
Author: Deep hairless pistol station

take that 10% and take it to Orange Beach AL where you can cop a 2Br condo on the beach and have enough $ left over for some sick croakies. ACCB (all cash California buyer)

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103666)



Reply Favorite

Date: May 22nd, 2018 10:22 AM
Author: Curious Pontificating Indirect Expression Kitchen

Whoa, I know someone who moved down to that exact place.

They built a house from scratch for dirt cheap (not rich ppl) and are minutes from the beach.

I mean it's Alabama (yuck) but this could be cr.

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103675)



Reply Favorite

Date: May 22nd, 2018 10:32 AM
Author: Deep hairless pistol station

yuck! he lisped

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103742)



Reply Favorite

Date: May 22nd, 2018 10:34 AM
Author: Curious Pontificating Indirect Expression Kitchen

FLAME there's no way to LISP that word faggot

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103756)



Reply Favorite

Date: May 22nd, 2018 10:35 AM
Author: Deep hairless pistol station

fuck I'm done here

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103765)



Reply Favorite

Date: May 22nd, 2018 10:37 AM
Author: medicated volcanic crater

what city are you in OP and don't be a vague faggot about it

(http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103785)