Real Estate Question

[kbear0101]

Hello Gentlemen:


We all know the real estate market is taking a dump right now. I am sick of pissing 450 away on rent a month and now make enough money to purchase a house. Prices are dirt cheap what I am looking for and am planning to live in it approximately 2 years then sell it/rent it out. (I know renting out a place/ having tenants can be a real hassle but thats not what I want to discuss).


I am looking at 2 bedroom condos that are less than a mile from the university where I live (there will always be a need for living here). After HoA fees, mortgage insurance, ect... I am looking at about 750 a month not including utilities.

So I am just curious about your input, I am not sure if i should just hold off, be patient, and save some money for a while or or sack up and start making offers on a property I like.


Any suggestions/advice is greatly appreciated!

Happy New Years Fellas!

Kbear

 

[Bible_Belt]

In what city are you looking to buy? A lot of Florida condo associations are having trouble right now with units falling into foreclosure and the residents of those units still living there for 1-2 years without paying any hoa dues. When enough people in an association stop paying dues, banks will refuse to write mortgages for any of the units, the common areas suffer disrepair, and the association has to increase fees on the remaining members who still pay. You want the condo association that you buy into to be financially healthy, because otherwise the value of your property will go down.

 

[kbear0101]

it would be in Arizona very close to ASU...have access to MLS listings which includes history/statistics and I will look into how many open units are in that complex and try to the best of my ability to determine if its financially healthy, thanks BB