Guest tbutera2112 Posted August 20, 2010 Report Share Posted August 20, 2010 Amen. And to the OP - No, I would not do a condo. Call it what you want; it's still a glorified apartment. No dues, no rules, no neighbors that can hear me shit, and the pride of taking care of my own land and home are just too great of motivators. all sounded good until you got to the part about taking care of your own land i hate cutting grass Quote Link to comment Share on other sites More sharing options...
nurkvinny Posted August 20, 2010 Report Share Posted August 20, 2010 i hate cutting grass You don't have a wife and 2 kids you want to get away from for 2 hours once a week while enjoying a beer. Quote Link to comment Share on other sites More sharing options...
Guest tbutera2112 Posted August 20, 2010 Report Share Posted August 20, 2010 ^ Quote Link to comment Share on other sites More sharing options...
6 Speed S4 Posted August 20, 2010 Report Share Posted August 20, 2010 Ive been really looking into getting a condo in the next few years. Seems like a good long term investment instead of just paying rent that's being thrown away. Quote Link to comment Share on other sites More sharing options...
Gergwheel1647545492 Posted August 20, 2010 Author Report Share Posted August 20, 2010 Ive been really looking into getting a condo in the next few years. Seems like a good long term investment instead of just paying rent that's being thrown away. exactly what i was thinking too. but now i want a house as well, i just don't think i can afford one right now. Quote Link to comment Share on other sites More sharing options...
KillJoy Posted August 20, 2010 Report Share Posted August 20, 2010 exactly what i was thinking too. but now i want a house as well, i just don't think i can afford one right now. Now is the time to buy, that is for certain. I know some of the Condos in our neighborhood have sold for prices in the $70k's. Granted, they needed some love inside, but they sold for at least $105k+ < 8 years ago. :thumbup: KillJoy Quote Link to comment Share on other sites More sharing options...
wagner Posted August 20, 2010 Report Share Posted August 20, 2010 Now is the time to buy, that is for certain. I know some of the Condos in our neighborhood have sold for prices in the $70k's. Granted, they needed some love inside, but they sold for at least $105k+ < 8 years ago. :thumbup: KillJoy Now is good, but it will get better to buy soon. As soon as the next round of people start to default and the others who used the 8k credit to buy, but could not afford roll in you will see another drop. In the end you need to do what is right for you and make sure you are not housing poor. I have been looking at condos too but I am being very picky taking everything into account that has already been said here. Quote Link to comment Share on other sites More sharing options...
Bam Posted August 20, 2010 Report Share Posted August 20, 2010 I went through this debate 3 years ago as well....still happy with my decision to purchase a house, for more reasons than I can list. Oh and my mortgage payment is $30/month MORE than I was paying for a 2 bedroom apt in Dublin 3 years ago, which I'm sure is more expensive now than my mortgage. Just my .02 Quote Link to comment Share on other sites More sharing options...
evan9381 Posted August 20, 2010 Report Share Posted August 20, 2010 I went through this debate 3 years ago as well....still happy with my decision to purchase a house, for more reasons than I can list. Oh and my mortgage payment is $30/month MORE than I was paying for a 2 bedroom apt in Dublin 3 years ago, which I'm sure is more expensive now than my mortgage. Just my .02 im with you man. my rent was like $585 in blacklick (17mi drive each way to/from work), and my mortgage is $713 now, and soon to drop about $60-70once my bank realizes i got my taxes dropped and they start withholding less. i figure the savings that i get from going from a ~35/mi a day round trip to <9 miles equals out Quote Link to comment Share on other sites More sharing options...
Sully Posted August 20, 2010 Report Share Posted August 20, 2010 all sounded good until you got to the part about taking care of your own land i hate cutting grass I have 3/4 of an acre. I pay someone to cut mine. He mows once a week and I pay him $30. I don't mind cutting grass, but just don't want to take the time out of my day to do it. Plus there's maintenance on the mower, gas, etc. Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted August 20, 2010 Report Share Posted August 20, 2010 im not super keen on a condo, but im doing it now and getting a HUD because im not a lazy fuck who needs a turn key property. Ill probably live there a year, fix it, and flip it for a 30% profit which I will promptly roll into a real property w a sick amount of land and a garage mahal Quote Link to comment Share on other sites More sharing options...
KillJoy Posted August 21, 2010 Report Share Posted August 21, 2010 and flip it for a 30% profit Doubtful.... KillJoy Quote Link to comment Share on other sites More sharing options...
87GT Posted August 21, 2010 Report Share Posted August 21, 2010 I would never buy a condo and I hated living in an apartment. That is why it was only for 2 years. I want to play my music very loud at 3am. Fuck being attached to another dwelling and fuck being told what to do by an association. Since I have bought my house I have had no one ever knock on my door and tell me to turn down my music. Totally worth it wouldn't trade it for anything but a bigger house Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted August 21, 2010 Report Share Posted August 21, 2010 im not super keen on a condo, but im doing it now and getting a HUD because im not a lazy fuck who needs a turn key property. Ill probably live there a year, fix it, and flip it for a 30% profit which I will promptly roll into a real property w a sick amount of land and a garage mahal Umm, there are plenty of non turn key properties that aren't HUD. HUD's are just FHA insured loans that were foreclosed. Most (not all, but most) homes that have FHA loans are on the lower end of the price scale. My home needed a lot of work (bank owned) when we got it, but wasn't a HUD home. 30% profit into a HUD in this market with a year turn over is a bit of a stretch too. Quote Link to comment Share on other sites More sharing options...
FormulaMatt Posted August 21, 2010 Report Share Posted August 21, 2010 Doubtful.... KillJoy 30% profit into a HUD in this market with a year turn over is a bit of a stretch too. This. Especially if it is a condo. Quote Link to comment Share on other sites More sharing options...
99BlownYellowGT Posted August 21, 2010 Report Share Posted August 21, 2010 I totally regret buying my condo.....for pretty much all the reasons listed. It was nothing but a glorified apt and after all of the rediculous fees i could have had a much nicer house with some land. Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted August 21, 2010 Report Share Posted August 21, 2010 Doubtful.... KillJoy Umm, there are plenty of non turn key properties that aren't HUD. HUD's are just FHA insured loans that were foreclosed. Most (not all, but most) homes that have FHA loans are on the lower end of the price scale. My home needed a lot of work (bank owned) when we got it, but wasn't a HUD home. 30% profit into a HUD in this market with a year turn over is a bit of a stretch too. Hate on haters. Watch, itll happen. Even if I price it $20k less than comparable units in the complex, id still hit my 30% mark. The only thing that might be questionable is the 1 yr mark. It may be plus a few months, possibly an additional year. 30% yield for an investment between 12-24 months is still better than any other investment you can conjur up right now. Hell, even if it was 20-25% it would still be sick. Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted August 22, 2010 Report Share Posted August 22, 2010 Hate on haters. Watch, itll happen. Even if I price it $20k less than comparable units in the complex, id still hit my 30% mark. The only thing that might be questionable is the 1 yr mark. It may be plus a few months, possibly an additional year. 30% yield for an investment between 12-24 months is still better than any other investment you can conjur up right now. Hell, even if it was 20-25% it would still be sick. You have never sold (or even bought) a home, have you? When selling a home, you have: - Closing costs. Not only your costs, but if you are selling a home under 200k, you pretty much better plan on paying the buyer's costs too, as they will require that as part of the deal - 6% Realtor fees (if you think you will get away without one, especially in today's market, good luck with that) - Captial gains taxes if you sell less that 2 years from purchase date - Property taxes, depending on how you are escrowing - Home warranty, as most buyerss won't buy turn-key without it - Repairs you may have to do once a home inspection is done There is a reason flipping homes isn't what it used to be. Several years ago, this was very realistic. Now, it isn't. You can lowball all you want - doesn't mean the seller will bite. I got a lowball on my Reynoldsburg property, and had no issue with passing it up. Then IF you find a buyer for the price you want, then you have to pass an FHA appraisal, since afterall, your HUD home is likely in the price point where only FHA loan-type buyers will be looking. If you don't appraise out to what they think it is worth, you will have to come down in price to meet their appraisal (which sticks for 6 months). It's not like these FHA buyers have any cash to bring to the table - that's why they are getting an FHA loan in the first place. These aren't hater remarks - this is reality. If you are trying to flip a condo, you are on crack. Condos are not a good investment. My wife only sold her condo for 10k more than she paid for it in 2002 when we sold it a year ago. And it is a desireable condo in a great, fully developed area with few condos to compete with...simply put, it was more marketable than most condos. Quote Link to comment Share on other sites More sharing options...
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