Also, a little advice. My first home was a townhouse, and at the time I was baby sitting our 318ti race car. I wasn't sure how the local HOA would react, so I started going to meetings and got on the local board. Never had a problem and got to know all the people who enforce the rules.
carguy123 wrote: And if you do decide to do it and maybe rent it out, your rental could the one that puts the whole project over the line of the necessary percentage of owner occupied units and then no one can get good financing. And DO NOT put 1/3rd down, put the minimum down so you'll lose the least when you go to sell - cause you will lose. The race doesn't always go to the swift nor the battle to the strong, but that's the way to place your bets.
I don't understand some of this. Why should he really be concerned over who else gets good financing? And as for putting money down, I don't know if PMI applies in all states, but once I got under 80% LTV, my payments went waaay down.
My brother is a banker (lender) too, and for a guy who should 'know' about money, he's given me some dumb advice on a couple occasions. When things were crazy and EVERYONE was pulling money out to buy crap they didn't need, he told me to get a HELOC too - which made ZERO sense to me. I said, "Wait...won't that mean I'll be further away from paying it off?" "Well yeah...but you could buy a Corvette!" Which I also wouldn't own. Gotcha.
It's like no one goes into a mortgage expecting to pay a place off. And every financial person you talk to looks at a house like it's something other than a place where you live.
It's no different than with cars. You rely on one to get to work and the other is a play-thing you blow up and not worry about. Too many people have blown up their daily drivers and well, now look at how things are.
I had a real estate dude tell me I am better off putting less down and investing the money rather than putting 20% down.
I am old school and look forward to paying my house off........am I the only one?
Well I'm going to nix this. Went to look at the unit today, it was extremely nice, garage was in awesome shape, huge closets, huge rooms, huge bathroom, and everything was bery bery nice. Started talking about the HOA fees......they would be more a month than my mortgage would be...$430 a month. Yeaaa.......NO. I laughed and just walked away. I'll start looking around more, I can't believe that. They were stating it was for lawn maintenance (very very little grass) pool care, and some other nonsense.
Mine are half of that and we have 2 pools and a LOT of grass. But you know, we have like 450 units paying in, too...
There are way more than 450 units in this whole complex, I'm gonna go out on a limb and say there are about 1000 plus units
MikeSVO wrote: I don't understand some of this. Why should he really be concerned over who else gets good financing? And as for putting money down, I don't know if PMI applies in all states, but once I got under 80% LTV, my payments went waaay down.
You should be concerned +1 because you want good financing &
pete240z wrote: I am old school and look forward to paying my house off........am I the only one?
No, but we are rare.
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