Condo Purchase, your thoughts?
BP Family,
I'm looking to purchase a condo in DTLA (Downtown LA) soon...but wanted to hear your thoughts before making the jump.
The unit is $1M and I only plan on living there for 5 years or less...
1. If you had $1M then what loan terms would you go with and why(5yr, 7yr, 30yr etc...)?
2. With $1M in the piggy bank much would you put down and why? (20%, 30%, 50% or more)
3. How would you use this property to add more properties to your portfolio (looking for creative financing answers :) ?
Look forward to all your answers and insights. Thanks in advance.