Can you all give me some advice if this is worth it? The condo is on the 1st floor and is tiled, includes fridge, washer, and dryer.
Purchase cash: 40,000 (basically my whole savings)
HOA: 2700 (includes Comcast cable)
Thank you for your inputs!
What are the comparables for the same size in that area? Are you going to live in it or rent it out?
Hello, I will be renting out. The surrounding area rents for 650-900 a month. I also found another deal that may be better than this one. I did not include a miscellaneous cost in my first estimate but I will add it in this one to have 'cushion.' It is listed for 23k but I will try to get it for 20k and do about 5k of upgrades(paint,floors,appliances). I can rent it out or sell for 40-46k. I saw one sold for 42k in January 2015. This deal would free up more cash for another potential deal. What y'all think?
These owner sellers are only interested in cash sales. I think it will take too long to get a mortgage and it is such a small loan amount. I also don't know how it works to get multiple mortgages for multiple homes. I need to look further into that.
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