newbie needs advice
hi all,
as a newbie, i think these forums are great as I have been reading a lot of
good advice in various posts. I am in the process of acquiring by first property. Need advice on whether this is a good investment, from the pros. Obviously I am just starting out, so am a fearful as to whether I am making the right decisions. here are the details:
FSBO, built in 1980s, price is $164,900. Owner might come down a little bit, say $160K, 2B/1bath. Very good condition. excellent location, very close to highways, walking distance from community college. I did some math and cash flow looks positive. Comparable listing through realtors for other condos in the complex are $189,000
This is a condominium complex. There are 3 condos, and this is the one at
the basement level.
Couple of questions:
0. Is it a good time to buy? Are prices going down still?
1. Is owning a basement condo an issue in the future to sell? Its in
excellent shape.
2. I need to do a good CMA? But since this FSBO, how do I find history of
selling prices of comparable properties in this complex?
3. how do i find out how the rental market is in the area?
Btw, this is in middlesex county in NJ.
Appreciate all the responses,
thanks a lot,
vik