Primary residence Condo purchase - Needing objective opinions
Hi everyone! Thank you for taking the time to read my post. I am a newbie here at BP and I am constantly amazed at the wealth of info floating around these forums. Thank you!
So here is the scenario:
I need a place to live. I am looking at purchasing a small condo for myself to live in before I begin to build my rental portfolio. I need something affordable and preferably close to work. I am looking at living in this property for 2-4 years until I finish school.
I have identified a condo for sale at 150k. It is a 2bed/2.5bath with a two car garage in the sacramento area. This fits my budget but there is one major problem.
The HOA is under some pending lawsuits and the association does not seem to meet the guidelines for any conv or FHA financing.
I have spoken with the listing agent and he stated that the seller would be willing to carry $100k for 3yrs.
My questions:
1) what happens if the lawsuits continue with the HOA
2) how would I go about finding info on the issues the association is facing
3) Is this something to steer clear of
The last thing I want to do is back myself into a corner where I am unable to get out or worse, lose money.
any and all advise is greatly appreciated!