All Forum Posts by: Account Closed

the inspector also mentioned the celling in the bathroom did have a leak but the HOA said they fixed it. The inspector said it looks like the joyce has some moisture when he used a special tool, but due to no ventilation it cannot escape but he said it shouldn't be a problem.

I was looking into this place because I currently pay $1200 month now in rent and if i get this it will cost me with everything $1400 month.  When I looked into using Brendon calculator for rental, it shows I would be breaking even.  The only way I can make money cash flow in rental is if rent in the area goes up in the next few years or from equity (after 3-5 years living there) price in the area from sale goes up.

Also a 2 bedroom in the same complex in July 2016 went for $250k.

Thanks

Charlie, thank you for the reply.  The inspector said the curvature on the wall in the bathroom was caused due to people taking hot showers and them not opening the window or putting on the fan.

Hi Guys,

I am really worried if I am making the right decision. This would be my first buy and I am planning on living in the property for a number of years (less than 5), but my concerns are the current owner does not want to do any work to the property. He is not even willing to budge from the asking price of $190k, the property is based in North Hollywood. In the same complex other similar properties a few months ago with better conditions sold for $180k. I think I would need to invest $10-15k (estimate) to get it up to scratch. It is a one bed condo with low HOA. The inspector said there was only minor things that need to be fixed (like curvature in the bathroom wall due to moisture hitting it, main door warn out, appliances are really old, tiles are cracked, uneven paint job, moisture in the cabinet below the sink, some electrical units wiring needs to be fixed as the hot is on the right, etc etc), but no major problems. I have attached pics and please let me know if I am making the right decision.

Thanks

come on guy some one on here can help me pleasee

Hi All, 

So I live in Los Angeles and I rent for $1,200/ mt, I have seen a similar 1 bed on the on the market for about $200k but it needs some work.  My current rental lease will finish soon, thus I will move into a place of my own, but I will have to pay $1,400 for mortgage which will include all insurance etc etc.  My concern is this:

- When I decide to rent it out in after about 5 years, I have used Brandon Turner 4 square method and it show I will be losing about $300 a month.  Or I can break even without saving money for vacant and repairs.  Or shall I save more money for a down payment and get a better place and continue renting. 

I look forward to your response. 

Thanks

Al