I want to buy and rent a condo. I make $2000/month. My bills are $500/month. I have a savings of 5000. I dont have any debt. Any advice will help. Thanks!
2007-01-26 21:53:21 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
There is no way you can afford that condo.
Your mortgage payment plus taxes and your association fees would take up almost all of your income.
2007-01-27 06:01:51 · answer #1 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
If your savings are money that you have been able to set aside from your paycheck, then you'll probably be in good shape. Your pattern of savings shows you are responsible with money.
I used to underwrite loans, and there were people out there with no savings who were purchasing rental properties left and right. You knew they were depending upon the rent to pay for the condo month after month. Well, that doesn't happen every month. Those people were looking for trouble.
In your situation, you have the savings to pay at least five months of the condo expenses should you need to. Two months is the minimum necessary. So you're better than what is needed!
Good luck.
2007-01-26 22:40:11 · answer #2 · answered by CJKatl 4 · 0⤊ 0⤋
I believe you could swing the payments if you got into the right type of loan through a mortgage broker. I suggest you fill out the free evaluation form at
www.totaldebtsolutionsllc.com
and let them have a loan officer from a mortgage broker contact you.
2007-01-27 11:28:16 · answer #3 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋