Hello all, I'm looking for advice, I am a first-time home buyer and I got approved for a loan of 180k, I am a vet so I won't have to pay for a down payment, I do have about 20k in cash to bump my buying range to 200k. For that price range, all the things I see in the market in my area are apartments built in 1980 and below, some of them remodeled with very high HOA fees. My intent in the purchase of this property is to live in it for a year and buy another property, is it still worth purchasing old ass apartments? even if it's not as an investment does anyone have any experience buying properties that are these old? is it a good move? thanks for any advice
Posted by Kitchen_Form_5207
2 Comments
Dont buy an HOA/condo community. You dont control special assessments or thier budget. They are harder to rent (profitably).
If you cant afford what you want either improve your credit, increase your income or continue saving.
Good luck.
No. Don’t do it. No one wants to become a slumlord.