What's the redpill on condos? Are they worth buying or no? I keep seeing conflicting information about this...

What's the redpill on condos? Are they worth buying or no? I keep seeing conflicting information about this. I'm thinking of buying one after college but I'm not sure. I definitely don't want to pay rent that's for sure.

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Better than renting if you intend to stay in the same location for a long time, and the HOA is cheap/effective at maintaining the building.
Otherwise it is better to try and find a low priced home, get mom and dad to cosign for it, or purchase a house with your siblings/best friends.

Location is key to be honest. For example my goal is to buy a condo in FL. When I decide to later purchase a house I can use condo as a rental property all year round.

That's part of the problem, I'm not sure if I want to stay in this part of the country after I graduate. I figure I buy a condo, live in it for 3-5 years and then move. Worst case I could rent it out while I find a new place. I just don't see the point of buying a house as a single guy with no kids.

I live near NYC so I'm considering either a condo in Staten Island or somewhere in Jersey that's close to the city. I don't really go out much but I don't want to buy a place in buttfuck nowhere you know? Plus I figure it'll be easier to rent out the closer it is to the city as people are always looking for places to live around here.

I'm also considering Queens but I don't know if I want to deal with the bullshit that's going on in NYC right now

You now need to get the board to fill out an affidavit saying that there are no structural issues, or you need to get the last 6 months of board minutes, before any bank will even glance at a condo purchase app
Good luck, have fun!

I thought it was easier to get loans for a condo than it is for a house?

That doesn't seem very hard.
Location seems fine, you would probably have to have the condo lose 20% of its value to be at a loss if you're considering it as an alternative to renting 3-5 years. Go for it. Just don't overpay and find a good deal.

>I thought it was easier
It WAS

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Yeah I definitely don't plan to overpay. I was thinking 2x my income from whatever job I land out of school. So if I only make 60k I'll look for condos around 150k assuming I have at least 20k to put down. Any advice on picking a location? I like Staten Island because it's super close to all the other boroughs, it's quiet and suburban but not to the point where everything closes after 8pm, and it's close enough to my parents where I can visit anytime I want.

What do you mean?

bump

I'm so sleepy that I read condom

if you have the money to afford one, go for it.
I'm still waiting for vinu to finish his shit so I can try to buy one too, it's a long road.

Good luck user, and yeah I'm thinking about it more and more everyday.

It's worth it if you are young with no kids for sure. Even if you don't go out much it is much easier to shop or find work.

I bought a condo last year at low interest rates because (((they))) wouldn't qualify me for enough of a loan for a house.

I make 6 figs with nearly 800 credit score and no debt, but I only qualified for 200k.

Still, this condo is pretty comfy and I won't lose as much when the market drops to zero.

They're the original great reset pod.

that makes no sense do you make six figures in pesos?

possibly the dumbest piece of property you could ever buy. you could die in a condo collapse like the people in florida. you could wish you were dead when they find the foundation problems before it collapses, and your fees go up $1k/mo with no escape short of bankruptcy.

This happened to me. I made over $100k+ for 3 years with my own online business and before that more than $70k. They denied me the mortgage loan 1 month before closing. We had been waiting for 1 year for the construction to end. They were late 6 months. I had them locked at 3.5% then all of a sudden they call and said sorry we can only use your wife’s income because she works for some corporations and you own your business and we checked and in 2021 you made less money than 2020 and 2020 less than 2019…. We don’t care that it happened to everyone in your industry because of covid. Also your crypto is worthless.

They removed my income from the mortgage and asked me to add another $100k in down payment so my wife could get that loan at 3.5%

It’s humiliating. They have years of my personal and business tax. They made us both justify even $300 cash withdrawals from the ATM. For a year we couldn’t change jobs, buy a car or even move money around, which ,made my crypto trading very difficult. They hold all the power and they will rape you.

So at the end I was a forced seller of ETH at $1200 for $100k worth. After I had already set aside the down payment a year prior. If they just told me they wanted more money i would gladly done it anyways in JANUARY when eth was $4k
We have a baby coming and we need to near family. They made us into forced sellers at the highest point of mortgage rates and house prices and at a low in crypto.

I still cry myself to sleep sometimes. I now don’t even have my own car and share my wife’s. She has to work throughout the pregnancy and we can’t even enjoy the house because of the financial rape.

If you’re a younger millennial you have no idea what you’re in for until you try to buy a house. Worst experience of our lives. We considered giving up on everything so many times. We both have around 800 scores. Prior to this eliminated all student and credit card debt years ago. And high income.

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experienced a similar situation owning my own online biz. it was such a humiliating process. my wife doesn't work, either. i had to put down 20% to get a sub 4% rate, and that's on top of over paying for the house by at least 30%. But, we had a new baby and needed to be close to family. I can't even sleep at night knowing my six figure equity is going to vanish.

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Wow bro. So similar to me as well we need to be close to her senpai we went 100 miles away which is the furthest we can manage and we also had to pay more. Did you also graduate in the GFC? Millennials of our generation got stiffed.