/biz/ - Business & Finance

[Anonymous No.50584094]

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.

[Anonymous No.50584110]

>>50584094
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.

[Anonymous No.50584150]

>>50584094
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.

[Anonymous No.50584173]

>>50584110
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.

>>50584150
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.

[Anonymous No.50584186]

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

[Anonymous No.50584196]

>>50584094
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!

[Anonymous No.50584217]

>>50584196
I thought it was easier to get loans for a condo than it is for a house?

[Anonymous No.50584227]

>>50584196
That doesn't seem very hard.
>>50584173
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.

[Anonymous No.50584238]

>>50584217
>I thought it was easier
It WAS

[Anonymous No.50584266]

>>50584227
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.

>>50584238
What do you mean?

[Anonymous No.50584841]

bump

[Anonymous No.50584941]

>>50584094
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.

[Anonymous No.50584971]

>>50584941
Good luck anon, and yeah I'm thinking about it more and more everyday.

[Anonymous No.50585841]

>>50584094
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.

[Anonymous No.50586198]

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.

[Anonymous No.50586342]

>>50584094
They're the original great reset pod.

[Anonymous No.50586450]

>>50586198
that makes no sense do you make six figures in pesos?

[Anonymous No.50586524]

>>50584094
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.

[Anonymous No.50586941]

>>50586198
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.

[Anonymous No.50587052]

>>50586941
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.

[Anonymous No.50588055]

>>50587052
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.

[Anonymous No.50589921]

First I would rent and put my saved money in maxx dot finance. Then I would sell some accumilated staking rewards for a down payment and a mortgage on a condo. I would use the maxx finance staking rewards monthly to pay the mortgage and HOA.

[Anonymous No.50590189]

>>50584266
>What do you mean?
Banks used to just rubber stamp loans for commercial condos in the US as if they were indestructible fortresses. Recently they've gotten more cautious because of the Surfside building collapse.

[Anonymous No.50590615]

>>50586450
he probably has shit credit score cause the dumb idiot racked up credit card debt or doesn't pay his bills on time. doesn't matter how much you make if you're irresponsible and have a shit credit score

[Anonymous No.50591183]

>>50590615
He said it was 800, the only remaining possibility is the Bank didn't consider his income source reliable/sustainable.

[Anonymous No.50591195]

>paying for a land in the sky
lmao

[Anonymous No.50591266]

>>50589921

imagine trying to launch and shill a staking platform in July 2022.

[Anonymous No.50591281]

>>50584094
>>50584173
In hindsight, I would have bought the best condo in the best location I could afford, assuming a big city. They're money machines. You'll recover from any crash within 5 years.

[Anonymous No.50591395]

>>50584094
All depends on your neighbor(s). My first neighbor was an old lady who I never heard a peep from. She died, now I live next to a cunt who blasts her music and has a dog that barks obsessively when she's not home. I also live in a suburb thats about 80% white, so location only gets you so far. It's a huge gamble

[Anonymous No.50591399]

>>50586941
Experienced a similar issue trying to buy a piece of land. Ocean view, San Diego, 10 acres, with well and pad in place. All I wanted was a 200k mortgage to cover about 30% of the purchase price. I make 150k a year as it is, no debt, 800 credit score. Wife doesn't work but has perfect credit and about 130k in assets herself. I also have around 500k in retirement assets plus a good pile of crypto for another 200k. Basically, I should be every banker's wet dream.

Fucking US Bank denied the loan because I had "too high revolving credit balances" (totaling $600 in Paypal Credit and $200 on my credit card). This after making me get an extension from the seller on escrow while their underwriter dragged his ass along until the absolute last minute.

I ultimately got the property by getting a personal note from my grandfather's estate that had recently settled, so the land is mine now. But the bank was intent on doing everything it can to keep me from getting that property. No money for you, white boy.

Gonna dab on these faggot WEF elitists by turning my property into a fucking off-the-grid oasis. Suck my left nut, kikes.

[Anonymous No.50591476]

>>50591399
Why didn't you just go to a different bank?

[Anonymous No.50591526]

>>50591476
Ran out of time on escrow and seller wasn't going to give me another extension.

[Anonymous No.50591772]

>>50591526
Did you get a preapproval and then the bank pulled back on you?

[Anonymous No.50592078]

>>50591399
Ultra based. Happy for you. Fuck those kike bankers and globalists.