OfflineHey,
I'm 26 and don't own a home yet. I'm looking at a condo on the Big Island of Hawaii. The 1972 condo is going for 185K for a one bed one bath that is 572 sq ft with a HOA of $360 per month.Its very inexpensive compared to the $474k condo that I rent now. I'm wonder if I should just get my feet wet and buy it. I know Location, location, location!! It's close to town, but no ocean view. Not sure, any advice??
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What do other condos in that building or area sell for right now? Would buying that condo and living in it be cheaper than the rent you are paying at the place you live now? Does it need a lot of work? Would it cashflow if you wanted to just rent it out?
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Thats the cheapest one in that complex. Theres a few others listed for 200K and 210k. It would be cheaper than what I'm paying now. It doesn't need any work, its real sweet. I would be $200 to $300 negative if I were to rent it out, it wouldn't cash flow. Unless I could use it for a vacation rental, but not sure if I could keep it full. My biggest concern is how old the condo is. I need to buy something because I get nailed on taxes, but want to make a good purchase.
I would put in a low offer. You may want to live there for a couple years and after that sell it tax free.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
What ship? What harbor? Are you ok? Get out of what waves? DO you need help?
I think what CBR's subtitle means is don't sit in front of your TV every night where you are comfortable, go out and try to accomplish something great even if it is a little risky because the process of accomplishing something great will make you great. The most important thing about becoming a real estate millionaire isn't the million dollars, it is the person you have to become to create a million dollars in real estate.
CBR keep 'em coming!
Yoda says "there is no try, only do"
I agree with cbrpower. You will not find property at the price you can get it today... I would check out the property, make sure it's worth buying and make an offer you can live with. You will never know how low the seller will take unless you present an offer. Also, if you are a first time home buyer, there are alot of incentive for you to purchase. If it is FHA approved, you can get a $7,500 tax credit for purchasing now.
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