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It sounds like you're already looking at the right things for your first investment. Buy a condo that's within walking distance to the metro where, if you had to rent it out, you would cashflow. There's lots of places in Columbia Heights, Petworth, Eckington, and Brookland that meet this criteria.
scares off desirable tenants/buyers. Condo fees go up, as you have to make up for the bad debt, which in turn may put more financial pressure on other owners' budgets and in turn increase the delinquency rate.
I own a condo in Chinatown, constructed in the past 10 years. 30 units, solid construction, near the Verizon Center, Convention Center, and multiple metro lines. We had 2 foreclosures in 2007, and the value of our condos still haven't recovered, relative to the condos just within a one block radius.
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property for a few years do some renovations, then possibly rent or sell. My goal is to help use it for cash flow so I can buy my next property. However, now the lender won't finance the property due to Freddie/fannie 15% restrictions on delinquency rates. I know the high delinquency rate is a bad sign for the condo association, but I'm guessing all the owners are upside down and the condo association hasn't made the move to foreclose on the properties (which is difficult in DC as of late). At some point this WILL happen and I will have missed the opportunity. Due to the location of this property and price of comparable homes in the area I feel it's value would greatly appreciate if the building and condo assoc were in better order. I'd like to affect that change but I guess I can't without cash.
The issue is this, I really like this property and feel it could be a good investment. My goal is to owner occupy the Nike Air Max Women Singapore
city and I also feel condos can actually yield more than investors speculate in Washington DC. DC has the highest ratio of single to married individuals in the country and I think condos here are a bit more popular in such a transient area such as this. I know SFH are much more lucrative but I simply can't go that route as I can't afford it at the moment.
So, I am still waiting for a tremendous recovery, and I think our condo is actually in great operational shape, but these foreclosures still are hurting us. I am inclined to never buy another condo unless it is a compelling deal. A condo where 45% of your business partners aren't current is a non starter.
delinquency rate woes
Do I have any other options if I don't have the funds to by in cash? If not any suggestions on what I should look for in my first property. I'm interested in something I can live in but it needs to be close to amenities and the downtown area. I only can afford about $280,000k with financing. I don't intend to stay in the area forever but I'm looking for something that can be downtown and accessible for someone who is single living in the area. I'm not so interested in Single Family Homes as I'm priced out here in the Nike Air Max 2017 Images
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In my experience, when owners are delinquent and the cash flow to a condo dries up, there is a slow death cycle. Amenities and maintenance go down, which Nike Air Max Sequent Women's Running Shoe
That's a tough situation. You Purple Air Max With Orange do need to be aware that a dysfunctional HOA can be a real nightmare. If you managed to get into this place you (and the other owners if you could get them to pay) would be responsible for taking up the slack of the owners who have defaulted on their obligations and moved on. Which probably means a lot of special assessments over the next decade or so, and a lot more money out of your pocket, over and above your purchase price. It might work out to your advantage eventually, but it's kind of dicey. I guess my best advice would be to just keep looking.
I'm in the process of purchasing my first property. I live in the Washington DC area and am looking at properties in the city. I've just recently put an offer on a condo in an up and coming neighborhood (Columbia Heights) that I felt was the right choice. After winning out in a bid situation against a cash offer and another that wanted help on closing costs my offer won. I'm attempting to finance the property using a 5% LPMI option. Everything was going fine until after reviewing the condo docs we found out that the property had a 45% delinquency rate for the tenants on condo dues. I also discovered that the seller owed $2000 on their condo dues as well. I'm not sure why they didn't take the cash offer as no one will really be able to finance this property with that delinquency rate. The seller won't bail out the other owners which I expected. So I have to back out of the deal.
Run, don't walk from this deal! Such a high delinquency rate suggests a condo building thats in serious trouble. I bet the building reserves are also seriously underfunded and that the building's overall finances are in shambles. Though Columbia Heights is a great area, the property values of the units in this building are only going to decline because no one can sell to a "regular" buyer.
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