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Lloyd J Smith's Advice

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Lloyd J Smith wrote:

Should I invest in a condo at this point in my life?

Answer
Do it!  Do it! Do it!  =)Interest rates are at historic lows.  The cost of buying is relatively comparable to the cost of renting at these rates.  In my opinion, you will be very glad you made the move sooner rather than later.  In addition, over the long term you will see appreciation on your investment.  Your plan of using this as an investment property in the future is an excellent plan!  My first purchase at 25 yrs old was a little townhome for $92,500 and put my life savings of $6,000 into an FHA loan (after getting my deposit back from a cruise).  =)  Lived in it for 8 years and then purchased a real home and rented it out for another 8 years.  Ended up selling it for $340,000!  One of the best decisions I made financially!  I so love hearing young folks like you wanting to get started with home ownership early.  You will be so happy you did later on in life!As others have mentioned here, you will need to speak with a lender to see if you can qualify based on your situation.  Nice thing is you have a substantial down payment.  I would recommend looking into a 5% down conventional loan as this will reduce your mortgage insurance premium significantly over an FHA 3.5% down product.  Feel free to get a hold of me and I can point you in the right direction!Lloyd
January 01
(1)

How do you follow up on Zillow listing?

Answer
It has been my experience that the majority of inquiries that I receive related to properties that are listed on Zillow Foreclosures are not yet on the market.  I believe Zillow automatically posts these upon the recordation of a Trustee Sale.  However, it could be weeks or months before these homes actually hit the market.If you are working with a qualified Realtor, he or she can set you up with an automated search that will notify you the day this home hits the market;, or any other foreclosure that matches your criteria for that matter.
May 24 2013
(0)