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Forum » should I buy a cheap condo. serious.
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Thread: should I buy a cheap condo. serious.

post 1687885723 08-06-2023, 01:29 PM
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should I buy a cheap condo. serious.

I currently waste money on rent but cant afford a home. my apartment lease is expiring soon

found cheap condos between $50k-$70k with ~$300 HOA that I know can rise anytime

I can buy the whole thing cash if I wanted but I want to just have total housing costs around $700 or lower and call it a day


within 5 years either sell it or rent it out


does this make sense? misc realestate gurus help out a youngblood
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post 1687885773 08-06-2023, 01:31 PM
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post 1687885813 08-06-2023, 01:32 PM
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Originally Posted By rollerball⏩
What on earth does a $70K condo even look like?
I'd also be a worried about riff raff/chit neighbors in such a cheap condo. Though you would like to think if there's a $300 HOA, that they would mitigate/take care of that.
post 1687885823 08-06-2023, 01:33 PM
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Originally Posted By rollerball⏩
What on earth does a $70K condo even look like?
looks identical to what Im renting right now. serious.

surprised I wasted so much money on this and put tens of thousands in stocks but never though about real estate



housing is my biggest cost per month. not hard at all to pay but I could save shtt loads of money
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post 1687885863 08-06-2023, 01:34 PM
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Originally Posted By Polaris⏩
I'd also be a worried about riff raff/chit neighbors in such a cheap condo. Though you would like to think if there's a $300 HOA, that they would mitigate/take care of that.
I already live around hoodlums. I just dont leave my house late at night and keep my car in a garage

if it has a garage I couldnt care
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post 1687885953 08-06-2023, 01:36 PM
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70k condo? Where in bumfuk is that?

I have a buddy trying to get me to move out to a small town in IN and I can literally buy a solid house today with around an $850 monthly payment. In IL this house would be $1800-2k a month and 260k. Property taxes are so fukked here.
post 1687886013 08-06-2023, 01:36 PM
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Only if you want to live in the United Gates of Home Owners Associations
post 1687886023 08-06-2023, 01:37 PM
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Originally Posted By DeadlyStriker⏩
70k condo? Where in bumfuk is that?

I have a buddy trying to get me to move out to a small town in IN and I can literally buy a solid house today with around an $850 monthly payment. In IL this house would be $1800-2k a month and 260k. Property taxes are so fukked here.
yeah great lakes region and east coast has hyper expensive housing


I got lucky but Im trying to build equity and stop paying for housing within 5 years.

Im lucky I have tradie skills and accounting/finance degree so I can work anywhere or remotely


I just want low stress life
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post 1687886053 08-06-2023, 01:37 PM
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post 1687886173 08-06-2023, 01:39 PM
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Originally Posted By DeadlyStriker⏩
70k condo? Where in bumfuk is that?

I have a buddy trying to get me to move out to a small town in IN and I can literally buy a solid house today with around an $850 monthly payment. In IL this house would be $1800-2k a month and 260k. Property taxes are so fukked here.
Truth
I’m from Illinois as well. I own a couple homes here in CA, but I look for homes in IL just about every month because the wife & I miss it so much back there..I can’t believe the rise in property taxes. Supposedly it is all based on the local school system out there.
post 1687886183 08-06-2023, 01:39 PM
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Get yourself on the property ladder asap.

Renting is for suckers, you giving away them gains.

Buy the condo and bulk up over a few swole years.

Your finances will be looking thick, solid, tight my guy.
post 1687886223 08-06-2023, 01:40 PM
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Hmm...

IDK. What is the build quality like? The general area?

If you have cash you might wait 6 months. Because condos usually drop the most quickly and steeply in value in a downturn as many people who might have settled for a condo will stretch a bit to get a SFH.

I was interested in purchasing the condo that I was renting in MI. Older complex, but solid construction [concrete floors, steel windows, brick exterior, etc.] and in a very good location.

The people I was renting from had picked it up near the bottom of the 2008 crash. I looked up the property history...I think they paid something like $45K. I would have paid $75K to $90K as SFHs were all running $200K or more, but they did not want to sell.

I had been paying them $1K a month. Had to break my lease when my mom passed. They checked with me to see if I wanted to move back after I had moved out and they had done a make ready because I'm a great tenant.

Waiting a little while might save you $10K or better, or might allow you to pick up a nicer property for the same money.
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post 1687886633 08-06-2023, 01:51 PM
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How TF is a 50 - 70K condo even possible in 2023?

Read the fine print and look chit over. There has to be a catch.
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post 1687886693 08-06-2023, 01:52 PM
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Originally Posted By bfdehewdbyywhn⏩
yeah great lakes region and east coast has hyper expensive housing


I got lucky but Im trying to build equity and stop paying for housing within 5 years.

Im lucky I have tradie skills and accounting/finance degree so I can work anywhere or remotely


I just want low stress life
Yea I'm in a similar frame of mind. I don't want a huge house. I prefer a bit more land and a small house and want it paid off quick to live a low stress financial life. I don't want a mortgage tbh, or at least one long term.
Originally Posted By Paul
Truth
I’m from Illinois as well. I own a couple homes here in CA, but I look for homes in IL just about every month because the wife & I miss it so much back there..I can’t believe the rise in property taxes. Supposedly it is all based on the local school system out there.
Where from in IL? Yea I love IL in terms of the weather, the landscape, and vibe of where I am. All my family is here too. But property taxes are absurd.

Yea a lot of it is apparently for pumping money into school systems that are already huge. In reality it is all for fleecing money from people to line interest groups in these areas because nothing actually gets better. Inflation also wrecked people since their home values increased so much that their new property taxes are absurd.

Look at this house. Honestly a pretty chitty house and a starter home. It's 260k. A 52k down payment at 6.8% interest gets you a $1,955 a month payment simply because you have to tack on another $514 for property taxes a month. LMAO.

https://www.zillow.com/homedetails/1.../5382522_zpid/

"But but but just buy a smaller cheaper home you entitled millenials! Buy a fixer upper millenials!" Absolute clowns.
post 1687886833 08-06-2023, 01:56 PM
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I bought a small condo last September and no regrets

But it was 300 k+
post 1687887203 08-06-2023, 02:02 PM
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Originally Posted By blueberryboy⏩
I bought a small condo last September and no regrets

But it was 300 k+
lol at $300k

thats a home price for an apartment sized living space



better be on a skyscraper in the center of a city
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post 1687887243 08-06-2023, 02:05 PM
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I mean, you'll still be an incel, but at least you'll be an incel with assets. Buy a few and rent them out.
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post 1687887443 08-06-2023, 02:08 PM
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Originally Posted By DeadlyStriker⏩
Yea I'm in a similar frame of mind. I don't want a huge house. I prefer a bit more land and a small house and want it paid off quick to live a low stress financial life. I don't want a mortgage tbh, or at least one long term.



Where from in IL? Yea I love IL in terms of the weather, the landscape, and vibe of where I am. All my family is here too. But property taxes are absurd.

Yea a lot of it is apparently for pumping money into school systems that are already huge. In reality it is all for fleecing money from people to line interest groups in these areas because nothing actually gets better. Inflation also wrecked people since their home values increased so much that their new property taxes are absurd.

Look at this house. Honestly a pretty chitty house and a starter home. It's 260k. A 52k down payment at 6.8% interest gets you a $1,955 a month payment simply because you have to tack on another $514 for property taxes a month. LMAO.

https://www.zillow.com/homedetails/1.../5382522_zpid/

"But but but just buy a smaller cheaper home you entitled millenials! Buy a fixer upper millenials!" Absolute clowns.
Yea that’s insane.
I was born in Waukegan but we moved to Libertyville/Green Oaks pretty early on. Have family in Gurnee still.

I miss the small town feel & good food most of all lol. Something needs to be done about property taxes but feel it is so far gone, taxes will never drop again out there. Pretty sad.
post 1687887913 08-06-2023, 02:17 PM
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Originally Posted By bfdehewdbyywhn⏩
lol at $300k

thats a home price for an apartment sized living space



better be on a skyscraper in the center of a city
In nice big building 10 min walk from downtown

- grocery store / liquor store across the street

- 600 sq feet in Canadian city

Couldn't find a house in decent location here at any decent price

If I ever have kids or I plan to go for a house next but who knows when that'll be
post 1687887993 08-06-2023, 02:19 PM
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Some things you got to look at

Check the HOA reserves, if they have enough money to replace a roof etc

Ask for a copy of the last few months of HOA meeting notes, and look for things like a big special assessment coming etc

You might even find that the building has some catastrophic issue (like if the meeting covers what to do about the impending building collapse)

Also check if you can get a conventional loan. Sometimes the HOA is so badly run, or the building condition is so bad, you won't be able to get a mortgage cause nobody will loan on it. That could explain the low price. If the FHA will give a loan on it, that's a good sign
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post 1687888083 08-06-2023, 02:21 PM
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Originally Posted By Paul
Yea that’s insane.
I was born in Waukegan but we moved to Libertyville/Green Oaks pretty early on. Have family in Gurnee still.

I miss the small town feel & good food most of all lol. Something needs to be done about property taxes but feel it is so far gone, taxes will never drop again out there. Pretty sad.
Ahh yea I like those areas too. It's just sad that the taxes and lax on crime have almost forced me to have to look at another state. Just not worth anymore.
post 1687888263 08-06-2023, 02:23 PM
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Originally Posted By DeadlyStriker⏩
Ahh yea I like those areas too. It's just sad that the taxes and lax on crime have almost forced me to have to look at another state. Just not worth anymore.
What other places are you looking at? I want to move for a similar reason, but my metro is way chittier than chicagoland and a house like that, that distance from the city core with similar schools/crime would cost like 600k here. Ironically chicagoland is somewhere I want to move to
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post 1687889603 08-06-2023, 02:49 PM
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Originally Posted By SaviorSelfJT⏩
What other places are you looking at? I want to move for a similar reason, but my metro is way chittier than chicagoland and a house like that, that distance from the city core with similar schools/crime would cost like 600k here. Ironically chicagoland is somewhere I want to move to
Yea the housing seems cheap in chicagoland areas around 45 min-60 min away but people don't realize how you get taxed to death.

Ideally I would move a bit further south now for lower prices and more land.

I have friends that recently moved to Milwaukee area. My other friend trying to get me to go to IN is near South Bend. Like I said I could buy a house there today.

The main areas I'm looking at that could have affordable houses for me in IL (at some point) that are nice enough areas are Lockport/Romeoville (romeoville is a lot of mexicans), Plainfield, maybe Mokena/New Lenox/Frankfurt areas. Little bit lower population areas with more land/space but right near areas with more density.

Otherwise I'm looking more south if I focus on buying land to build a place instead.
post 1687890193 08-06-2023, 02:56 PM
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Originally Posted By DeadlyStriker⏩
Ahh yea I like those areas too. It's just sad that the taxes and lax on crime have almost forced me to have to look at another state. Just not worth anymore.
Yea, we are looking in Frisco, Texas, have family out there & they love it. The pool of small conservative towns that aren’t astronomically high in price is becoming smaller & smaller.
post 1687890913 08-06-2023, 03:07 PM
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Some places where you can get a condo under 100K is Cincinnati (OH), Indianapolis (IN), and Dallas (TX)
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post 1687891113 08-06-2023, 03:12 PM
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Originally Posted By Paul
Yea, we are looking in Frisco, Texas, have family out there & they love it. The pool of small conservative towns that aren’t astronomically high in price is becoming smaller & smaller.
I just had friends move from arlington, tx to Milwaukee. They said the same thing. They loved Texas (besides the heat), but felt Texas was slowly losing its appeal and culture. They didn't like the future of their area and places aren't as conservative as they thought. Idk why they chose Milwaukee, but maybe that was financial.
post 1687906473 08-06-2023, 08:01 PM
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Originally Posted By DeadlyStriker⏩
I just had friends move from arlington, tx to Milwaukee. They said the same thing. They loved Texas (besides the heat), but felt Texas was slowly losing its appeal and culture. They didn't like the future of their area and places aren't as conservative as they thought. Idk why they chose Milwaukee, but maybe that was financial.
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