Paamu Posted January 12, 2023 Report Share Posted January 12, 2023 E time lo oka condo or townhome koni rent ivvadam good option a?- cost $350K, rent $2400 vastadi, schools are good and in a mile range only. Own house ledu but may commit to buy one this year or next. Job is stable. So after down payment I should be ready to pay mortgage for 1 year worst case in case recession emanna unte. Inka em Anna alochinchali like back up money entha undaali etc. Quote Link to comment Share on other sites More sharing options...
KGFsutthi Posted January 12, 2023 Report Share Posted January 12, 2023 Just now, Paamu said: E time lo oka condo or townhome koni rent ivvadam good option a?- cost $350K, rent $2400 vastadi, schools are good and in a mile range only. Own house ledu but may commit to buy one this year or next. Job is stable. So after down payment I should be ready to pay mortgage for 1 year worst case in case recession emanna unte. Inka em Anna alochinchali like back up money entha undaali etc. You can buy here if you are going to settle here, no point in buying in india and let your relatives enjoy your hard earned money 1 Quote Link to comment Share on other sites More sharing options...
mettastar Posted January 12, 2023 Report Share Posted January 12, 2023 2 minutes ago, Paamu said: E time lo oka condo or townhome koni rent ivvadam good option a?- cost $350K, rent $2400 vastadi, schools are good and in a mile range only. Own house ledu but may commit to buy one this year or next. Job is stable. So after down payment I should be ready to pay mortgage for 1 year worst case in case recession emanna unte. Inka em Anna alochinchali like back up money entha undaali etc. 1 Quote Link to comment Share on other sites More sharing options...
neneno1 Posted January 12, 2023 Report Share Posted January 12, 2023 2 minutes ago, Paamu said: E time lo oka condo or townhome koni rent ivvadam good option a?- cost $350K, rent $2400 vastadi, schools are good and in a mile range only. Own house ledu but may commit to buy one this year or next. Job is stable. So after down payment I should be ready to pay mortgage for 1 year worst case in case recession emanna unte. Inka em Anna alochinchali like back up money entha undaali etc. You are thinking in the right direction... did you also check what the breakeven is for you including property tax, hoa, insurance? Quote Link to comment Share on other sites More sharing options...
csrcsr Posted January 12, 2023 Report Share Posted January 12, 2023 3 minutes ago, Paamu said: E time lo oka condo or townhome koni rent ivvadam good option a?- cost $350K, rent $2400 vastadi, schools are good and in a mile range only. Own house ledu but may commit to buy one this year or next. Job is stable. So after down payment I should be ready to pay mortgage for 1 year worst case in case recession emanna unte. Inka em Anna alochinchali like back up money entha undaali etc. no formula follow your gut (just conisder that property value will it go down further or it already took a beating ) and you think this is the low it can get , more and more inventory will be available some people say not correct time , some say invest when it is down , 2400 rent is awesome for 350k property 1 Quote Link to comment Share on other sites More sharing options...
pandemkodi Posted January 12, 2023 Report Share Posted January 12, 2023 Just buy if numbers match , never think short term investment is good idea always , primary home is not an investment 1 Quote Link to comment Share on other sites More sharing options...
Paamu Posted January 12, 2023 Author Report Share Posted January 12, 2023 22 minutes ago, neneno1 said: You are thinking in the right direction... did you also check what the breakeven is for you including property tax, hoa, insurance? Oka rough estimate unde last week but inka deep analysis cheyyaledu. I think break even ki naa out of pocket $300 daaka undachu with 10% down ani gurthu undi but will check again. Quote Link to comment Share on other sites More sharing options...
Paamu Posted January 12, 2023 Author Report Share Posted January 12, 2023 22 minutes ago, csrcsr said: no formula follow your gut (just conisder that property value will it go down further or it already took a beating ) and you think this is the low it can get , more and more inventory will be available some people say not correct time , some say invest when it is down , 2400 rent is awesome for 350k property Price went down around $30k already. As you said with more inventory it may go little down but since it is very close to schools and super market - I don’t think it will be so much. Quote Link to comment Share on other sites More sharing options...
pandemkodi Posted January 12, 2023 Report Share Posted January 12, 2023 Which location ? Quote Link to comment Share on other sites More sharing options...
megadheera Posted January 12, 2023 Report Share Posted January 12, 2023 41 minutes ago, Paamu said: E time lo oka condo or townhome koni rent ivvadam good option a?- cost $350K, rent $2400 vastadi, schools are good and in a mile range only. Own house ledu but may commit to buy one this year or next. Job is stable. So after down payment I should be ready to pay mortgage for 1 year worst case in case recession emanna unte. Inka em Anna alochinchali like back up money entha undaali etc. since it is investment property, you have to put 25% down payment. 87,000 plus closing costs anni kalipi 100k avuthadi expenses ponu 700 ala migilthe go for it Quote Link to comment Share on other sites More sharing options...
phatposts Posted January 12, 2023 Report Share Posted January 12, 2023 You are thinking on the right lines. I will share my perspective and what I have done (still doing). I am focused on current rents, immediate cash flow and ability to rent if tenant leaves. I self manage everything and if necessary I will give it to property management. I strongly believe in 1% rule (100k cost aithe monthly rent $1000 ravali). Everyone has their own rules, you need to figure out what your guiding principles are. For that research, join bigger pockets, there is an fb group called fans of bigger pockets run by Brandon Neth which I find extremely useful. I know him in other groups too so I am slightly biased towards him. Try to understand what kind of tenant base you want to deal with - Indian only, Families, Young adults, students etc. I understood this is extremely important as an investor and manager as trashy tenant base invites trashy situations. School ratings should not be of concern unless you are focused on desi tenants only. Factor in opportunity cost (e.g.: down payment if put in SPY would avg 7% over 15y). Understand depreciation, cost basis offset, exit strategies (cap gains, 1031 exchange, trust, inheritance etc.) Ivemi overly complex subjects kaadu - kaasta multiple angles ardham chesukovali. Ground reality is very diff from online research. Narrow down few areas, go see in person. Very important. Work with an investor friendly realtor - normal realtors don's guide investors. Emanna kavalante post more specifics here and I will reply. No need for DMs unless sensitive info. Good luck! 2 Quote Link to comment Share on other sites More sharing options...
Thokkalee Posted January 12, 2023 Report Share Posted January 12, 2023 First own house lekundaa rental home enduku kontunnav? You are paying rent when you can afford to own a home.. all that is a waste of money right?? Quote Link to comment Share on other sites More sharing options...
phatposts Posted January 12, 2023 Report Share Posted January 12, 2023 1 minute ago, Thokkalee said: First own house lekundaa rental home enduku kontunnav? You are paying rent when you can afford to own a home.. all that is a waste of money right?? not always. I did that and it was one of the best investment decisions I made. It is all subjective. Own house lekunda chala mandi India lo illulu kontaru. something similar for a better reason anuko. 1 Quote Link to comment Share on other sites More sharing options...
Thokkalee Posted January 12, 2023 Report Share Posted January 12, 2023 9 minutes ago, phatposts said: not always. I did that and it was one of the best investment decisions I made. It is all subjective. Own house lekunda chala mandi India lo illulu kontaru. something similar for a better reason anuko. That is not a good financial decision to keep paying rent but invest in an investment home, unless there is a compelling reason.. bcoz you are losing the potential to build some capital by paying rent but paying a mortgage on a rental property.. Quote Link to comment Share on other sites More sharing options...
Paamu Posted January 12, 2023 Author Report Share Posted January 12, 2023 1 hour ago, Thokkalee said: First own house lekundaa rental home enduku kontunnav? You are paying rent when you can afford to own a home.. all that is a waste of money right?? Same question undi but rent chaala takkuva naaku but still 50-50 unna …. Own house lekunda why ani. own house ready to buy ane time ki… I can get a loan on this property for the down payment on the own house ? Loan after loans aythay anukoo…. Still baby steps e. Quote Link to comment Share on other sites More sharing options...
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