- May 20, 2006
- 6,002
- 9,931
I had no idea you could get a spot in south beach that cheap, sheesh. I need to move to miami
Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
sneakaprince
Supporter
- Apr 29, 2007
- 16,598
- 20,417
Lol watch that **** be a studio.
- Aug 19, 2015
- 8,321
- 7,176
Even more so in a few years when it is now beachfront property
- May 20, 2006
- 6,002
- 9,931
I mean it is, 580 sqft. Yet somehow it has 2 bedrooms and 2 bathrooms lol.
Seems like a gold mine for airbnb purposes just off the location alone, but what do I know. Wonder if theres any hoa fees.
- Aug 19, 2015
- 8,321
- 7,176
Zillow showed ~$500 monthly HOA fees and I think taxes were $3500 annually
- Aug 22, 2007
- 5,494
- 2,469
Probably a dumb question but figured I’d ask here.
I’m thinking of buying a place in the Hudson Valley (about 1.5 hr drive outside of NYC). Gonna use it as more of a weekend getaway kinda place.
I rent an apartment in Manhattan. Will I have any issues getting a small mortgage (I would need to finance like 50-60% of the cost) because it’s not my primary residence/because I rent my primary residence?
Not sure how debts/income come into play but if I do quick math my DTI would be less than 15% with rent + the mortgage and other stuff. Need to do more research.
I’m thinking of buying a place in the Hudson Valley (about 1.5 hr drive outside of NYC). Gonna use it as more of a weekend getaway kinda place.
I rent an apartment in Manhattan. Will I have any issues getting a small mortgage (I would need to finance like 50-60% of the cost) because it’s not my primary residence/because I rent my primary residence?
Not sure how debts/income come into play but if I do quick math my DTI would be less than 15% with rent + the mortgage and other stuff. Need to do more research.
- Aug 9, 2014
- 12,850
- 28,005
Why wouldn’t you just say it’s your primary residence and put down 3.5% or 20% if you don’t want pmi
- Oct 28, 2007
- 13,386
- 6,664
bc mortgage fraud. lol
In all seriosness, how likely is the bank to send someone to go knock on the door to make sure youre living there
In all seriosness, how likely is the bank to send someone to go knock on the door to make sure youre living there
- Aug 22, 2007
- 5,494
- 2,469
bc mortgage fraud. lol
In all seriosness, how likely is the bank to send someone to go knock on the door to make sure youre living there
Didn’t think I could do that. I would put like 40-50% down. I guess there’s no way around it
B Sox
Supporter
- Mar 31, 2011
- 73,115
- 117,476
I'm not a lender, but I don't really see what the issue would be. Especially since you don't actually own in the city. Don't think the bank cares what you rent as long as your ratios make sense.
- Mar 22, 2003
- 29,009
- 17,673
Zero issue - I bought my first properties when I was still renting in SF, you will be fine man.
- Aug 9, 2014
- 12,850
- 28,005
He’s gonna be there weekends anyway? Man cmon lol. He’s fine- source: just trust me bro
Besides that I remember an agent telling me you can buy a 2nd home and not have to put down 20% or that 40-50% he was talking about, as long as the 2nd home is something like 50 miles away, but even that seemed subjective
- Aug 10, 2003
- 26,258
- 19,691
as long as you have the money to buy the place and pay your mortgage every month you should be straight... it doesnt matter if you currently live there or not...i bought my place in sept 30th and dont live there yet... just waiting for my renovations to be finished which should be next week finally... the only rule at my condo is you cant rent it out until after 2 years... not sure why they made this rule up but my neighbor upstairs is currently renting from the owner and has been there for a few years... i think they were the last people to be able to rent before this rule went into play...
- Aug 9, 2014
- 12,850
- 28,005
I think those rent stipulations are there to keep neighborhoods or condos with majority primary owners, since they will take care of their property way better than renters. Over time places that are all renters get run down.
- Apr 30, 2010
- 69,750
- 106,466
Being your first actual home purchase can't see why not. I imagine if anyone checks they check against other mortgages.
sneakaprince
Supporter
- Apr 29, 2007
- 16,598
- 20,417
I gotta agree with crowd here. I took advantage of quite a few first time home buyer/ primary residence deals for my first 3 purchases. Trust me these banks don't care and ain't looking that hard.
- Mar 22, 2003
- 29,009
- 17,673
- Jul 13, 2005
- 35,421
- 27,033
Uncle Sam got bigger fish to fry. Trust me I don’t care.
- Mar 22, 2003
- 29,009
- 17,673
Get off here and go cop that Miami pad
Don't do it. The rent doesn't even cover the mortgage and extra assessments, then you are just speculating on home prices and have to deal with tenants. Condo fees always go up too. Unless you plan to break the rules and run and AirBNB.For those with tenants or rentals, I need some help/advice.
I've lived in South Beach Miami for about 8 months. Know the AirBnb laws and proximities to beach, tourists, shops, dining etc. I've been eying an AirBnb unit there to own for quite some time now. There are laws where having an AirBnB is illegal on certain streets, but at the same time I stayed in AirBnbs that were illegal so I'm not sure exactly how the owner got away with it come tax season.
Anyway, would something like this be enticing for those that rent/flip/etc? This is a prime location, and for something like this you can get 3-4k per month (on AirBnb) depending on the season.
But there is currently a tenant already here. The rent they're paying is 1700/m and basically covers all the maintenance/mortgage/property management fees.
Just wondering would this be a good investment property since there is a tenant already here and you're not making any profits? Basically its paying itself off until tenant leaves.
1320 Drexel Ave APT 206, Miami Beach, FL 33139 | Zillow
1320 Drexel Ave Apt 206, Miami Beach FL, is a Condo home that contains 580 sq ft and was built in 1925.It contains 2 bedrooms and 2 bathrooms.This home last sold for $257,500 in September 2024. The Zestimate for this Condo is $258,400, which has decreased by $28,340 in the last 30 days.The...www.zillow.com
- Mar 22, 2003
- 29,009
- 17,673
That’s what he said - he’s going to Airbnb/VRBO
- Aug 21, 2010
- 11,247
- 17,387
bc mortgage fraud. lol
In all seriosness, how likely is the bank to send someone to go knock on the door to make sure youre living there
- Aug 10, 2003
- 26,258
- 19,691
been using the same handyman to do work for my condo... hes does a good job and doesnt rip me off... but today i had to go off on him lol... i took off today cuz i thought he was coming through to finish my kitchen which i already paid him in full for... all this guy had to do was mount my microwave, install my faucet and put back my appliances stove, fridge and dish washer...he tells me he aint coming through and has to go there on Monday instead... all my appliances are in my dining room and my dining room table is being delivered tomorrow so now i just have to put my dining table in my living room which has my couches... my place is not that big to begin with... i text the guy calling him unprofessional... then he calls me saying hes offended... im like dude i took off from work today thinking you were going to come through, also i paid you to do a job that was supposed to get done today and you didnt do it... what am i suppose to think? Was i out of line?
anyway dude said hes going to finish the job tomorrow at 9am... i kinda think hes lying but well see
anyway dude said hes going to finish the job tomorrow at 9am... i kinda think hes lying but well see
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Still better deals out there than that, even going the Airbnb VRBO route.
