What’s going on with housing market? Why is that property 599k. HOA is 1k and mortgage is basically 3k. With 3 rooms and 2 baths, wouldn’t renting it out basically cover the cost? I see properties around 500k every now and then on Zillow when other places are like over a mil. Are people lowering price to attract attention and get up bids?
- Google KissMyPissClickbait. The unit in question is a fucking co-op. There are plenty of restrictions and I'm pretty certain you can't rent it out if you wanted to. You don't own any part of the property, it's just the entitlement to that unit. You'd be hard pressed to get a mortgage for it too. Not to mention the 1k HOA.
- You sure it's not a BMR?
Only people making less then a certain amount can get a BMR. If you don't have ethics... After graduating from college you can buy a BMR. Then once you get a job rent the unit out for $$$
- You also get favorable loans to finance. If you've got a parent they could gift you 50k which is more than enough.
Note the "gift" doesn't disqualify you.
I'm sure this is being done.
This gov program gives you a loan for down payment with no interest. https://sfmohcd.org/bmr-dalp
- Usually it's in the listing description.
- LinkedIn / EnggoldbugmoreThat is a coop and you may have a hard time getting a mortgage for it. Be prepared to pay 599K cash.
- Uber 🌊☂️This is a not so good neighborhood. Check the crime maps. Also check the $/sqft around this area.
- This is actually a pretty amazing deal if you want to live there. As others have said, there are restrictions against rental.