Housing

Places for 500k?

U.S. Dpt. of Veterans Affairs / Other😃😄😃meh
Nov 24

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?

Places for 500k?

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  • Google KissMyPiss
    Clickbait. 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.
    Nov 243
    • U.S. Dpt. of Veterans Affairs / Other😃😄😃meh
      OP
      Oh damn :/ are co-ops common in SF? I came from another state and don’t see that as much
      Nov 24
    • Autodesk / EngFootRace
      They’re more common than I thought once I started looking. Also, the places I looked at required the loan through one broker and the interest rate was through the roof and you couldn’t rent it out. It had to be owner occupied.
      Nov 24
    • U.S. Dpt. of Veterans Affairs / Other😃😄😃meh
      OP
      That sucks
      Nov 24
  • Google TYAPU
    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 $$$
    Nov 247
    • Synack
      Uuft7srcg2

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      Uuft7srcg2more
      It’s really hard to get a BMR with the lottery system in SF.
      Nov 24
    • Airbnb Pomax
      How is someone without a job expected to afford a $600k place? You need a 6-figure income for that
      Nov 24
    • Google TYAPU
      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
      Nov 24
    • Google TYAPU
      If you are about to marry someone who qualifies for BMR. You should look into this before marriage.

      Once you get a BMR they don't take it away if your financial situation changes.
      Nov 24
    • U.S. Dpt. of Veterans Affairs / Other😃😄😃meh
      OP
      How can you tell if it’s BMR?
      Nov 24
    • Google TYAPU
      Nov 24
    • Dropbox / Enghd8FK
      That’s my first thought but I looked into this area before and it’s not BMR, just a co-op with some restrictions.
      Nov 24
  • Facebook 10inchduck
    HOA 1k LOL. No thanks.
    Nov 240
  • LinkedIn / Eng
    goldbug

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    Full time coder and part time gold dealer.
    goldbugmore
    That is a coop and you may have a hard time getting a mortgage for it. Be prepared to pay 599K cash.
    Nov 241
    • Dropbox / Enghd8FK
      Mortgage is possible but 25% down required. First Republic is the only bank I know of in the Bay Area that will do co-op loans.
      Nov 24
  • I would guess it’s a coop and rent it out is highly restricted
    Nov 240
  • This is a not so good neighborhood. Check the crime maps. Also check the $/sqft around this area.
    Nov 241
    • Airbnb Pomax
      As far as SF neighborhoods go this is a pretty good one.
      Nov 24
  • Dropbox / Enghd8FK
    This is actually a pretty amazing deal if you want to live there. As others have said, there are restrictions against rental.
    Nov 241
    • New yvcfrij
      Nope, don't buy things while it is going down. It will go down even more.
      Nov 24
  • New CQwg28
    When it's too good to be true....
    Nov 240

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