Condo Shopping (Buying)

[Rickey Mayes]

Hello All 

I am currently in the process of condo shopping. I am look for affordable condos no more than $250k so I can keep the down payment low. But I am open to other financing possibilities. I am posting this to hear from you all suggestions on how I should approach purchasing a condo. This will be both of our first home purchases.

Questions such as: 15 year or 30 year mortgage, 5% down 10% down or 20% down. Also how to make the payments go down when we are ready to rent it out in the future (3-5years).

It is just me and my fiancé as of now. This is not going to be our “forever” home since we do want a family, so do keep in mind that eventually we want to list it up as a rental property or sell it if we have to. But I would rather rent it out so it could be our first/foundational rental property and we can continue to grow our portfolio.

We've been looking to rent for a while now but with the local rent pricing it is just as expensive/affordable to purchase your own condo than to rent. So we are just asking for suggestions on how to go about purchasing a condo.