Condo Purchase, your thoughts?

[Account Closed]

BP Family,

I'm looking to purchase a condo in DTLA (Downtown LA) soon...but wanted to hear your thoughts before making the jump.

The unit is $1M and I only plan on living there for 5 years or less...

1. If you had $1M then what loan terms would you go with and why(5yr, 7yr, 30yr etc...)?

2. With $1M in the piggy bank much would you put down and why? (20%, 30%, 50% or more)

3. How would you use this property to add more properties to your portfolio (looking for creative financing answers :) ?

Look forward to all your answers and insights. Thanks in advance.