Brand New 2015 Loft - $141,000 - $900 / Month - Need Help!

[Christopher Laverdure]

Hello everybody!

I'm new here (from Canada/Quebec) and I have recently bought a brand new 2015 loft at $141,000 with $30,000 cash down. (gave them the 20% so I don't pay any fees)

It includes:

• 2 Parkings (Outside)
• Brand New Pool Outside
  
• A Brand New Gym
• Lounge Place To Eat Close By The Pool With An Inside Kitchen And A Few BBQs
• 3 1/2 - 650 Square Feet - 9 Feet Ceiling
• Locker In The Basement To Store Stuff We Don't Use
• I Have A Balcony
• I'm At The Last Floor (Fourth)
• There Is An Elevator
• Air Conditioning
• Ceramic Shower Tiles And Glass Doors
• Ceramic Backsplash In The Kitchen(85 Square Feet)
• Chimney Hood

That's a total of $515/month plus the loft fees $100/month plus taxes $110/month...

In 4-5 months, they will be building a last 32 units of loft...

Price will be a little bit higher (probably around $150,000 ish)

I've talked with people and some of them rent it for $850-$900 / month with kitchen appliances (it comes with the loft when you buy a brand new one)...

Would it be worth it for me to buy another one and rent it?

If so would it still be worth it to only put 5% down?

Thanks !

[Scott England]

James has it right.  The return on your cash and your overall investment wouldn't be up to par.  Not to mention the numbers will probably look much worse when you factor in a higher interest rate for an investment property and/or mortgage insurance for not putting the 20% down.  

I think the important thing here is that you are looking at a deal and evaluating it based on the #'s, not your like (or dislike) of the property.  Sounds like a pretty cool place to live.  Just not necessarily a good investment.