All Forum Posts by: Ajay Gopal

I am in the market for a mortgage for an invest. prop in Canoga Park (SFV). I have excellent credit and want to put 10-15% down. Anyone? Pls email asap. I need to close in 30 days. I've stumbled upon an REO that's a steal. Thanks

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Originally posted by "Wheatie":

Your principle & interest payment should be around $1100, depending on the exact rate you get. Taxes and insurance are easy enough to figure out. The taxes should be in the listing, and insurance can be quoted by an agent. The other biggie for a condo will the HOA charges. That should also be included in the listing. Need to check on the financial soundness of the HOA. Just guessing, I'd say taxes, insurance, and HOA will add up to more than $300.

Will this property appreciate in the coming years from the $200K you're paying now? My guess would be not. If anything, I think you're likely to see prices fall, since they've gone up so much now. See if you can find out what these units were selling for in 2000, and add 20%. I think that's the baseline value for these. Assume they will be worth maybe 10-15% over this baseline 5 years from now. And, easily 10-15% below the $200K a year from now.

I'd consider renting, in that area.

But, keep in mind, I don't live there, and I don't see what's going on in detail. There may be factors I'm unaware of that are driving demand, or have already hit prices hard.

Jon

Thankd for the info. I really appreciate it!

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Hi,
I am new to this blog as well as the world of investing. Here's my scenario:

I am looking at a condo which is priced at $200k in Thousand Oaks, CA.
I have $10,000 to put down in this investment
That leaves me with a mortgage of $190k
The monthly rent in the area seems to be $1400
I have A+ credit therefore feel that I should be able to secure a decent mortgage
My question is other than, tax, property tax, mortgage what other costs should I calculate in order to figure out my b/e as well as the fact that this is a good investment? Thanks for your help in advance.

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All Forum Posts by: Ajay Gopal

Ajay Gopal has started 2 posts and replied 3 times.

Post: Need a mortgage for $145k for an investment property in SFV

Post: Calculating Break Even on your first investment

Post: Calculating Break Even on your first investment