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+--- Thread: Indulge my fantasy - What would it take to own this building? (/showthread.php?tid=84559)
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Re: Indulge my fantasy - What would it take to own this building? - Black - 09-18-2009
Unless the top post was edited, I don't see that matt has given enough info for a meaningful reply, and definitely not enough to spur the discussion about security deposits above. And I'm either too tired or too thick to understand the connection between the security deposit/friend story and buying a building.
But what lafinfil said is a good answer to some question, quite possibly matt's.
Re: Indulge my fantasy - What would it take to own this building? - mattkime - 09-18-2009
>>Well you would need about 20% down to start with probably closer to 25-30% by the time you get through closing
Is that mainly mortgage down payment? what are the other major expenses?
(and yes, this thread is satisfying my curiosity)
Re: Indulge my fantasy - What would it take to own this building? - mrbigstuff - 09-18-2009
as an investment property (you may be considered an owner occupant if you live there) the lending institution may require on the order of 30% down if you want to do that to avoid the PMI. but, i think that would be an insurmountable hurdle ($1m property?). you are more likely to get this property with a few friends and do it as a co-op, that way there is no "condo" antagonism and any other investor/friends sell the property with a percentage (up to 100%) of the profit going back to the other investors. of course, you have to know a few people with the means to do this. explore co-ops and see if you can round up some folks willing to take the jump; it is a good time to do it if you can come up with the substantial down payment.