Indulge my fantasy - What would it take to own this building?

[Black]

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.

[mattkime]

>>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)

[mrbigstuff]

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.