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Single 25yr, making 100K. What can I afford? Any recommendations for condos?

I have no debt other than monthly charges on my credit card (food, gas, etc) and am pretty good with keeping a budget. I have been looking and would rather get a 2bedroom due to resale value (and maybe rent it out to a friend) but anything that catches my eyes (newly built condos, or any modern condos) is way too much. Is buying a 1 bedroom condo such a bad investment?
Also, what should be the most I should consider getting in a loan (I like some that start at 400K but online calculators say that is way out of my range).
Any recommendations for where a young professional should buy a condo (work in North San Jose)? Currently I am living in downtown san jose and like having things at walking distance.
Mon Oct 1 2007, 18:24 - 95112 - Home Buying - 10 answers
 
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H
Home Buyer
in San Jose
H, Home Buyer in San Jose in San Jose
Answers (10)
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Amir Shahkar… was FIRST TO ANSWER
Houses in CA is overpriced and it takes awhile to accumulate the equity now. So I suggest you rent a small room, save the rest and invest in commercial property and receive positive cash flow!!!!!!

Fri Nov 9 2007, 23:52
 
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You have a great many options, don't believe anyone who tells you otherwise. First thing to do is to talk to a lender. If you have a Realtor, they should be able to recommend a good one to you. If not, than talk to a couple of mortgage brokers, and see what they have to say. Or see what your bank can offer you. The lender will give you hard numbers that you can really work with. San Jose has seen a lot of new construction in the condo market the past few years, and there is a lot on the market. I ran an MLS search for condos under $500,000, and there are 835 active for sale listings. The most important step is the first one, and you can always decide to walk away.

Fri Oct 5 2007, 13:31
 
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I think you don't have too many options in San Jose with single 100k income. Can you put 20% down and get a roommate to share your apartment? May be then it will be ok, but think about it. It will cost you around 3.5k per month plus insurance, HOA and so on. total will be close to 4k. your net monthly income is may be 5.5 what do you have left? 1k for car, gas, food, savings, and so on... doesn't make much sense. I'd say, rent a nice place and save/invest your money. Or move to Ohio.

Wed Oct 3 2007, 20:07
 
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Buy the cheapet 1-1 in the area or buy a 2 br so you can rent out one of the bedrooms to a friend.

Wed Oct 3 2007, 07:20
Web Reference: http://www.perryhenderson.com
 
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What do you do at 25yrs of age that earns you that kind of an income?

Software engineers at Google and Apple with 10 years of experience make less, so I'm just dying to know.

Tue Oct 2 2007, 23:34
 
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There is a lot of development going on in downtown San Jose which you are probably seeing since you live there. 1 bedroom condo's are not bad investments, but they historically have a history of staying on the market longer when it comes time to sell (if you plan on selling).

Definitely talk to a knowledgable mortgage broker who is well-versed in 1st time homebuyer programs. There are a lot of different loan programs out there so it will be in your best interest to have a good loan officer to guide you through the details.

Good luck!

Tue Oct 2 2007, 17:11
Web Reference: http://www.e-christine.com
 
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What you can afford is relative to your loan choice. $400-$450K should not be out of your price range when you consider several factors. You say you have no additional debt and have been good with a budget, thus preparing yourself for a home purchase. The tax advantage of owning vs. renting will reduce the budget impact to you. Your entire profile should be reviewed in-depth, including your credit history, current rent, ability to save, length of employment, etc before a pre-approval should be done and you set out house hunting. Meet with a knowledgeable mortgage broker, like myself, and discuss all your options.

Tue Oct 2 2007, 09:42
Web Reference: http://www.slarson.com
 
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I would recommend talking to a mortgage broker to get pre-qualified. The FHA has programs available with no down/low down payments, as well as attractive interest rates.

Once you talk to a mortgage broker and you have an idea of what you can afford, find a local Realtor to help you in your search.

God luck - it's a great time to buy!

Mon Oct 1 2007, 22:17
Web Reference: http://www.cindihagley.com
 
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Hi H:

If the 1 bedroom/1 bath is within walking distance to a college, then it could be a good investment. Also, look into condo's in Mountain View it is a great town not too far from N. San Jose.

Mon Oct 1 2007, 22:14
Web Reference: http://www.DayBreakGroup.com
 
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FIRST ANSWER
There are a lot of options in downtown San Jose. How much monthly payment will you be comfortable with?

Mon Oct 1 2007, 18:36
Web Reference: http://www.888SiliconValley.com
 
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