In situations like these, there is obviously no sure answer. If all of the repairs are made, and the home is looking clean and updated, then you could potentially make that $170 that you mentioned, or maybe more. I think it depends on how much you have to put into the house right now. If you could make all of the repairs for $20k, it sounds like it would be worth if, from a finance point-of-view. Siding can really help with the curb appeal.
mark Leach | http://www.fredericksburg-builders.com... more
You know you canâ€™t afford it based on just your income, probably why the father-in-law joint deal? So he is going to pay about half his annual income for a 6 month residency? It doesnâ€™t sound right to me so be very careful, the same government that audits lenders is the same one that audits you. And currently they have absolutely no sense of humor when it comes to the mortgage industry or consumer misrepresentation. So if pops really isnâ€™t living there 6 months out of every 12, donâ€™t make that claim, they will not play nicely if something goes amiss.
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.... more
The real question is how the property maintaned and how often they have been doing updates. The next issue is do they have a schedule of the updates and work to been done. Ask for the budget on up and comming expenses. The only exenses that will be paid by the hoa is what is detailed in the condo documents and on a 8 unit condo there will be little common area for work to be done. The items that might be of interest to ensure a large investment would not be required or a special assessment required are: How is the roof, siding, does the complex need painting, how is the landscaping, how is the parking area, and the hall ways. This assumes the heating and hot water is paying for their own utilities (utilities not in hoa dues).
A hoa is like a small business and it can be managed well or poorly. Just understand what you are walking into.
First Weber Group
Certified Distressed PRoperty Exxpert