Bruce Bernstein

Why not? It doesn't cost you anything. And, a good realtor (my experience says that approximately 5% to 10% are good) will actually be able to help you buy right, which is in your best interest - short term and long term - Sun Mar 29 2009, 07:38

You can find places that will fit your budget. Most likely, they will be condo conversions, which as investments are not great alternatives. But for your stated intentions, they may work nicely and some of them are nice and in decent locations. Just be careful with these... they were not originally built to be owned. They were intended to be rented. So, be careful about the noise between units, grounds maintenance, and percentage of owner occupants vs. rental units.

If you want more info, please feel free to contact me.

Regards,
Bruce Bernstein
Pretty Dog Realty
813-944-3115 - Mon Mar 16 2009, 13:22

Jay...

The short answer to your question is NO. You will not qualify for a short sale. And, if you lie to the bank to try to qualify, that is bank fraud - they will find out, and you could go to jail. Banks are not taking these things lightly these days.

All homes require maintenance, regardless of age, and not all investments are profitable. The best advice I can give is for you to fix up the place so that you like it, and live there for a few years. If you really are making over $100k per year, you should have way more money than you need to afford a $2400 loan payment. If you don't, you really need to examine your spending habits... Downsize your car, if need be. Spend less on partying or travel, if that's where you're money is going. If you put some real money in your home - carpet, paint, kitchen cabinets, tile floors - all of which does not have to cost very much, its value will return, perhaps quickly, as homes in that price range are selling now.

As for your mortgage, try refinancing your loan. - Wed Jan 14 2009, 05:32

Lcraft...

Those who advised you to not purchase a condo conversion have given you good advice. I live and work here in South Tampa, of which the Westshore area is a part. I have seen the conversions here and in the St. Pete gateway area and can tell you that...

1) Even when considering your goal of eliminating the lawn and other homeowner hassles, the only way I would advise someone to purchase a condo conversion is at 'firesale' prices. And, in today's market, it is possible to get them at those prices. Some conversions are better than others and will make comfortable living spaces. I know of two large communities with nice amenities and with granite counters tops and stainless appliances. You may be able to get a 1 or even a 2 bedroom unit in either of these places (one is on the water) in your price range.

2) Some important things to look for in a conversion are: concrete structure between floors, reserves for major repairs and maintenance, building insurance included in HOA fees, and more.

3) There are in the South Tampa, even in the Westshore area, single family homes that might fit your budget and needs. Even though they do come with other responsibilities, such as keeping up the yard, a good lawn guy can do that inexpensively, (you will be paying HOA fees to a condo association which will likely be more than a lawn guy will charge you), and these homes would make much better investments in the short AND long run, as they are far more likely to appreciate in value - especially when compared to a condo conversion.

I hope that helps with your decision making process. If there is anything I can do to help with your search, please let me know. Again, I am in South Tampa and know the area well. If you'd like more info about me, please visit my web site: http://www.PrettyDogRealty.com.

Bruce Bernstein
Broker/Owner
Pretty Dog Realty - Sat Dec 20 2008, 06:13

Hello Richard,

Buying under these conditions isn't much different from any other market. The key to making money in real estate is buying right, which isn't necessarily the lowest priced home in a price category. There are several factors which should be considered: Location being an important one; but so is size and number of bedrooms; as well as the status of the other homes around the home - if it is an older neighborhood, have any of the homes been replaced or renovated. When purchasing in a down market, one must be sure to have a complete understanding of the local market and its pricing (ie. the South Tampa is very different from, say, Carrollwood or Westchase). The other thing is, with so many homes available, you'll save lots of time if you use a realtor who is WILLING TO WORK FOR you. You will need someone who is not afraid to do lots of legwork, checking out homes on your behalf before you see them, to 'weed out' those that are not the best fit for your needs.

Bruce Bernstein
Pretty Dog Realty
813-944-3115 http://www.PrettyDogRealty.com - Fri Nov 14 2008, 05:08