Don't rush into the first place you see. Evaluate the "asset" inside and out.
: Budget for more than just the mortgage. Remember to include Homeowners’ Association (HOA) fees , property taxes, utilities, and immediate furniture needs. buying first apartment
Congratulations on deciding to buy your first apartment! This milestone is both exciting and a massive learning curve. Whether you are looking for a personal home or an investment property, the process requires careful financial planning and thorough due diligence. Don't rush into the first place you see
: Aim to spend no more than 30% of your gross monthly income on housing costs (mortgage, taxes, and fees). Remember to include Homeowners’ Association (HOA) fees ,
: You should aim for a down payment of at least 20% to avoid private mortgage insurance and secure better loan terms, though some programs allow for as little as 5% plus closing costs.
Looking to buy my first apartment complex. : r/realestateinvesting