A Good Deal On A Condo In Ohio, Can I Afford It?

[docstudent]

Hey Fellow Savers:

I Live In Los Angeles, And At The Moment, I Am Shut Out Of The Housing Market Due To Excessive Home Prices. However, I Found A Nice 2br 1bth Condo In Columbus That I Believe Will Be A Good Investment In The Long Term. It Is Priced Right At 54g, And It Is Located In A Suburb With An Excellent School District.

Here Are My Current Stats...i Planning To Make The Purchase In June Of This Year.


Current Take Home $4100, Should Increase To $4300 In The Fall Of 09, And That Is A Worst Case Scenario. Job Is Very Very Stable, And The Chance To Make More Monry Is Available

The Estimated Cost Of The Condo Would Be $610 A Month With Taxes At $1160 For The Year.

Current Rent In Los Angeles: $1350
Car: $459
Insurance: 144/ Phone 127/ Cable/internet 90
Utilities: 100
Gas: 90
Food: 150
Condo In Ohio: 600 A Month With An Additional 120 For Utilities..most Likely I Will Rent Out The Property, But I Want To Be Able To Cover The Payment Regardless.
Gym 135, My Guilty Pleasure
Entertainment, 100
Student Loan, 500
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Credit Card Debt, $2800

Available Credit, About 50g On Five Cards, Zero Balances On Four Cards

Savings: 10, 500
403 B Account #1, 15, 800
403 B Accounr #2 5,000
Retirement Account, 40,000

Student Loan 137,000 At 600 A Month

[QuadSquadMom]

Are you moving to Ohio, or planning to be a long-distance landlord???

This will make a difference as to responses.

[docstudent]

I am going to remain in California, but all of my family and close friends live in Ohio.

[zetta]

Do your relatives agree the condo is a good price? I only ask because my family had to stop an uncle from making a bad deal on a property when he moved back from California to Missouri...it seemed like a bargain coming from CA, but actually was overpriced for the local market.

[Alex_Adviser]

Do your relatives agree the condo is a good price? I only ask because my family had to stop an uncle from making a bad deal on a property when he moved back from California to Missouri...it seemed like a bargain coming from CA, but actually was overpriced for the local market.

I agree with Zetta. It is a good advice to take the opinion of the friends and relative being staying in Condo. As the deal could seem a good one from where you are now but the actual picture can be different.

There is no doubt that you can afford the house. All you need is to be more financial savvy and d good management of your available resources.

All the best............

[jIM_Ohio]

what suburb?

[docstudent]

hilliard, ohio...i went to college in columbus,so i am somewhat familiar with the area. i am most likely going to offer 50g for the condo, columbus taxes, hilliard schools.

[jIM_Ohio]

what is demand for rentals in Hilliard... I've played their soccer teams before, don't remember where it was though.