24 Condo BUYING and OWNERSHIP Tips You Must KNOW!

Buying and owning a condo can be complicated, but in this video I am going power through a TON of helpful TIPS to help you fully understand what is involved in buying and owning a condo.
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[@MichaelBordenaro]

If you want to know more about the differences between buying a house v.s. condo, then check out this video right here kzbin.info/www/bejne/eXjUfGerlKiVoNU

[@TsarOfRuss]

Does this apply to NYC too?? i saw a skyrise condo for $500,000 ... but to my amazement HOA FEE is $4000 per month, is this possible at all?? im a foreigner i don't really know much about HOA

[@MichaelBordenaro]

@@TsarOfRuss Yes it applies everywhere in the US and that maint fee is probably for real, and that is why the price is low for NYC. We have places like that here in Miami too

[@Texas_Made_]

7:43,VERY IMPORTANT 😮, oh i own my condo❤

[@SirCarlosMusicBMI]

WOW 😮❗️ Things have changed so much since 2 years ago. Insurance has taken over the majority of “Costs” to consider. Thank you Michael. Wish that I knew your channel a couple years ago. I’m very happy for you and know that your channel is growing. Blessings, Carlos ✝️🙏❤️😊❗️

[@richardcheatham9490]

Exactly the type of information a buyer like me needs to understand when he shops for a unit. Best to get a jump on the 5 day due diligence period I'll have before the purchase is officially complete. Thanks, Michael, this is especially useful and concise information.

[@MichaelBordenaro]

Awesome, glad to hear that Richard!

[@everydaygrace6310]

Thank you ! This was so helpful!

[@hermelyndapickleball]

Thanks! I'm getting an inspection on my 1st condo and this was helpful! 🙂👍🙏

[@landho1]

Great video Michael, so many things I did not know about condos. Thank you!

[@MichaelBordenaro]

Thank you I’m really happy I could give you some knowledge about the subject 👌

[@THEFLYBOYWAY]

Nice video ... the break down was great . Its a good feeling to know I don't have to get my hands dirty with maintenance... but boy oh boy finding a contractor to do some work in Miami Beach is turning out to be difficult 😅

[@MichaelBordenaro]

Thank you, really glad it was helpful! Oh man the contractor thing don't even get me started. So many people are so unreliable here. I even made a video dedicated to that topic a few months back LOL

[@janarlillemets2829]

Thanks for this amazing information

[@MichaelBordenaro]

You’re welcome!

[@peteherrera1502]

Great explanation. I did not realized how involved and different it is to buy and own a condo

[@colyhope6467]

Thanks for the advice.

[@VN_panda]

Thanks for the video !

[@MichaelBordenaro]

You're welcome!

[@jadeheart911]

eye opener !!!

[@erica2002us]

Greatly informative information!

[@MichaelBordenaro]

Glad it was helpful!

[@Zelielz1]

Oh boy, lots of stuff to know

[@fraser5032]

Very informative as usual. Always excellent content! Question for you: would you hire a notary to read through the fine print or a lawyer?

[@MichaelBordenaro]

Thank you Fraser!! Hire an attorney, yes absolutely if you want a 2nd opinion, notary no, since they cannot give legal advice and are not in the position to do so.

[@RIP.BIG092MLBOA]

Man thank you for this video 💯 I don’t know much about rules & regulations until I saw this video

[@MichaelBordenaro]

Glad I could help your understanding

[@lancelance9611]

Very informative. You've saved me a lot of personal stress. Don't thing I want to go the condo route again...thank you so very much

[@MichaelBordenaro]

You're welcome Lance, glad I could help!

[@soniadowney7427]

Great job ... I'm in a condo and rules keep on changing.some for the good and some not ...I'd like to learn about co op one day when you have time

[@MichaelBordenaro]

Thank you! That is pretty typical of condos with the ever changing rules. Thanks for watching and I may do the co op one in the future 👍

[@PlayBoyHustlazTV]

Very informative

[@MichaelBordenaro]

Thanks!

[@JoeDWhiteTalks]

Great tips. I own a condo, but I didn't put any money down when I financed with a VA loan.

[@MichaelBordenaro]

VA loans are the only loans nowadays you can get 100% financing. That's great that you were able to get that and you deserve it as a veteran👍

[@johnsanchez4993]

Thank you I appreciate it

[@MichaelBordenaro]

You're welcome!

[@RIP.BIG092MLBOA]

Do a video about condo vs apartment / ownership vs renting

[@Fourtune1]

Very useful, thanks

[@tupezeamarion2209]

Good job 😊 I’m thinking of buying a condo of the water

[@Carlossantos-wg8rs]

The major problems with tenants not respecting HOA RULES is dogs and No Over night Commercial Vehicles ALLOWED!!!!!

[@Texas_Made_]

13:58,yup same where im at,single family homes also are close by everything🎉

[@mcarlkv53]

condo buying is tough. I would love to buy a condo in orlando, kissimmee, or melbourne...but with the hoa or condo association fee and the taxes, and the homeowner insurance, and sometimes a "special assessment fee"....its just tough...any condos in orlando without any fees or homeowner insurance or taxes required?

[@rbraxton00]

Very great information. I'm definitely more interested in buying a single family home, but this is interesting.

[@MichaelBordenaro]

Thank you Natural Escinze! Nice to see you on the live yesterday too 😀

[@timward3116]

Very interesting video, Michael! I enjoyed the advice and also the some of the views of the area. Florida looks beautiful! I have owned houses with strict HOAs and condos with HOAs in another hot market, Phoenix (literally hot). I was once on an HOA board from Hell (not unlike being an honest person in Congress). Owning your own house here (with an HOA, and almost all homes have them) or condo can be either good or horrible. Right now, I' live in a great condo in a tiny older complex of four buildings, each containing four one-story units in a spectacular neighborhood. HOA fees are only $125/month because there is no pool, no grass (desert landscaping), no clubhouse, and no gate - which brings me to my first piece of advice (maybe you covered it elsewhere): amenities cost money! The fewer the amenities, the lower the dues and, usually, special assessments. If you don't want a pool, gym or clubhouse, you may not want to pay for their upkeep. My second piece of advice is: CHECK OUT THE PARKING situation before you buy. Here, complexes have assigned parking but what happens if a neighbor throws a party? You come home to discover that YOUR spaces are occupied. This is not a problem where I am now, but it was a HUGE problem in my previous condo complex - so verify there is adequate guest parking (even if you don't have guests, yourself). And the third piece of advice is: buy in a good, safe area where you won't be robbed and your car won't be broken into (if you can).

[@MichaelBordenaro]

Thank you Tim these are great extra points you mentioned here as well. Those amenities do cost money! Although I can think of a few examples of some very small buildings here in Miami that literally have no amenities and the maintenance fees is still $400 per month! Mainly due to high cost of insurance on the building and management

[@timward3116]

@@MichaelBordenaro Great point! Insurance costs! I don't know why our insurance in this little development is so low. Maybe because each building is small and simple? Hmmm. And we are self managed. No management company here would even consider managing such a small place - so that save some money, too. The highrises five miles south of me (downtown), though, are outrageously expensive and have outrageous HOA fees. I was really blessed to find the best of all worlds here in my 863 square-foot condo. Well, I know you're busy. No need to respond! Have a great week!

[@nyhiadancelover]

Can you please do a owning a condo beginning to end like how do you go about saving and how long should you prepare and stuff like that or is it basically the same as buying a house

[@MichaelBordenaro]

Yes the process is exactly the same as buying a house except getting a loan for a condo can be more difficult depending on the building, due to issues with the building such as financials, reserves, owner occupancy etc. But yes, definitely still need to save for a downpayment and start getting familiar with how much condos cost in the area you're looking in

[@SR-vk3fv]

Not buying a condo but still liked the video. Renting vs buying a condo? Video idea? I don't really know if there are a whole lot of differences besides financial.

[@MichaelBordenaro]

Thanks for watching anyhow! I actually did the renting vs buying video a while ago, I'll link it here kzbin.info/www/bejne/a4rJd4qjobCBppI

[@BrisLS1]

Very good points, as always. I would be curious about "co op", and how that works. Sometimes you see a lower price for co-op and think it could be a good deal. As for lifestyle, I have done 2 condos, but not in Florida so my experience may not apply. I can say, one I had for < $100k, 2/2, 1000 sq ft, luxury. Wish I never sold. Comparable rents were double my overall monthly outlay on that one. The other has crashed to 2/3 of what I paid for it. The monthly dues have gone up, and special assessments keep coming. Something universal, Florida or Virginia, I would advise; don't buy the people in a place. They may show you wine and cheese parties in the brochure. Don't bite. Get your friends some place else. It's too close for comfort, and people who should be your BFF, will hate you. Buy a place for the awesome parking spot for your Porsche, and the view of the ocean. Be invisible to the people who live there, because I guarantee you will wish you were.

[@MichaelBordenaro]

Thank you Brian! Man, too bad you sold that first one! Totally agree with your advice too about buying the place and not the people, very good tip!!

[@BrisLS1]

Here is an example of CO-OP that is enough to scare you away from wasting your time shopping for a move. It says Assessment 89,000. That's about the price of the property - www.trulia.com/p/fl/pompano-beach/100-se-6th-ave-104-pompano-beach-fl-33060--2093612259

[@BrisLS1]

Edit - I am guessing now, the "assessment" is not an additional fee, just the tax appraisal value of the property? Add this to the request for explanation about co-op. Thanks!

[@MichaelBordenaro]

@@BrisLS1 If there is an assessment, it the amount could be any amount really. Basically if there is a 100k assessment, and there are 10 units in the building, then they would each end up with a 10k special assessment. But in real world terms the math is not that easy, because there are different sized units in condos, and people pay based on square footage of their unit

[@MichaelBordenaro]

This can be a little confusing because in the video I am referring to a "special assessment" and this is different than the assessment pointed out in this listing. The listing is referring to the assessed value of the unit, and that is the amount that is used to calculate the property taxes for the unit. Different than a special assessment

[@colemant6845]

CONDO SPECIAL ASSESSMENTS! in Ft. Myers/Cape Coral !!! You need to do a "Walk About" here. My Estimated Special Assessment is $10K! My Insurance Policy covered by FL Law... Only $2K... You should do a complete video on this Mis-Justice alone! We Purchase insurance for only one reason... to make sure we do not absorb expenses we cannot afford. The Insurance companies pull out the Fine Print when the adjusters are sent to INFORM US OF THE REAL CONTRACT TRUTH!. Talk about it Mike. Show it Mike

[@chaseberggren6778]

Very informative! As far as renting out the apartment, I understand from your video that it's rare to be allowed to do so for less than one year or six month periods. But how about short-term renting out my spare bedroom? Seems like smaller/older buildings would be more amenable to that, yes?

[@MichaelBordenaro]

Yes thats correct, its pretty rare to be able to rent out short term in condos. Even if its the spare bedroom, it still would be considered a short term rental, if you have new people coming and going all the time.

[@chaseberggren6778]

​@@MichaelBordenaro Okay, got it. I just saw your video interview with your friend Michael who does AirBnB locally and in Calif. so I know he was talking about apartments, not condos.

[@MichaelBordenaro]

@@chaseberggren6778 A lot of his units are condos as well, but they are located in buildings / areas where short term is allowed

[@azeemshaikh2716]

Hey I’m moving to Miami in the brickell area next year and I really love ur channel! Is there any way you can make a video showing the brickell, midtown, edge water area for rental apartments and condos?!

[@MichaelBordenaro]

That’s so cool I’m really glad to hear you love my channel. I’ll consider it but I put a lot of research into my videos before I make them so I cannot promise but I appreciate the suggestion👍

[@azeemshaikh2716]

@@MichaelBordenaro thanks man it really means a lot out of all the Miami real estate KZbinrs your channel explains things really simple and straightforward!!!! Love the content😁

[@carmen98651]

Thanks, for the video.. I think renting is better than buying a condo.

[@MichaelBordenaro]

You're welcome! I think so too in most cases. Although there are some places that can still be a better buy financially to own than rent, but that i becoming more and more rare

[@BossChronicles]

Wondering what is a better living situation overall I'm a single guy in his 30's and find both of these options appealing different reasons. 1st scenario small condo 1 or 2 bedrooms in a downtown setting close to light rail no need for a car close to major international Airport everything within walking distance. 2nd scenrio house in the suburbs need a car but has 3 to 4 bedrooms can have 1 for an office one for a main bedroom convert one for a gym etc needs a car Price around the same overall would like to get some perspective

[@MichaelBordenaro]

I think you just said it yourself. It really comes down to the lifestyle you prefer more than the size of the place. If you want the convenience of the city the condo is the obvious choice if you don't mind being home more and I have to drive to go places and want the extra space suburbs is where it's at 👌

[@mitchkaley9196]

Hey Mike love your videos. I looking to retire to Florida in a year or two. I’m looking for a 55 and over CONDO with the spa life. Any suggestions? It would be greatly appreciated! I want the beach near by.

[@MichaelBordenaro]

Thank you Mitch! I can't think of a 55 and older that caters to the spa life. I haven't dealt with 55 and older communities that much in my career as there's not too many of them around here where I live. If I think of any I'll let you know!

[@deRose03]

If I move to a condo, would HOA allow me to soundproof it? I would want to soundproof it with 2 layers of special foam. Would I even need to ask them? Also, would I be able to install a second front door to make it more secure or will they not allow that?

[@RS1925]

do condos/apartment for rent offer 2 parking spaces ? my wife and I own two cars and we've seen only one parking space in most of them,,, you'd just park one car on the streets ? great videos man, moving next year

[@MichaelBordenaro]

Some of them do but most of them do not. The alternative is some buildings will rent you an extra spot for an extra fee, you can pay to have a valet spot usually a monthly fee, or you can even rent a spot from someone else in the building who doesn't use theirs for a monthly fee. Otherwise parking the second car on the street is the other option. Glad you enjoyed!

[@abstract-thoughts]

Thank you! Who's responsible for maintenance inside the unit?

[@sayoshinakamario]

03:56

[@tuck6464]

Communisim/like living with your parents ?

[@WEANDK]

Hey, Mike, how much did that Mesa Boogie head cost,

[@wg6377]

Dammm , so many restrictions and laws , lol , make you think if is not better buy some land and build your little cabin somewhere and live free and no monthly payments , iv been thinking about that seriously , always great info and videos , cheers

[@MichaelBordenaro]

Absolutely, all the amenities and lifestyle comes at a cost, not just financially either...

[@md9710]

I hope you are in a safe condo. #SURFSIDE

[@roylappin4491]

The man behind the sunglasses.

[@fireite605]

7:17 lol thats my condo building in the distance.

[@SecretCaskets]

Do your condo neighbors complain about that dual rectifier?

[@memesmojo5622]

kinda a stupid question but in winter and fall, when does the sun set? Where i currently live in fall and winter time it gets dark around 4-6, but since its alot warmer in florida does the sun set later or not ?

[@MichaelBordenaro]

Sunset in Miami Beach right now is 5:30 pm 👍

[@soniadowney7427]

Nothing is a stupid question ...wondered that myself

[@johnwesleybaker1349]

can you do something on pest infestations and multi dwellings like apt and condos? i am moving from Dallas to probably tampa and have a severe phobia for bugs. i could not stay somewhere that has visible roaches every time you turn on the lights. any way to check a place for bugs before signing? maybe how to avoid horror stories video. you might cover things like noise issues. i visited one place during they day only to realize there was a railroad crossing close by and at night the train would signal so loud and wake me up all night. also construction or crime. in Dallas I know where not to live. i lived in Memphis and parts of Memphis are super dangerous to live. so how do you check that type of info when recommending a place. maybe a "how to avoid horror stories when renting or buying" FYI - you are a pretty laid back sounding guy you would do well talking about different things on youtube. people often seem to watch less for information and more for pseudo companionship.

[@MichaelBordenaro]

The bugs is a tricky thing to check before moving into a place. Unless when you are there and you see bug activity it's almost impossible to know if you'll get roaches later on. A perfect example of this is the first apartment I rented in Miami when I move there the place was clean no bugs. But after living there for about six months or so I started seeing roaches every day and it turned out it was because of the neighbor below me was a filthy hoarder. So it's really something that's outside of your control for the most part even if you're super clean and the place didn't have bugs when you moved in doesn't mean it can't get them at all. I would say the same goes for the noise situation too. I appreciate your compliment about my laid-backness😉What other type of content could you see watching from me? Any feedback helps I'm always experimenting

[@311daydreamer]

@@MichaelBordenaro What happens if you buy a condo and then your neighbor has bugs and you get them? Are you responsible for the exterminator or is the building?

[@MichaelBordenaro]

@@311daydreamer Thats a tricky one bc a lot of buildings do provide extermination services but only usually once or twice a month. so if your problem cannot be eradicated with that interval of service, you may end up needing to front the bill out of your own pocket

[@michelletxrealtor]

Do the tenants who only lease a condo (not own) have to pay special assessments as well?

[@MichaelBordenaro]

No they do not but sometimes the owners will charge more in rent and pass along that cost to the tenant.

[@BiztosAngol]

Hi! Where should we look for places if we want to stay in Miami Beach or Hollywood beach for 2-3 months? We are planning to visit in mid February for 2-3 months and we are 7 adults and 1 small 2 year old kid. Can u tell us any idea? Thanks

[@MichaelBordenaro]

I cant say for hollywood, but for MB, Roney Palace, Decoplage, Castle Beach, Mondrian, are some options. You can also do a longer term airbnb.

[@BiztosAngol]

@@MichaelBordenaro if you have any particular offer. Tell me! Thanks

[@MichaelBordenaro]

@@BiztosAngol You bet!

[@johnsanchez4993]

I am interested in buying a condo In Hollandale I was wondering maybe you can help me find within the 200 range

[@MichaelBordenaro]

Hey John I don’t work in Hollandale but if you’re serious about buying there I can refer you to a friend of mine who might be able to help. Shoot me an email in my about section

[@Texas_Made_]

13:13😂right

[@malcal5136]

Is that a les Paul behind you

[@oscarreal9163]

Damn this is a little tough.......so much money for things like insurance alone.......

[@lonnellwashere]

What hot water heater? Who would responsible got fixing that if it went out? The owner because it’s inside of your condo right?

[@lonnellwashere]

*about

[@MichaelBordenaro]

That's correct, it would be your responsibility as the owner of the unit to fix the hot water heater. The only exception, is some very old buildings may have a hot water system for the entire building, in that case, it would be the condo's responsibility 👍

[@lonnellwashere]

@@MichaelBordenaro Ok thank you for that. and great video also. I have been thinking about getting a condo as a first time home.

[@DukeofPrunes11]

any tips on finding a job in florida while i still live out of state?

[@MichaelBordenaro]

yes, in fact I made a whole video just about that here kzbin.info/www/bejne/fZ69ZJWtoLemZtk

[@DukeofPrunes11]

@@MichaelBordenaro thank you

[@MichaelBordenaro]

@@DukeofPrunes11 You're welcome!

[@jeetsinghbhujun8147]

Michael, why is it that there are so many rentals on the market for the non oceanfront old art deco 1 or 2 bedroom condos. Im interested in buying as an investment but concerns me the condos has listing for rent that dates almost a year without any tenant. What's up with that?

[@MichaelBordenaro]

It's hard to say without a specific example, but my guess is that probably the prices are too high for the place, and it seems to take a lot of landlords a while to "catch up" with the real market price sometimes

[@jeetsinghbhujun8147]

@@MichaelBordenaro examples? I got you: Check this out. There's over 60 apartments/condos on the market on south beach for rent under $1500. www.zillow.com/miami-beach-fl/rentals/?searchQueryState=%7B%22pagination%22%3A%7B%7D%2C%22usersSearchTerm%22%3A%22Miami%20Beach%2C%20FL%22%2C%22mapBounds%22%3A%7B%22west%22%3A-80.14359321509677%2C%22east%22%3A-80.12590391829566%2C%22south%22%3A25.769544812651315%2C%22north%22%3A25.791303150673674%7D%2C%22regionSelection%22%3A%5B%7B%22regionId%22%3A5924%2C%22regionType%22%3A6%7D%5D%2C%22filterState%22%3A%7B%22price%22%3A%7B%22max%22%3A453033%7D%2C%22mp%22%3A%7B%22max%22%3A1500%7D%2C%22beds%22%3A%7B%22min%22%3A1%7D%2C%22baths%22%3A%7B%22min%22%3A1%7D%2C%22sqft%22%3A%7B%22min%22%3A500%7D%2C%22fsba%22%3A%7B%22value%22%3Afalse%7D%2C%22fsbo%22%3A%7B%22value%22%3Afalse%7D%2C%22nc%22%3A%7B%22value%22%3Afalse%7D%2C%22fore%22%3A%7B%22value%22%3Afalse%7D%2C%22cmsn%22%3A%7B%22value%22%3Afalse%7D%2C%22auc%22%3A%7B%22value%22%3Afalse%7D%2C%22pmf%22%3A%7B%22value%22%3Afalse%7D%2C%22pf%22%3A%7B%22value%22%3Afalse%7D%2C%22fr%22%3A%7B%22value%22%3Atrue%7D%2C%22ah%22%3A%7B%22value%22%3Atrue%7D%2C%22mf%22%3A%7B%22value%22%3Afalse%7D%2C%22manu%22%3A%7B%22value%22%3Afalse%7D%2C%22land%22%3A%7B%22value%22%3Afalse%7D%7D%2C%22isListVisible%22%3Afalse%2C%22isMapVisible%22%3Atrue%2C%22mapZoom%22%3A15%7D If you pick any of them you will see that the rents have dropped to 1300 in lieu of not finding tenants over the last months. Some for almost a year or more. This gives me zero confidence that if I buy one as an investment it may just sit on the market and become a liability with no cash flow. This to me is more than just a couple landlords holding up their numbers. Thoughts? Don't you think the market is just saturated right now and there just aren't that many ppl looking to rent in Miami beach? Thank you so much for weighing in on this. Do you reckon I buy outside of Miami beach at this point?

[@MichaelBordenaro]

Hi Jeetsingh, I checked the south beach rentals you were referring to you, and yes there are many, but that is pretty normal. Also, I clicked on about 20 random ones, and didn't see any on the market longer than 2 months. However, as someone that lives and works here I will say this. Ever since the pandemic, it feels like Miami is more "empty" than before. So I do think at this moment, demand is not as high as usual, and I can see this through my own rental listings, as I have a couple places for rent right now, and I'm not seeing nearly the amount of activity that I normally would. But a lot of different factors can determine why I placed it on the market for a long time. It can be the price it can be the place itself is not good it can be that the realtor doesn't answer the phone and never shows the unit etc. My advice would be to wait it out if you want to buy a place here because since were still going through the pandemic situation we don't really know the full affect it's going to have on the economy yet. And prices were already dipping for condos here before the pandemic so it might be wise to wait through this next year and see where prices go. I would like to buy another investment property myself but I am also following my own advice and I'm going to wait and see what happens

[@jeetsinghbhujun8147]

@@MichaelBordenaro thank you so much. If I see I'll def stop u to say hi. You have no idea how valuable helpful and generous you are in making the time to answer random ppls question for free out here in such a timely fashion as well. I couldn't thank you more. I moved to Miami Beach near the convention center in Feb 2020. Renting a 1br/1bath unit. The rent went down from 1500 to 1325 cuz I was able to negotiate with so many apts on the market at the time. Yes I guess I'll wait it out. Not to keep this dragging but I feel like the condo market on non highrise buildings haven't really appreciated much where areas outside like ft Lauderdale for example

[@YanilleCastillo]

You are asking for to much maybe ? Not sure I find if u knock $200 off at least your likely to find a tenant that chooses to pay on time because it’s a little cheaper from my experience check and research what rents r going for there and their pay not a expert I have my own questions

[@Texas_Made_]

13:27😢😢😢,lorddd,i hope its quiet

[@jamie615]

why do most houses I see for sale in florida have HOA fees? do they clean the pool? no...

[@MichaelBordenaro]

Well it's definitely not most it's probably just a particular area you're looking in. Probably the area you're looking in has a lot of gated communities with HOA's. Try expanding your search. They Do you clean the pool if it's the common area pool at the clubhouse but not the pool in your backyard

[@md9710]

Most homes in florida are in HOA communities, unless you want to live in the country or buy your own lot and build your home, in some HOA communities the HOA fees include, pool cleaning, basic cable and lawn maintenance. But very few do. Tell your realtor you don’t want an HOA community and she may be able to do the search base on your criteria

[@jlop7108]

So how much money do you recommend to be making monthly to be able to comfortably afford condo?

[@MichaelBordenaro]

That highly depends on the price of the condo really

[@jlop7108]

@@MichaelBordenaro how about a 95k

[@MichaelBordenaro]

@@jlop7108 That is about as cheap as most condos come, so you could probably comfortably afford that with a 30k salary

[@orangeblossoms88]

Do you have any tips for first time home buyers in miami beach looking to use an FHA loan on a condo?

[@MichaelBordenaro]

Unfortunately none of the condos here in Miami Beach are FHA approved so you wouldn’t be able to use an FHA loan to buy a place here. However they do have some first time home buyer assistance programs that could possibly help you get it conventional loan

[@user-mc1zn5fn5u]

You can apply for conventional mortgage with 5% down payment. In this case your condo is subject for "Conventional Full Review Condo Questionnaire". I'm in the process of such a loan now.

[@MichaelBordenaro]

@@user-mc1zn5fn5u That is correct, although most condos here in Miami beach will not pass the review for a 5 % down payment. Most will require 20-30% down, due to lack of reserves and high rental vs owner occupancy

[@user-mc1zn5fn5u]

@@MichaelBordenaro I try in Lake Worth. Next week will see. I got conditional mortgage approval. But I don't know is it pass full review or not. They did full review this week. I will proceed with this purchase even with 20% down. In that case my monthly payments will be less. But I prefer more cash in my pocket.

[@MichaelBordenaro]

@@user-mc1zn5fn5u Let me know if it does pass the full review. I would be curious to know. I'm not familiar with the condition of the condo market in lake worth, but would be interesting to know compared to here. Good luck!!

[@jaysaeger1769]

If I buy the condo cash, Will I still have all of these fees?

[@MichaelBordenaro]

Good question and the answer is yes. The only fee you will eliminate by paying cash is your monthly mortgage payment all the rest of the fees are for as long as you own the unit.

[@jaysaeger1769]

@@MichaelBordenaro right. still seems like the better idea. thanks

[@MichaelBordenaro]

@@jaysaeger1769 Yes your mortgage is a significant chunk of your monthly so if you can afford to pay cash then go for it!

[@Texas_Made_]

9:41😒,they need to inforce this more often when it comes to owners renting to nuisance people because it affects other owners and neighbors😮

[@michaelhewitt1986]

👍🏿👍🏿👍🏿🇬🇧

[@toddlavigne6441]

Nice amp head

[@LechugaWable]

14:41 LOL

[@LechugaWable]

1 year since this video came out!!

[@MichaelBordenaro]

I know time flies!

[@lawoman608]

Oh probably not a good idea to buy a condo ... for all those reasons I just realized I can never put up with

[@geocape7060]

Why 20% down for a condo and not a house?

[@MichaelBordenaro]

Because almost all lenders will require it due to the fact that condos are a riskier investment since there are multiple owners in the building and they’re more susceptible to lawsuits, special assessments, major financial issues etc. so basically the bank wants you to have more skin in the game

[@geocape7060]

@@MichaelBordenaro Thank you. Makes sense.

[@tsanwangompo]

❤❤🎉🎉

[@ronvickers8533]

0😊

[@ronyrodrigues7806]

I was thinking....I’m not buying it

[@MichaelBordenaro]

You mean not buying the condo?

[@ronyrodrigues7806]

@@MichaelBordenaro yes

[@ronyrodrigues7806]

@@MichaelBordenaro I think no freedom in a c

[@MichaelBordenaro]

@@ronyrodrigues7806 It definitely has its limitations in that dept

[@bustedd66]

those prices were so cheap

[@TsarOfRuss]

Its starting to sound like its not worth it at all ... I will bitch-slap any morafoka that tries to sell my condo cus i didnt pay stupid fee, what if i dont swim or use any of their ammenities>? all they have to do is ban me from using them.. why sell my Condo.

[@louisedet82]

In other words, you think you own the property, but really you don't! Jeez, in aspects like these, I appreciate my home country, where I can buy land and build my house the way I want. No one is coming to collect any fees from me and there is no property tax. It seems as thought it would make sense to keep renting and send money home to buy land and build my house the way I want. This is what they really mean by in the US, you don't own anything! That which you thought belonged to you can be collected from you for flimsy reasons that are very arbitrary! Back home, even if you sink into financial issues, your greatest consolation and assurance is that you have a roof over your head, cause you truly OWN the property! All you need is food and some bills. The only way you can lose your property is if you used it as a collateral to take loans that's all, no one can come and just foreclose on you or do any of those things! How can I own a property and be subject to HOA laws telling me I can't do this or that! It makes no sense, that's not ownership is! Well, I guess I will stick to renting!