quote:
It's appropriate in some circumstances. It's frowned upon on here sometimes, but in considering one in New Orleans as a second place. I don't want much maintenance when I'm just there for the weekends.

It's call I hotel. Lets say u spend 150 a night, 300 a weekend. That's 1,200 a month.

What your note on a condo gonna be. Lets say u bought one for 100k at 3.5% at a 15 year AM.

That's what 700ish a month note. Ad the insurance and taxes and u can call it 900 a month.

Then you gotta buy shite to put in the condo. We will be cheap say 3000 upfront.. Tv couch beds towels vacuum mop... Prob more like 5k

The you gotta bat the utilities prob not a lot since u won't be there but let's say 50 a month

Then you will likely have an HOA dues prob $125 a month so someone will cut the grass pickup the trash yada yada.

So then the AC needs a repair. There's 500 bucks during the summer.

So add all that up and figure out what it costs per month.

Then realize u can pay about the same and have some women named Lopez clean up after you

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Posted by Chair

New Orleans

Member since Jan 2013

2168 posts

Posted on 2/7/13 at 9:29 am to bryso

A lot of these concerns won't really apply to me. I won't be spending close to $1200 a month on the note/HOA/utilities etc. I have evrything I need to furnish the entire unit right now so there won't be any upfront costs for that.

I'll also have gym access included (which I pay for a membership now) with other amenities that I don't have now.

The location is smack dab in the middle of the city, which is what I want. I don't want to buy a house somewhere in the suburb. I'm renting now, and don't see the point of continuing to rent, if I'm in a position not to.

The same size units in the complex are renting for much more than my note will be, so if something does happen, I shouldn't lose anything if I have to rent. I know this is an assumption, but it's a promising one as opposed to one that looks not so promising.

I guess it's just a situational thing.

Not doubting the board or saying anyone is wrong. Just trying to figure out if my situation makes it deifferent than the norm.