There's a condo complex near my campus offering ownership of 2-bedrooms for 795 down + 795 a month.

[BreweryYardRat]

Assuming this isn't a scam...I need to find a roommate. And fast.

$400 bucks a month for ownership in a place (even unfurnished) close to campus and not in the student ghetto? If there's not a catch, sign me right the FUCK up.

[AllegroRondo]

1. nice deal, but check the fine print first.

like the APR, duration of the mortgage, and whether the rate is adjustable.

[BreweryYardRat]

2. Believe me, I will.

I don't care to get scammed.

[frankenforpres]

3. it's a scam n/t

[Whoa_Nelly]

4. Make sure it's not a time-share deal

It really sounds too good to be true...so Caveat Emptor...get all info, do the research online before investing.

If you know the name of the complex and/or the company that owns it, do some research before wven going there...if you go there at all.

[flvegan]

5. What's the address/complex name?

If you want, I'll run you a quick title search right now, and you can check that against who is offering it for sale.

I'll also tell you what others in the complex have sold for recently, and what the mortgages on those units look like. At least you'll have something to start with.

Your local friend in the title biz,
flvegan

[BreweryYardRat]

6. Hey, thanks man!

Stone Creek Pointe at 5119 East Fletcher Ave, 33617.

The owning company is apparently Cypress Pointe Tampa, part of Pointe Developers.

***

That's really good of you! Thanks very much!

[flvegan]

12. Here you go:

1. It's not a scam. It's an apartment to condo conversion, and the $795/$795 deal is probably a "rough estimate" or they have a special deal with a lender (depending upon credit, etc).
2. It's the Cypress Pointe Apartments, and the actual address of the units is XXXX Arbor Pointe Cir;
3. Recent sales in the complex go like this:
814 square feet, around $120,000
1,130 square feet, around $130,000
4. Here's a link to your Condo Declaration (it's 119 pages, so if you're on dialup, don't bother): It's OR Book 16456, Page 1585
http://pubrec2.hillsclerk.com/oncore2/showdetails.aspx?id=11563563&rn=0&pi=0&ref=search
5. You might try some alternative financing. Some of the mortgages that I found on a few of the recent sales are quite favorable.
6. Also, as far as a roomie goes, remember, this is fee-simple ownership. It's not a lease that ends. You have to have terms, or you might buy the place and rent to a roomie.
7. Check the terms. Find out how much the Condo Assn fees are each month, as well.

Good luck!

[HiFructosePronSyrup]

7. 1. Probably a scam.

2. You don't want to buy a condo with some "roommate" you met in the classifieds.

[Momgonepostal]

8. I don't think that's what he meant

He could buy the condo himself and then rent out a room to someone else.

[HiFructosePronSyrup]

11. Ah.

That's much more sensible.

[Raven]

9. What are the condo fees?

Also find out if there are any special assessments coming up...is this developer financed?

[Momgonepostal]

10. Definitely check out the terms

It's probably not a scam, per se, but it might be some kind of interest only payment for the first part of the loan and then the payments skyrocket.

Keep in mind with condos too, you will probably have home owners association dues. Is that part of the $795? What they cost can vary wildly, but ours are $208 a month.

All in all, I think it's worth at least looking into.