Condos are a great property type for first time home buyers, but you have to know how to find the right ones so that you avoid having to put 10-20% of your own funds down to purchase them. Follow for more tips. Dominiquehiggins.com DRE#01927254 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~ ➡️➡️How to Become a Real Estate Developer - The Workbook (Print) 📚📋: Fulfilled by Amazon: https://www.amazon.com/dp/B0B92NWXBN ➡️➡️ Schedule your FREE Seller Consultation with Dominique (SoCal): https://app.squarespacescheduling.com/schedule.php?owner=22391123&appointmentType=23116481 ➡️➡️ Schedule your FREE Buyer Consultation (SoCal): https://app.squarespacescheduling.com/schedule.php?owner=22391123&appointmentType=23116519 ➡️➡️ FREE Real Estate Resources: https://www.dominiquehiggins.com/resources Dominique Higgins DRE#01927254 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Dominique Higgins is a Real Estate agent and broker helping people buy and sell, build, and invest all across Southern California. Born into a family of real estate agents and investors, Dominique brings clients a lifetime of experience in residential and commercial sales, development, marketing, and negotiation. After graduating from college at 22, she purchased her first property, a $6500 mobile home in Southern California, which she later resold for $82K, before joining her mother's boutique real estate brokerage working with real estate developers to build single-family homes, apartment buildings, custom built homes, and more. Today, Dominique has expanded the business to help first-time home buyers find their dream home, help sellers get top market prices, and help investors build a legacy. Learn More: https://www.dominiquehiggins.com/links ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ #realestatedeveloper #howtobuyahome #shorts #larealtor #losangelesrealestate #losangeles #sellahouse #losangelesrealtor
Full Transcript
Ladies and gentlemen, if there is one single question that you need to ask before placing offers on condos, especially in the Southern California area, it is this. Is the 2026 current budget putting aside at minimum 10% of that budget towards the reserves? The reason why that is important is because if an HOA is not putting away 10% into its savings, quote unquote, the reserves, then you as a buyer are going to have to come out of pocket additional fund. This just happened to my client. We had sent, and it was a little frustrating, too, because we had sent the HOA docs well in advance, like 2 and 1/2 weeks ago. And so, everything was going forward. Lender's telling us, "Oh, yeah, everything's good. Everything's good. Everything's good." I turn around, I get an email from him, and he's like, "Hey, buyer's going to need to come out of pocket an additional $55,000." I'm like, "What? Where did that come from?" And he's like, "Yeah, unfortunately, the HOA is only putting away like a measly 1% of their budget into the reserves. That's below our 10% minimum. It won't qualify for Fannie Mae off the bat. So, yeah, they're going to need to come out of pocket the extra $55,000." Fortunately for this client, they had it, but still, that's a heck of a surprise that you do not want down the line, especially in our position when we had already removed all of our other contingencies except for the HOA approval I contingency. So, just a little helpful hint, and I hope this helps you out.
Original Description
Condos are a great property type for first time home buyers, but you have to know how to find the right ones so that you avoid having to put 10-20% of your own funds down to purchase them.
Follow for more tips.
Dominiquehiggins.com
DRE#01927254
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~
➡️➡️How to Become a Real Estate Developer - The Workbook (Print) 📚📋:
Fulfilled by Amazon: https://www.amazon.com/dp/B0B92NWXBN
➡️➡️ Schedule your FREE Seller Consultation with Dominique (SoCal):
https://app.squarespacescheduling.com/schedule.php?owner=22391123&appointmentType=23116481
➡️➡️ Schedule your FREE Buyer Consultation (SoCal):
https://app.squarespacescheduling.com/schedule.php?owner=22391123&appointmentType=23116519
➡️➡️ FREE Real Estate Resources:
https://www.dominiquehiggins.com/resources
Dominique Higgins
DRE#01927254
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Dominique Higgins is a Real Estate agent and broker helping people buy and sell, build, and invest all across Southern California. Born into a family of real estate agents and investors, Dominique brings clients a lifetime of experience in residential and commercial sales, development, marketing, and negotiation. After graduating from college at 22, she purchased her first property, a $6500 mobile home in Southern California, which she later resold for $82K, before joining her mother's boutique real estate brokerage working with real estate developers to build single-family homes, apartment buildings, custom built homes, and more. Today, Dominique has expanded the business to help first-time home buyers find their dream home, help sellers get top market prices, and help investors build a legacy.
Learn More: https://www.dominiquehiggins.com/links
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
#realestatedeveloper #howtobuyahome #shorts #larealtor #losangelesrealestate #losangeles #sellahouse #losangelesrealtor
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