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I have first-hand experience unfortunately. Anyways though, it doesn't sound like there is any swaying you or convincing, so go right ahead and learn the lesson.
Sorry if my question came out rudely.. but the intent was to get some advise on what was your experience? which area of charlotte and what year was that bad experience in?
I am specifically looking at Ballantyne.
I do have other sorts of investments.. but in this country anything above 1.5% return is like a lottery...(unless you are investing in land or gold). You may be doing 15% one day and -15% the very next day.
Gold is far more liquid than land and has the advantage of not being in the system as well (physical gold that is) thus making it, should the owner wish, impervious to court and tax action.
A $50,000 investment in gold in 2008, before the real estate crisis hit Charlotte, would be worth $115,473 today which is a 231% return on your investment in 4 years. Imagine if you had invested that $50K on a condo in The Vue. You would be wiped out now.
Gold is far more liquid than land and has the advantage of not being in the system as well (physical gold that is) thus making it, should the owner wish, impervious to court and tax action.
A $50,000 investment in gold in 2008, before the real estate crisis hit Charlotte, would be worth $115,473 today which is a 231% return on your investment in 4 years. Imagine if you had invested that $50K on a condo in The Vue. You would be wiped out now.
I am not sure about the tax action part..
Any 'income' (capital gain) gained on gold sale is taxable. Am I wrong here?
A bag full of 99% gold coins doesn't require anyone to file a 1099....or does it???? Just asking.
That depends upon the owner of the bag of gold and how he/she decides to liquidate it. I should imagine that if one were at a gold bourse, it would depend upon the honor system how sales were reported.
That depends upon the owner of the bag of gold and how he/she decides to liquidate it. I should imagine that if one were at a gold bourse, it would depend upon the honor system how sales were reported.
LOL....as I had the "golden rule" in mind.
Those that HAVE the gold rule.
BTW---didn't honor systems go out of style with high button shoes?
Forgive me...only playing now watching this FN storm here in NY.
Any 'income' (capital gain) gained on gold sale is taxable. Am I wrong here?
The answer to yr original question it is quite simply the builder does not want to loose elgiibility for FHA financing in the complex. If investors represent more than a certain % of new purchasers (usually say 30%) FHA will basically blackball the complex. Since FHA is the only gig in town in terms of low downpayment financing these days its a huge deal to the builder.
While its true they would prefer owner occupants over investors the builder would sell you 10 units if they could.
I would suggest not trying to skirt this by fibbing about the investment status esp. if you plan on financing the property. Your lender will make the HOA (which is still run by the builder most likely) fill out a no less than 8 page Condo Review form. That form will make you state the purpose of your purchase (Invest or Owner Occ) at least 3 times. Bottom line you will get busted. And remember if the loan is from a GSE ala Fannie Mae loan fraud is Federal charge.
Condos can be great investments now if you have the capital to purchase. However, I wouldn't buy directly from the builder. I had a recent client that looked at new construction off Providence Rd West. They ran into the same problem as far as availability for investors. We ended up finding a foreclosure in the complex with no restrictions that we got for $27K below the builder price for the same exact model (we did have to get the carpets replaced but other than that it was brand new).
^^^^ solid information! OP these info is worth a bag of gold coins
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