Why not just a simple spreadsheet of salaries?

Re:Why not just a simple spreadsheet of salaries? by nemo44x on Wednesday March 23, 2016 @11:59AM (#11345608)

Not to mention even if you have every lined up you can still get rejected by the co-op board and they don't have to give a reason. They go through all your personal details and it's a bit odd living with a bunch of people who know everything about you but you're not able to learn anything about them.

20% down is usually the bottom. A lot of places want 25% or 30% down and there's also a chance you're going against someone with 100% cash and the board will pick them nearly every time.

Lastly, if you're using every dime you have so you get a mortgage well over 500k that may be a bad choice. The opportunity cost of tying that much cash up into a mortgage is a lot of risk (all your net worth in 1 investment) and you're unable to use that cash to make other investments and leverage them if need be.

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Re:Why not just a simple spreadsheet of salaries? by jrockway on Wednesday March 23, 2016 @08:14PM (#11349513)

Indeed.

I don't look at real-estate as an investment, but rather as a sunk cost. I need somewhere to live, I want to screw around with walls and plumbing fixtures when I feel like it, owning seems like the right option.

Of course you don't actually own your co-op, you just own shares in a company that actually owns your property.

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