Reply to Talk to me about Pied a Terres for the Middle Class Set (aka a studio condo in downtown)

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[quote=Anonymous]So I'm not the CFO of Fannie and won't have a concierge, but all the same, considering this. We have enough cash flow to feel comfortable with an approximate $1500 monthly payment. Considering a studio condo downtown.  We have sufficient funds for at least a 25% downpayment and sufficient income to service the debt in addition to our other expenses without overextending ourselves, so this is more of a location / logistics question than a finance one.

A few specific questions and then please chime in with things I didn't ask (I know this crowd will :-)

-If we buy a co-op am I correct in assuming this can generally not
 be rented? I would want to have an option to rent the condo out if we moved out of the area, wanted to offset mortgage with rental income, etc. I noticed a lot of things I liked were co-ops.

-If you desired proximity to downtown, dining, etc. What area would you pick if you were me? Any specific building recommendations?

-This might be something I look at for a while before acting on, so don't limit ideas to things that are currently listed.[/quote]

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