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Real Estate
Reply to "Very little inventory in desirable areas"
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[quote=Anonymous]We wanted to buy two years ago very close in with a $2m budget. There is plenty but not what you would think. The thing is at $2m you put down 20-25%. We ended spending nearly $3.5m on one that needed another $500-750k of work. At that price range we took at $2m mortgage and put down the balance. We are funding the work out of cash flow. We are incredibly fortunate to be able to do this. But I think the fact that $2m is about the max mortgage you can get before they are at much lower ltvs is why up to $2m is not particularly impressive in this area. I also think it is why stuff at $2m + often requires more renovating than you would think[/quote]
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