Ok I need some Memba Help!
I'm considering cash-buying a 2 bedroom 2 bath condo in the historic El Cortez building in San Diego (State Historic Icon)
http://www.elc.cc/
and the problem:
http://www.elcortez.info/
Purchase Price: 220k, 2 bedroom 2 bath condo, (WAY under the 750k it went for in 2004 when they we're converted)
Issues: Needs new kitchen, carpet, paint
Building Issues: No HOA Money, they are in ligitation with the developer since 2006, so the HOA is broke, so it must be a cash pay (No Home Loan Lenders will loan), I'm worried because even thou it's 400k under normal asking price, it's a cash-pay, so that is the reason, but My worry? It's a 1920's building, and a broker, HOA, what is going to happen if something breaks?
Is it worth it?