I just bought a 3 bedroom apartment.

[MotionMan]

Originally posted by: Casawi

Originally posted by: loki8481

Originally posted by: Doodoo

Originally posted by: Mahaguru

Originally posted by: CptCrunch
since when do you buy apartments?

Maybe in other countries you can.

I think you can buy apartments in NY.

maybe it's like a condo?

No it is on 5th floor of a building on a boulevard, with a one car parking space in a shared subbasement garage.

Is the building owned by a third party or do you own an undivided part of the common area?

MotionMan

 

[Casawi]

Originally posted by: MotionMan

Originally posted by: Casawi

Originally posted by: loki8481

Originally posted by: Doodoo

Originally posted by: Mahaguru

Originally posted by: CptCrunch
since when do you buy apartments?

Maybe in other countries you can.

I think you can buy apartments in NY.

maybe it's like a condo?

No it is on 5th floor of a building on a boulevard, with a one car parking space in a shared subbasement garage.

Is the building owned by a third party or do you own an undivided part of the common area?

MotionMan

You own you aprt and you share elevator of course, the garage, and the lobby area. It more common over there.

Actually, I have a couple of friend who were thinking about buying their aprt downtown Cleveland. I don't see why it is weird, if you are in a city.

 

[mugs]

Originally posted by: Doodoo

Originally posted by: Mahaguru

Originally posted by: CptCrunch
since when do you buy apartments?

Maybe in other countries you can.

I think you can buy apartments in NY.

You can. You buy the apartment and then pay a maintenance fee to the building, just like a condo or townhouse. Some apartments in NYC go for 10s of millions of dollars, just like a mansion outside the city but much smaller.

 

[MotionMan]

Originally posted by: Casawi

Originally posted by: MotionMan

Originally posted by: Casawi

Originally posted by: loki8481

Originally posted by: Doodoo

Originally posted by: Mahaguru

Originally posted by: CptCrunch
since when do you buy apartments?

Maybe in other countries you can.

I think you can buy apartments in NY.

maybe it's like a condo?

No it is on 5th floor of a building on a boulevard, with a one car parking space in a shared subbasement garage.

Is the building owned by a third party or do you own an undivided part of the common area?

MotionMan

You own you aprt and you share elevator of course, the garage, and the lobby area. It more common over there.

Actually, I have a couple of friend who were thinking about buying their aprt downtown Cleveland. I don't see why it is weird, if you are in a city.

Do you share in the ownership of the elevator, garage, lobby and other common areas or just the use of them?

MotionMan

 

[Casawi]

Originally posted by: MotionMan

Originally posted by: Casawi

Originally posted by: MotionMan

Originally posted by: Casawi

Originally posted by: loki8481

Originally posted by: Doodoo

Originally posted by: Mahaguru

Originally posted by: CptCrunch
since when do you buy apartments?

Maybe in other countries you can.

I think you can buy apartments in NY.

maybe it's like a condo?

No it is on 5th floor of a building on a boulevard, with a one car parking space in a shared subbasement garage.

Is the building owned by a third party or do you own an undivided part of the common area?

MotionMan

You own you aprt and you share elevator of course, the garage, and the lobby area. It more common over there.

Actually, I have a couple of friend who were thinking about buying their aprt downtown Cleveland. I don't see why it is weird, if you are in a city.

Do you share in the ownership of the elevator, garage, lobby and other common areas or just the use of them?

MotionMan

I am pretty sure its just the use. I am not sure what happens when all the aprts in the building are sold.

 

[AtlantaBob]

http://www.daveramsey.com/

Good guy to listen to. You can get out of debt.

Now definitely, buying a home on credit isn't like buying an HDTV on credit. But you might want to look at the guy's site, 'cause you don't have to be in debt forever.

Hope it helps,

 

[Casawi]

No of you guys think its an investment? I am think I will be making money out of it.

 

[BarneyFife]

How much money are we talking about?

 

[JS80]

Originally posted by: Casawi
No of you guys think its an investment? I am think I will be making money out of it.

I wouldn't quite consider buying real estate in a poor North African Muslim monarchy country that you do not currently reside in as an investment. But that's just me, I am not familiar with the market in Morocco.

 

[cHeeZeFacTory]

you sure the phone call wasn't from a Nigerian ?

 

[AdamK47]

I'm sure you've done all your research and determined this as being a good investment before signing anything, right?

 

[Greenman]

Just so I'm clear.
1. You live and work in the USA.
2. Your parents live in Casablanca.
3. You got a loan from a US bank for an apartment in Casablanca.
4. You plan on getting cash out of the deal to pay off student loans by supplying false receipts for furniture that the bank will for some reason finance as part of the home loan.
5. Your parents have put the whole deal together and you have no real knowledge of what you purchased or how much you paid.

Is all of that correct?


Edit: Am I the only person here that thinks it's world class crazy to finance furniture for 15 to 30 years?

 

[JohnCU]

you guys completely missed the part that he has an apt in fucking casablanca. bogart and bourbon FTW.

"...to casablanca, in french morroco! here the fortunate ones, through money, or luck or influence, might obtain exit visas and scurry to lisbon(sp?) on their way to america, but the others wait in casablanca... and wait... and wait... and wait..."

:heart: love that movie

 

[Casawi]

Update: I just called over there.
The sale price was 1,500,000 MAD which is 194,299.26 USD + 3K to sign + this special insurance of 5K. The fees for the elevator and lobby maintenace and all is ~ 24 USD/ month + city tax of ~$140/ year.
My payments are going to be just under 1200 USD.
I will have some pictures later in the day tomorrow.

 

[Casawi]

Originally posted by: cHeeZeFacTory
you sure the phone call wasn't from a Nigerian ?

that is really funny ... and something I would say....lol

 

[Casawi]

Originally posted by: Greenman
Just so I'm clear.
1. You live and work in the USA.
yes
2. Your parents live in Casablanca.
Yes
3. You got a loan from a US bank for an apartment in Casablanca.
No. the loan is from a bank that my parents open an account with for me when I was born. They basically got my pay stubs and bank info from here only yo make sure I can pay for it, I guess.
4. You plan on getting cash out of the deal to pay off student loans by supplying false receipts for furniture that the bank will for some reason finance as part of the home loan.
No, I don't really. A friend told me I could do that, but if anything I think I will buy furniture for family members and have them give me cash for it. It will still require a lot of hassle to bring the money here (not from the US, but back home). Its not easy getting money out of Morocco.
5. Your parents have put the whole deal together and you have no real knowledge of what you purchased or how much you paid.

No I don't know what I purchased, but I knew how much I was approved for. They only approved me for ~145K USD at first, and I had to like re-apply for more and got approved for like 220K USD

Is all of that correct?


Edit: Am I the only person here that thinks it's world class crazy to finance furniture for 15 to 30 years?

No I wasn't clear. It is not only furniture, but any repairs and maintenance needed. You can file for pretty much anything you want that will increase the value of the house or needed for the house. I hope I am clearer

 

[Casawi]

Originally posted by: JohnCU
you guys completely missed the part that he has an apt in fucking casablanca. bogart and bourbon FTW.

"...to casablanca, in french morroco! here the fortunate ones, through money, or luck or influence, might obtain exit visas and scurry to lisbon(Portugal I think) on their way to america, but the others wait in casablanca... and wait... and wait... and wait..."

:heart: love that movie

 

[MegaVovaN]

Originally posted by: KK
you should have gotten a 1 room apartment and have your parents sleep on the floor beside the bed you are sleeping on. Ain't that how you folks do it?

That's how I roll, except THEY pay for it and it's a 2 BR apt (another person in other room). :thumbsup:

 

[chuckywang]

I would have though apartments in Casablanca would be more expensive.

 

[Casawi]

Originally posted by: chuckywang
I would have though apartments in Casablanca would be more expensive.

That is very expensive consider the minimum wage over there is about $1/hour(I check a few years ago and it was $.87/ hour).

 

[spidey07]

Well good luck. I can't help but think you're being taken advantage of in the worst kind of way. Family screws over their own all the time once a source of income shows up.

This whole story smells of a con. By your own family.

 

[Capt Caveman]

How are you going to pay back the loan?

 

[Casawi]

Originally posted by: spidey07
Well good luck. I can't help but think you're being taken advantage of in the worst kind of way. Family screws over their own all the time once a source of income shows up.

This whole story smells of a con. By your own family.

Good families don't screw their own where I grew up. I mean that never even crossed my mind.

 

[Casawi]

Originally posted by: Capt Caveman
How are you going to pay back the loan?

By making monthly payments on time...lol
For now my dad is going to be helping me make the mortgage, until I no longer have to pay tuition and be some what on stronger feet.

 

[Cable God]

OP must know PAB....... This seems like classic PAB.....