By Coco Clayman-Cook
You've seen the numbers; you recognize the value, so you have decided that now is the ideal time to purchase a luxury condo as an income property. Good for you. You are in 
good company, the real estate investors who did the same thing during the last recession made millions doing exactly the same thing.
Now that you've made the decision you've contacted a realtor who specializes in Luxury Condominiums, if you live on the Westside of Los Angles you've called me. Most likely you have already spoken to your private banker or are ready to visit a mortgage broker to get pre-approved. I suggest applying with your own bank and also a mortgage broker - just make sure both know what you are doing. Even if you've bought a hundred homes before this is a crucial phase in today's market. No one is going to consider your offer if you do not have a preapproval letter which differs from a prequalification letter and proof of your down payment prior to considering your offer. This economy has changed the way we all do business but especially the mortgage business, making pre-approval essential. The Seller on the other side my also want to see a copy of your credit report.
Now you are ready to look at luxury condos. You know your range - the range includes price, property taxes, homeowner's dues, your mortgage payment and insurance. Value is determined by the bank and buyer in today's market. It isn't simply about square footage although that is a quick and easy way to evaluate some properties at first glance and many do. Another is location with a luxury condominium and the view. Plus don't forget to compare the amenities, upgrades, services and staffing. This is where having an expert realtor will prove a wonderful asset.
