Encantame Towers Owners

Are you an Encantame Towers owner?

  • Yes

  • No

  • Not sure. :)


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JonC

Junior Member
It would be nice to make 7% doing nothing that is far from it and most realtors don't. No I dont dig trenches for a living and doesnt mean I dont know shit. My opinion is what I am seeing first hand. I am not giving advice just stating whats happening. The buyers coming from out of state are typically nicer than the local scottsdale douchebag $40k a year millionaires and are relocating to plant roots like Okies did in the early 1900's. I am not saying to buy buy buy I am saying its sellers market and people are paying cash its far from a bubble. Its actually great time to sell.problem is where you going to live. Arizona is on the map and its not some shit hole pueblo. Big companies are relocating to Az and the job growth is real and continuing. Just recently TSM announced they are planning to open a factory to shit on Intel spending $12B usd just one of the many who are continuing to move to AZ bringing real jobs with real pay. Sorry I feel sorry for all the engineers working at Intel getting treated like modern day slaves getting shit on a daily basis using there IQ. A job is a job weather your digging trenches flipping burgers your working I dont think you can judge a person by what they do or how much they make. Sometimes that is where the path takes you.
The loan at the time was for one of the down payment programs and at the time my DTI ratio was terrible (a little over 50%) but the mortgage would have been the same as the rent I am paying right now LOL go figure. The credit score at the time was really close to 700. All in all it was a terrible loan officer for Summit here in Tucson.
FYI Dont need to be Active Military to get a 100% VA loan. Just needed to serve honorably
 

Mexico Joe

Cholla Bay 4 Life
The loan at the time was for one of the down payment programs and at the time my DTI ratio was terrible (a little over 50%) but the mortgage would have been the same as the rent I am paying right now LOL go figure. The credit score at the time was really close to 700. All in all it was a terrible loan officer for Summit here in Tucson.
Call Chase... all of JP Morgan home lending is in one of three places, C-Bus Ohio, Milwaukee, Wisconsin or Phoenix, AZ! All home equity is done over the phone now, no more in branch applications. Purchase and refinance can be done in select branches but mostly you call home lending services and speak to a loan officer in one of those three locations. I will say this. JP Morgan Chase is extremely stringent but also pretty responsible as well. There are what they Chase overlays which are even more stringent requirements than Dodd-Frank. But all in all, Chase have very competitive rates. The problem with calculating credit score is there are 89 different ways the credit bureaus calculate credit. Every phone call I received this is the first thing you hear, UUUMMM YEAAA I want to know what your guys rate is right now? OOOOOOKKKKKKK BECKY sooo I'm going to need a little more information than that. LOL and of course EVERYONE has a 700 until you pull their credit report. Plus, again, it's the median score. I can't tell you how many times a median score comes back 20-40 points lower than whatever the customer had in their head. Everyone goes by these credit scores you can get on all banking apps now. They would say, well my Chase banking app says I have a 692... LOL I don't know what to tell you.

The problem right now with getting into the market as a first time home buyer is the price to get in, the entry price is so high and most do not have 50k to put down. FHA minimum is what, 3.5%???? But PMI plus the rates aren't as good as conventional. If all you have is $10k to get into this 350k house, you're now carrying PMI for the first 5 years (estimate) which is just another monthly cost to overcome. On $350k, you'd need $70k down to not have PMI. When you calculate a mortgage and you add in all the costs it's hard to buy for a lot of people right now. I wish it was as easy as Steve M and Jon C make it seem. All you do is buy a house, invest in the market and retire happy one day, easy peasy nothing to it. Jesus I hate black and white thinking... Life is extremely complex and it's only getting worse for a select portion of the population.

Total living expenses with HOA and PMI could near 2k/month. You would need 4k adjusted gross monthly income to have 50% DTI but that means that you couldn't have any other monthly expense on your credit report. Even a few minimum payments of $25 would put you over the DTI threshold. You would need closer to $5k monthly salary to get into a house right now IMHO.

I'm not anti-capitalism. I'm not anti stock market. I'm not anti-real estate. I'm anti excluding large portions of the population from affordable housing because we all don't worship the almighty dollar. The condo I live in is literally degrading in quality but the value of the condo just doubled in 5 years, how is this sustainable? There will be a time when we are like other large cities in CA where the cost of living is starting to exceed salaries. It's already happening now. I can't tell you have many people I worked with at McKesson, making $22/hour but absolutely bleeding monthly expenses. Child care, $800 per month?????? Plus rent/mortgage, insurance, car payment, car insurance, phones, internet.... I have no kids and no car payments and it's hard. I can't imagine the situation some people are in.
 

JonC

Junior Member
Credit Karma (FREE) will show your transunion score and most of the time that is your middle credit score. The other two credit bureaus are equifax and experian. You can still buy a 3bed 2bath 2 car garage house in Maricopa City under $200k your payment would be $950 per month and home insurance at $50 per month taxes around $120 per month your looking at a payment under $1400 per month with PMI. That is still cheaper than most nice areas in Mexico especially when you consider you can finance 100%.That is less than Rent in most areas of Phx metro for 3bed 2bath house and you get another tax write off to increase your income. I would never recommend anyone go with a big box mega bank real crooks of the world. Worst people to deal with. Last time I checked Banks don't even require the loan officer to be licensed( pass exams and really understand mortgages). The big banks pushed for Dodd Frank to push out most of the competition they dont play by the same rules that mortgage brokers do. I would always recommend going with a local mortgage broker who is knowledgeable verses someone at bank working who usually will have as much knowledge about a loan as your local bank teller. There will always be landlords and tenants thats how the modern world has always rolled. Some people make sacrifices like not going on vacation having all the toys eating out but by busting there ass to own a piece of land.
 

playavader

Junior Member
Call Chase... all of JP Morgan home lending is in one of three places, C-Bus Ohio, Milwaukee, Wisconsin or Phoenix, AZ! All home equity is done over the phone now, no more in branch applications. Purchase and refinance can be done in select branches but mostly you call home lending services and speak to a loan officer in one of those three locations. I will say this. JP Morgan Chase is extremely stringent but also pretty responsible as well. There are what they Chase overlays which are even more stringent requirements than Dodd-Frank. But all in all, Chase have very competitive rates. The problem with calculating credit score is there are 89 different ways the credit bureaus calculate credit. Every phone call I received this is the first thing you hear, UUUMMM YEAAA I want to know what your guys rate is right now? OOOOOOKKKKKKK BECKY sooo I'm going to need a little more information than that. LOL and of course EVERYONE has a 700 until you pull their credit report. Plus, again, it's the median score. I can't tell you how many times a median score comes back 20-40 points lower than whatever the customer had in their head. Everyone goes by these credit scores you can get on all banking apps now. They would say, well my Chase banking app says I have a 692... LOL I don't know what to tell you.

The problem right now with getting into the market as a first time home buyer is the price to get in, the entry price is so high and most do not have 50k to put down. FHA minimum is what, 3.5%???? But PMI plus the rates aren't as good as conventional. If all you have is $10k to get into this 350k house, you're now carrying PMI for the first 5 years (estimate) which is just another monthly cost to overcome. On $350k, you'd need $70k down to not have PMI. When you calculate a mortgage and you add in all the costs it's hard to buy for a lot of people right now. I wish it was as easy as Steve M and Jon C make it seem. All you do is buy a house, invest in the market and retire happy one day, easy peasy nothing to it. Jesus I hate black and white thinking... Life is extremely complex and it's only getting worse for a select portion of the population.

Total living expenses with HOA and PMI could near 2k/month. You would need 4k adjusted gross monthly income to have 50% DTI but that means that you couldn't have any other monthly expense on your credit report. Even a few minimum payments of $25 would put you over the DTI threshold. You would need closer to $5k monthly salary to get into a house right now IMHO.

I'm not anti-capitalism. I'm not anti stock market. I'm not anti-real estate. I'm anti excluding large portions of the population from affordable housing because we all don't worship the almighty dollar. The condo I live in is literally degrading in quality but the value of the condo just doubled in 5 years, how is this sustainable? There will be a time when we are like other large cities in CA where the cost of living is starting to exceed salaries. It's already happening now. I can't tell you have many people I worked with at McKesson, making $22/hour but absolutely bleeding monthly expenses. Child care, $800 per month?????? Plus rent/mortgage, insurance, car payment, car insurance, phones, internet.... I have no kids and no car payments and it's hard. I can't imagine the situation some people are in.
That was a great analogy in the last paragraph. We are seriously looking at Rio Rico, AZ for the affordability of their houses in comparison to Tucson where we live too. Another thing we are considering instead is to buy a place where the locals live in Penasco (my wife is a local so we wouldn't have to go through trusts since she is a mexican citizen) and then rent it out to make it pay for itself. Not right now but when the COVID restrictions pass.
 

Kenny

Well Known Member
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Yes, that's mine, Bank of America.
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JonC

Junior Member
That was a great analogy in the last paragraph. We are seriously looking at Rio Rico, AZ for the affordability of their houses in comparison to Tucson where we live too. Another thing we are considering instead is to buy a place where the locals live in Penasco (my wife is a local so we wouldn't have to go through trusts since she is a mexican citizen) and then rent it out to make it pay for itself. Not right now but when the COVID restrictions pass.
Some good deals there and it has some nice scenery in Rio Rico. Check out MLS in Tucson to get an idea what you can buy in Rio Rico https://www.mlssaz.com/public_search.html
some pics from a hacienda in Rio Rico
 

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ernesto

Well Known Member
My sister had a place down there for years. Whats missing in your photos is the heads of the illegals running thru the bushes.
 

playavader

Junior Member
I understand your point and nothing wrong with simplifying things. This issue makes more sense to me if we simplify even further. If you buy an existing home or condo, mortgage or not, you can legitimately be called an owner or a homeowner. If you buy an architectural rendering of a proposed home or condo, mortgage or not, you are NOT an owner or a homeowner. At that point you would be considered a real estate investor. If your rendering is built and becomes a real and completed structure, you are then and only then an owner or a homeowner. Investing in real estate in the architectural rendering proposal stage comes with very high risk. Many have lost their life savings. Thus the saying often quoted on here, “Give me the keys to the front door and the deed or bank trust and I’ll give you the money.” Quite simple.
On Facebook the Encantame Towers page gets butt hurt when you point that out and then they say to you; "We are almost done with phase 1 and we are nearly sold out blah, blah. blah."
 

mondone

Whitecaps
On Facebook the Encantame Towers page gets butt hurt when you point that out and then they say to you; "We are almost done with phase 1 and we are nearly sold out blah, blah. blah."
You can't say anything even slightly negative on their FB posts. They already blocked me. Oh, I hope I didn't hurt your feelings ET. :finger:
 

SSE Dream

Active Member
For what reason? PE residents won't be able to use it. They already tried to strongarm PENCA people to pay partial building and maintenance costs to no avail. Fuck 'em.
It's the main road that everyone uses to get to PE, of course PE can use it. Once it forks, the PE people will use the dirt road to the right. Which is only a few hundred yards to the houses. Better than several miles of unpaved roads from the main highway.
 

SSE Dream

Active Member
That is not the road we currently use. Can we have a certified letter on that?
Then I don't know what road you use. Good luck! I'm just an owner, I only know the road that goes to Encantame. Either side has houses. If that's not how you get to the houses, which i know the ones W of Encantame do.
 
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ron

Well Known Member
Encantame is putting in their own road about 100 yds east of the road to Playa Encanto. At least I think that is what they are doing. It goes directly into the new road to Encantame. It looks like they are going to cutoff residents of Playa Azul and Sand Castle Area.
 

MIRAMAR

Well Known Member
I was kind of surprised Encantame hasn't moved along more- the building looks like just a skeleton. Playa Azul is a bit further along, and on the same beach.


Playa Azul (I have no stake in PA in sales or ownership)
 

SSE Dream

Active Member
I was kind of surprised Encantame hasn't moved along more- the building looks like just a skeleton. Playa Azul is a bit further along, and on the same beach.


Playa Azul (I have no stake in PA in sales or ownership)
PA started years earlier. Encantame still on target for release.
 

Idyllwild

Well Known Member
PA started years earlier. Encantame still on target for release.
OK, I’ll bite. The sales materials for Encantame used to say that tower 1 would be ready for move in October or November 2020. Is that still “on target”.

I don’t understand your strategy.

Earlier you called yourself “an owner”. What’s it like living without walls?
 
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