Thinking about buying a condo? Derek Mazzarella, CFP® and Kelly Turner break down everything you need to know before you sign on the dotted line. From HOA fees and special assessments to how the 2021 Surfside condo collapse completely changed condo mortgage lending, this episode covers the real pros and cons of condo ownership.

Derek and Kelly dig into why condos are often 10-20% cheaper per square foot than single family homes, what an HO-6 insurance policy actually covers, and why your HOA fee doesn't build you equity (even though it's not money down the drain). They also get into the messier stuff: HOA mismanagement horror stories (including Derek's own condo association drama), how reserve funding and insurance scrutiny have tightened up since Surfside, what happens when a complex has multiple HOAs, and why some condos are flat out "non-warrantable" for a mortgage.

Whether you're a first time homebuyer considering a condo as a smarter alternative to renting, or you're weighing a condo against a single family home, this episode gives you the real, practical breakdown, not just the highlight reel.

Topics covered:
What is an HOA and why Connecticut is different than most of the country

Condo pros (lower price, less maintenance, amenities, cheaper insurance, building equity)

Condo cons (HOA fees, HOA rules, special assessments, privacy)

The Surfside condo collapse and how it changed condo lending

Reserves and reserve studies

FHA vs conventional condo approval

The condo resale package process

Self-managed vs professionally managed HOAs

Multiple HOA complexes

Who condos are (and aren't) a good fit for.

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💬 Got a condo question? Drop it in the comments — we might answer it on the show.

We all made money mistakes in our 20s. The question is whether we learned from them.

In this episode, Derek and Kelly are joined by guest Maggie Garden to talk about what they wish they knew at 25. From skipping the 401(k) to buying the wrong car to completely ignoring their credit scores, they get real about the financial decisions they'd do differently — and what you can do right now so you don't make the same ones.

This one's part therapy session, part financial planning crash course.

What's covered:

• Why your 20s are actually your most valuable investing years (and what it costs you to wait)
• The car mistake almost everyone makes — and why it matters more than you think
• Credit scores: what they are, why they matter, and how most people find out the hard way
• Health insurance gaps that can wreck your finances before your career even gets started
• How lifestyle inflation quietly sneaks up on you
• The case for taking more risks early — in life and with your money
• Real talk on housing: what they got right, what they got wrong, and what they'd tell their younger selves

Whether you're in your 20s right now or just wishing you could go back, this episode has something for you.

Chapters

00:00 Reflecting on Our 25-Year-Old Selves
01:33 Life at 25: Personal Experiences and Financial Realities
07:51 Lessons Learned: Regrets and Aha Moments
10:31 Financial Mistakes and Health Insurance Woes
11:57 Navigating Credit Scores and Financial Awareness
16:55 Traveling and Keeping Up with Friends
23:54 Big Financial Decisions: Cars and Investments
32:51 Advice to Our Younger Selves: Key Takeaways

The conversation delves into the challenges and considerations of college planning, including the looming cost of college, the evolution of college, the impact of college reputation, the rise of trade schools, and the importance of flexibility in college planning. It also explores the various college savings and investment accounts available, the role of FAFSA in college planning, and the importance of exposure to career options for effective college planning.

Takeaways

• College costs are increasing drastically, and it's important to plan for the financial implications of higher education.
• Flexibility in college planning is crucial, and exposure to various career options is essential for effective decision-making.
• Understanding the different college savings and investment accounts available can help in creating a comprehensive college funding strategy.

Chapters

• 00:00 The Looming Cost of College
• 05:17 The Value of College Education
• 10:31 College Savings and Investment Accounts
• 15:37 The College Experience and Career Paths
• 21:17 The Utma Account and College Savings
• 26:24 The Flexibility of the Utma Account for College Savings
• 31:34 The Realities of FAFSA and College Funding