posted
I'm currently in the market for buying a house and was just inquiring on how much you fella's paid for your house? I'm looking in the $100-$160K range...
IP: Logged |
posted
Mine was an unusual case. I bid on mine way back in '93 as it was a foreclosed home only 7 years old and picked it up for only $58,000. Before property values started taking a nose dive recently my property was valued just over the 100K mark. My mortgage payment is cheaper than what most people pay for rent in an apartment and I've remodeled and updated the place so when we do plan to sell we'll make a tidy little profit.
posted
So you still pay the mortgage on it? Increase your payment on it and it will not only decrease the amount of interest you pay on the Mortgage but it will also have it paid off quicker! Also LD..I'm not sure if they have the lending option down in the US or not for using the equity you have built up in your house to secure it against a line of credit so you get it at the prime lending rate..up here its 5.25%. Good way to finance your biz
IP: Logged |
posted
I dabble in RE...I am looking into the REO market - not sure where you live - but RE is a local market issue. I have heard horror stories of people who pulled all their equity out and invested in areas they knew nothing about - if it is your primary residence it is more of an emotional choice than anything else. Leverage is the key w/RE, altho. remember HOA fees and PMI are not tax deductible unless it is an investment property - and neither is the loss that you may have if selling in a bad market like this. Good luck, wherever you are - it can really be the best investment you'll ever make along with the tax advantages!
quote:Originally posted by bluetoelover: So you still pay the mortgage on it? Increase your payment on it and it will not only decrease the amount of interest you pay on the Mortgage but it will also have it paid off quicker! Also LD..I'm not sure if they have the lending option down in the US or not for using the equity you have built up in your house to secure it against a line of credit so you get it at the prime lending rate..up here its 5.25%. Good way to finance your biz
There's no point in paying extra principle on the mortgage for us now. When we first bought the place an extra $60 a month on the principle would've had it paid off in only 15 years. Something I thought was a million years away when I was 24. Now that the years rushed by I keep thinking about that one. We are planning on selling the place and moving into a larger home soon.
My baby brother is starting in on his way in the purchasing of properties and turning them into rentals. He bought an 11 year old 2500 sq ft house for $99K. The place was foreclosed on and sold for $160K only 3 years ago. He took a little over a month to get renovations done and has a family that signed a lease and moved in. His plan for the long term is do the same with several homes and then when the market changes sell off some of the houses. He's just starting out on this while he's working his full time job.
posted
Nice..flipping houses so to speak. I see the US Federal Reserve slashed the interest rate again...I give it about 2 days before the Bank of Canada slashes it's lending rate from 5.25% to probably 4.75%...with that rate dropping so does the Mortgage rates!
IP: Logged |
posted
Sorry for butting in... a non home owner YET!...
True story, yesterday a neighbour drove backed through our fence, carried on through 8meters of lawn and made a hole in the house... Lucky that the house is raised so she just took out the bottom part. The hole's about a meter high and 2.5 meters wide. Oh well that's between her and the landlord now ... I will be one soon enough ....
I rent and it's quite a bit as I live in the suburbs of the main city. I could move further out and pay less but just haven't gotten around to it. I have 2 millionare buddies who are just that through property investment and have been giving me advice and loopholes of getting in... BUT!!!! I'm the Baddest procrastinator you will ever know.... "If it wasn't for the last minute, nothing would get done" - Coffe mug my mrs bought me......
-------------------- "When this baby hits 88 miles per hour, you're gonna see some serious shit" - Dr Emmit L. Brown (Back To The Future) Posts: 7894 | Registered: Jan 2007
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Big Grin]](biggrin.gif)
![[Smile]](smile.gif)
![[Laugh]](graemlins/laugh.gif)
... I will be one soon enough ![[Confused]](confused.gif)
![[Tongue]](tongue.gif)
....
