Originally Posted by
J-Dogg
The thing about buying a house.....
You could be stuck with it. There is no garantee the market is not going to drop more. If you buy a house, you might be able to get a good deal, but you could be living in that house until you sell it. If you are young, and may want to move in the near future it would be a bad idea.
There are lots of surprizes with houses too, maybe a furnace breaks, a hot water heater, things can get expensive to upkeep them, even if it's a newer home.
I own 5 homes, 4 of them are investment properties, but between the insurance, taxes, water/sewage bills, and maintenance, you can pretty much plan on taking your payment and doubling it.
I'm a contractor and have a friend who owns a restoration company, we work with him. We had a rain storm that washed out his basement wall. Because it was ground water, insurance won't cover the repairs. It comes out to be about 30k in damage.
If he put that 30k in, he would never get the money back. He just walked away, let the bank take the house and took a hit on his credit for 30k.
Expect things to come up if you buy, I've found taking your payment, doubling it + a little and that's about what you are going to be paying out (in my area anyway).
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