I am located in Northern VA. I have 700 credit score. I want to buy a house and then put it on rent. Should I wait for the prices to go down more or no?
2006-10-09 09:13:30 · 13 answers · asked by honeyscoob 1 in Business & Finance ➔ Renting & Real Estate
There is talk of a Fed rate drop. Once this happens, buyers will want to get into the market again, pushing prices up. It's supply and demand. If you're able, I'd suggest buy now.
2006-10-09 09:17:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There's so much speculation as to what the market is going to do in the coming months, but no one really knows for sure. There are a lot of "bubble sitters" out there waiting to buy once the market hits bottom. Its very hard to predict the bottom as just as it was hard to predict that the market could ever reach the heights it did. There are a lot of very well seasoned professional investors that know how to crunch the numbers and they are waiting just like you and me. They are the ones that helped drive the market up in the first place and now they are contributing to the price declines buy flooding the market with their units for sale. If rates do continue to drop they will once again push prices to irrational levels. I say buy when you have the money, credit score and the right property for your situation. There is never a perfect time to buy. Also look at the rental rates for the area you are considering. Is it cheaper to rent than to buy there? Can you rent it out and have the rent pay the mortgage? Right now prices are so high that renting the property out is most likely not going to cover the mortgage. Don't be emotional in your purchase either. Crunch ALL the numbers.
2006-10-09 11:49:26 · answer #2 · answered by Lucy E 2 · 0⤊ 0⤋
Now is the time to buy.....with your credit score you will also get in at a very good interest rate. The housing market does not look like prices will drop in quite a while. Planning for retirement early is smart, especially now. Many experts believe that as the Baby Boomer generation gets closer to retirement property values will increase at a rapid rate. More people will be buying second homes in high demand locations so locking in a lower price now can save thousands. If you are buying a house you want to retire in later be certain to consider all the possible changes and growth for the area. Many times development and increased populations change the face of a seemingly perfect location within just a few years. Another alternative to consider is investing in a home and using it as rental property first. At retirement you can choose to improve and make the rental home your primary residence. You can then sell or exchange and buy the retirement home of your dreams.
2006-10-09 09:29:34 · answer #3 · answered by Drum Wiz 2 · 0⤊ 0⤋
You really want as much profit as possible so after you have calulated your figurers of what will need to be paid out like the mortgage etc.and also repaired hopefully you will be getting a clear 6% if more then snap it up straight away. But buying now rather than later is always better unless you know that the market will go down even more.
2006-10-17 04:48:15 · answer #4 · answered by sarell 6 · 0⤊ 0⤋
If you are doing a single family dwelling be very careful and do a thorough rehab analysis, if you are doing a milti-family dwelling do a cash flow analysis using the schedule c of the seller. The numbers investors give the-irs are usually for depreciation and will be very conservative if your cash flow analysis works with that you should be good to go. Know your market before you make a move and try not to use a Realtor.
2006-10-09 09:35:37 · answer #5 · answered by Crockett 3 · 0⤊ 0⤋
this is sounds genuine resembling my difficulty. I actually have a house i'm renting in CA yet, regrettably we live right here in Houston! Why investment in Houston? confident, sources is low priced right here whilst in comparison with CA yet, this is a exceedingly flat industry so the appreciation stages are low and continuously have been. relies upon in case you hit a warm spot? that's confusing to ascertain formerly hand. there is not any zoning in the city of Houston, so a advantageous new domicile can sit down stunning next to a gas station at any time? extraordinary... unlike CA in any respect! except you look outdoors of the city? No you does not ought to refinance to make it proprietor occupied, you are able to stay in the two one. it is only relies upon on which one you will abode on your taxes. you will additionally ought to tutor a apartment settlement to the lender whilst doing the internal maximum loan for the investment sources or in case you are able to qualify with what you presently earn, then there is not any concerns.
2016-10-19 02:31:25 · answer #6 · answered by casaliggi 4 · 0⤊ 0⤋
Well everyone can have their personal opinion the truth is there is no way to know if it was the right time to invest untill you invest and good or bad things happen or you dont invest and good or bad things happen. If you are looking to get approved feel free to log onto http://justgetaloan.net or contact me at 866 530 7300 ext 7305 or jfreeman@justgetaloan.net
2006-10-11 11:42:00 · answer #7 · answered by Anonymous · 0⤊ 0⤋
There is a general view that price is not yet stabilized. However,
one has to keep on looking for a bargain to get into investment.
2006-10-09 09:20:32 · answer #8 · answered by Pk D 3 · 0⤊ 0⤋
If you have the money, go for it. Just make sure it's in a good location that is worth investing in.
2006-10-09 09:22:35 · answer #9 · answered by ge1281 2 · 0⤊ 0⤋
"Professor" earlier was dead on, you are probably in the midst of a crash. Buy when it bottoms out, or else be prepared to take a long downhill climb and hope recovery is better than it is now.
2006-10-09 14:50:47 · answer #10 · answered by Mark P. 5 · 0⤊ 0⤋