I will be in one place for at least 4-5 years. I really do not want to throw away money to a landlord, and want to make my own rental income. Only thing is Im not sure I should take the financial risk as an amateur to investing and the real-estate market. What should I do??
2006-12-05 12:50:16 · 11 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Everyone starts out at the bottom or as you said..an amateur. I say to buy..There is no reason to blow money on something you are not buying. You have to pay home expense no matter what so why not make the money you do spend count. BUY!
2006-12-05 12:54:32 · answer #1 · answered by vonixx 2 · 0⤊ 0⤋
Check out the past 6 months appreciation rates in your area for condos and single family residences. If you see negative numbers like most of the US, then now would not be a really good time to buy. There would need to be a strong rental market to overcome your mortgage payment, taxes and insurance. A lot of areas you would be getting negative appreciation for the next couple years.
You could actually save money renting now and buying later. Check with a local realtor and find out what type of property, if any would show positive rental income over the next year or so.
Good luck!
2006-12-05 20:53:48 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Well, I'm not an expert but if you can afford it, you will be there for 4-5 years then I would buy
You're right, you won't be just throwing the money away to your landlord but you will be building equity in your house and you will own it.
My parents when they were younger bought a small house, living in it for years, fixed it up and sold it for much more then they paid for it. They did that a few times and did pretty well for themselves.
Good luck
2006-12-05 20:53:41 · answer #3 · answered by Karce 4 · 0⤊ 0⤋
For 5 years, always better to buy. You not only have ownership, but the only tax write off that most of us can make. Make sure you buy in a growing area. With real estate prices going down now, it's a real good time to buy.
2006-12-05 20:52:03 · answer #4 · answered by Shogun 3 · 0⤊ 0⤋
Buy - and consider a multi-family home so you live in one unit and rent out the remaining units. The rent will help pay your mortgage and it gets you into the world of real estate investing. Good Luck!
2006-12-05 22:15:52 · answer #5 · answered by moneyman2424 1 · 0⤊ 0⤋
Rent, i know every one els is saying buy and most of them sound like there is the industry. If you want to ride down the prices and be up side down each month more and more buy.
Check out this web site it show how the market was made in to a bubble and what it will take to corect it.
http://www.breakingbubble.com/index.htm
2006-12-05 23:50:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Well, it would be harder to sell then to just terminate a lease. But in my opinion, buying is better...it is just a huge waste of money to rent. you will never get that money back. I rented an apartment for a year, I had so much money saved up before, now i am flat broke. I wish I would have just bought a house and forgot about renting.
2006-12-05 20:53:50 · answer #7 · answered by Govinda505 3 · 0⤊ 0⤋
Flipping houses is a great profession to be in. I currently flip houses for a living, and have had a blast making hundred's of thousands of dollars. The key is to do as much work as you can on your own.
Did you know that you can make $40,000 + on a house, and never even own it?
Take a look at my website - I just put it online last month -
Please realize that Flipping Houses is not a "Get Rich Quick" Scam!
Do as much research as possible before starting on your first flip -
http://www.learntofliphouses.com
Kind Regards and Good Luck!
Adam Monforton
2006-12-05 21:13:19 · answer #8 · answered by p3mofo 2 · 0⤊ 0⤋
real estate is a great investment ,i say buy
2006-12-05 20:52:34 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I would buy if you can afford it.
In 5 years you would get your money back easily
2006-12-05 20:52:24 · answer #10 · answered by jeff_4_jeeps03 3 · 0⤊ 0⤋