We have GREAT credit, steady jobs,nice equity in our current home, and are pre qualified(30yr fix)(no credit card debt, only current mort., an available line of credit and car loans). We found the worst house in a good neighborhood with a slow market.Its at the beach in an area that is predicted to skyrocket later( Multi million dollar golf courses there, new marina,downtown revitalization completed, business growth, no crime) We are placing a bid contingent on inspection...His family says wonderful!! My family says I am crazy,not right time.I have done the work before to my home and tripled its value. My mom says I have 3 kids,putting the fear of God.It would be a little bit tight ( little bit) for two years...then easier (no day care).Do I just do it if it it passes inspection? (The price will be great) How do you KNOW to take the leap? I dont want to be kicking myself for not doing it!! We have both always wanted this.Are we TOO cautious?Most shore towns dont depreciate,right?
2007-07-19 17:22:05 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
This property is the fulfillment of a dream. You've been waiting for it for 10 years.
Buy it! This is something that you, your children and perhaps their children will enjoy for decades to come. This is a long-term investment -- not short term. Buy. Hold. And enjoy.
And stop talking to your family about it.
2007-07-23 15:29:45 · answer #1 · answered by rochelletherealtor 2 · 0⤊ 0⤋
Your risk will pay off! There is always a little bit of fear when you step out to make a decision to go for something more in life. Don't let that stop you. Properties near the water or on the water, are the fastest appreciating properties right now. It is a good investment, especially if it is surrounded by nice homes. My parents were skeptical when we started investing in real estate a couple of years ago. We never looked back. We just want to have more in life, it takes a risk and you'll be glad you did it.
2007-07-20 01:35:11 · answer #2 · answered by invest4fun 1 · 0⤊ 0⤋
Hmmm....shore towns don't go down in value ? Never saw that written in stone anywhere. I work a market with considerable mileage of shoreline. Right now, there are a whole bunch of those properties sitting there with 'For sale" signs on them, and no one is biting. The few that ARE selling are going for 75% of asking price or less.
Who is this wizard who has predicted that it will skyrocket later ? I hope it's not the folks who are trying to get their own investments in the area off the ground.
You need to think this over FAR more thoroughly than you have.
2007-07-20 01:31:13 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
You are doing the right thing. It sounds like you have already crunched the numbers. As long as you have already figured on making a few payments until the house is ready to sell. I would suggest that you do not buy and hold. Buy the property, fix it up and sell it again ( For no more than a 30k profit) When the deal is done, go out and do it again and again until you get good enough that you can quit your job and become a real estate investor. You can do it.
2007-07-20 01:19:10 · answer #4 · answered by Buddy 4 · 0⤊ 0⤋
If you do not have a Financial Planner, you have no business buying a second home if you have three kids if you can't just write a check for the price.
If you do have a Financial Planner, you should be asking them what they think about the idea of a second home.
I wish you well on it, and yes, beach property tends to hold value better than most, but that doesn't necessarily mean it's the right move for you.
2007-07-20 00:50:42 · answer #5 · answered by open4one 7 · 0⤊ 0⤋