Bought my house at 22yrs of age, and asked a lot of questions of the realator and did a ton of research before any papers were signed. People jump into thing with little thought of the consequences. I don't think the government should jump in and bale these people out, but I also don't want to see the economy go to ****. It is a hard one to figure out.

 

there are a lot of good points in here!!

Ive been kicking around the idea of a house or property but Ill have to move out of Michigan to do well. Our economy is going down the gutter! Michigan is in one of the top three states that people are moving out of!! Jobs are closing left and right, people are selling there homes and the market here is saturated but nobody wants to buy and everyone is selling cus they have to find different work. a representative said that If we have the best financial turnaround it wont be another 10+ years till we see the pervious economy of 2002! F that!

 

Buddy just sold a 1400 sqft condo townhome in Fort Mac for $505,000 after paying only $210,000 for it 2 years prior. Bought a brand new place out here just down the road from me for under $400,000. Maybe you should think about the same doing the same?

On the subject of homes remember that the building depresiates while the land increases in value. The more land in the right area = more $$ in your pocket (or the larger the mortgage).

 

When I bought my place my mortgage broker said you're approved for xxx,xxx. Keep in mind I was 23 with a single income. I said are you sure - I think that's more than I can afford and I want to be able to afford more than "pop tarts" for groceries. Needless to say I didn't spend near what i "could" have and I now have a mortgage that most in my area are jealous of and is only a couple $$ more than the average rent around here. I also bought before the sh@t hit the fan and now have equity to show for it.

I also remember the mortgage guy pushing for "interest only" loans...huh ...yup you just pay the interest for a determined term and then refinance again. Did anybody really think this was going to work when the principal payments come due??? honestly this country is a mess and it's all going to come back on the working middle class.

I agree with a lot of the satements here

 

i agree with many of you, but here is another 2 cents. allthough it sounds like a few of you have flipped a house and were successfull in doing so, i think that with the recent craze of house flipping, that also got many people in trouble. everyone wants the get rich quick scheme and unfortunatly it din't work for them.

 

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