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$3,000 Income |
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Edith,I own a condo in Santa Rosa, CA. I bought it 2 years ago for $350,000. They are now selling for under $250.00. My mortgage is $2,300. I want to dump my condo on a quick sale and buy another that I can buy for $215,000. My mortgage will be only $1,500 a month and I'm told the owner bought originally for $400,000. My question is, should I go ahead and buy this condo to get a lower mortgage and hopefully make money when the market comes back? I'm also told I will have bad credit from my quick sale for years. My income from my job is $3,000 a month. Does this seem practical? I need some advice. Thanks. |
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With income of $3,000 you probably shouldn't buy anything. Just get rid of what you own as quickly as possible and plan on renting for a while. |
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Edith
Originally published on January 18, 2008 |
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