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Bought for $80,000 |
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with all the foreclosures around and the dive asking prices took, I made my move. I bought a patio house est. @ 120k, and my accepted offer was 80k and seller pays closing. The idea is to refinance (equity line of credit) and recoop on my investment upfront. I will live in the house till the market bounces back. How smart/ dumb is this in your opinion? |
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Real estate markets are very local in nature, and I have no idea what yours is like, what the community is like, what its employment situation is. But you have to live somewhere, and living in an $80,000 property can't be very expensive, so I don't see how you're going to go wrong. I would mention, though, that it may not be as easy as you think to set up a home equity loan. Again, I don't know if you paid cash for the property or how much equity you have in it, but you should know that borrowing money is not as easy as it used to be. |
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Edith
Originally published on December 24, 2008 |
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