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underdog
PostPosted: Jul Tue 15, 2008 3:05 pm 
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Nitrous injected big block Nova
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So the land I had for sale for the past 9 months closes tomorrow.
Should I:
A) Pay off as many bills as possible like originally planned....or
B) Buy that nice brand new convertible Black on Blank GT500 Ford that the dealership can't seem to sell since it's been there for almost 6 months now :lol:

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Dogg
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bbnova
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PostPosted: Jul Tue 15, 2008 3:18 pm 
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:lol: :lol:

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kireol
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PostPosted: Jul Tue 15, 2008 3:29 pm 
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C) buy some investment property since it's really low priced right now and rent it out so you can retire in 10 years as a millionaire.
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RICK MILLER
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PostPosted: Jul Tue 15, 2008 3:29 pm 
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Pay off the bills. Then take a loan out for the Mustang. 8)
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underdog
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PostPosted: Jul Tue 15, 2008 4:30 pm 
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I looked into this about 6 weeks ago as I had heard the same, but in our area it is just not true, there are no good deals in our area and property is selling pretty good. There are alot of forcloser homes but you can't get them unless your sleeping with some important person.


kireol wrote:
C) buy some investment property since it's really low priced right now and rent it out so you can retire in 10 years as a millionaire.

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kireol
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PostPosted: Jul Tue 15, 2008 5:32 pm 
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what's wrong with buying in the detroit burbs?

My boss picked up a home in my neighborhood. Homes are selling for $150-1million in my subdivision. He paid 40K. it's on the golf course. dumped 30K into it. didnt need to, just wanted to update it. easy worth 150 now. Just did a loan for a girl last week. $150,000 purchase. Appraised at 225K with comps within 90 days. Boss got a house 3 miles from me last month for 38K. Dumped 5K into it. Rents it out for $950. mortgage, taxes, ins run him $520/month.


You need 20% + closing costs. down and decent credit for non-owner to buy. rates are in the 6's.

or if it's "owner occupied", you need 3% + closing costs. rates in the 6's.
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docoldsotherhalf
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PostPosted: Jul Tue 15, 2008 6:20 pm 
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My head hurts :idiote:

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Shannon
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bbnova
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PostPosted: Jul Tue 15, 2008 9:42 pm 
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:lol: :lol: :lol:

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underdog
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PostPosted: Jul Wed 16, 2008 5:46 am 
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I think I'd have a problem with owning something that is too far away that I could keep an eye on is all.

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Dogg
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bbnova
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PostPosted: Jul Wed 16, 2008 7:21 am 
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Yes Dogg, you asre right. Mine were all within 15 minutes.

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