Quote:
Originally Posted by McSpike
You already anticipate you may get back less in 7 years and you whine why banks won't take the whole property as a single insurance.
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If you have a family and you need schools for your kids then you buy. But it is a losing proposition. Take 30 years mort and pay least possible. Don't pay 1 cent extra to pay off loan.
I bought house in 1990 for 300k. I put 100k into. I sold house in 1998 for 330k. WERE IN SAME PERIOD NOW.
If you bought mutual fund in 1990 and sold it in 1998. Here is fidelity magellan. Its know as 1 of the best funds.
In 1990 FMAGX was $13. In 1998 $53. Let me do some math for you. I put 20% down on that house so lets use figure of 70k.
My $70,000 I put down on House I could have bought magellan and in 1998 it would have been worth $286,000
Real estate market is in same down turn. So Im saying history says DONT BUY INVEST NOW.