Quote:
Originally Posted by Choker
So my married daughter is hell bent on buying a house. I have showed her stats of depreciation, mortgage tables, etc etc and still she insists. With 5% down the moment you move in you owe more than it's worth. Add in depreciation of about 8% or so and you are fucked.
Do you think it's a good idea to buy a house in today's market? I think it's dumber than dumb.
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It depends where & what you buy.. In FL where you live I'd probably only buy something that needs repairs so you can get a bit of sweat equity. Central FL is screwed on it's economy and it really has no "real" industry out side space & tourism.
Up where I'm at now in MA, I can buy 2 and 3 unit apt buildings in the +/- 100k mark. Average rent typically in the $700 +/- mark. Needless to say I'm buying one soon as I come across the right deal.