Posted by leeran on May 14, 2003, at 11:33:31
In reply to Re: I never know when to shut up.... » whiterabbit, posted by Eddie Sylvano on May 14, 2003, at 11:07:57
$19,000? This sounds like a bargain beyond belief - especially if it's in an area where real estate values are likely to increase in the next 5 - 10 years.
Sorry to butt in, but I had to comment on that low price (we live in an area where real estate prices are ridiculously high and even a small house such as the one you described would sell for over $400,000). My parents paid $15,000 for their house back in the early sixties (in the Midwest) and even in my previous locale (where real estate was quite inexpensive) it would have been almost impossible to find a house for $19,000.
When you think about it, you can hardly buy a new automobile for $19,000, and they depreciate the minute you drive them off the lot.
My experience with real estate has always been positive (in terms of profit). Granted, I've never owned property that required remodeling (always new construction) but it seems like the fixer-uppers are the properties that garner the most profit at resale time (I know you're not the materialistic type, but eventually you may need to sell for some reason and it's nice to recoup your investment and then some).
It sounds like too good of a deal to pass up (unless the real estate taxes are too high, which seems unlikely given the price of the home). Besides, your beagle would love it! (We have a beagle mix and they do love to nose around and have a little freedom).
Rent money only lines someone else's pocket . . . I bet your house payment would be miniscule in comparison - and the difference could go toward the repairs.
Good luck! It sounds like fun. I hope you'll post remodeling stories!
poster:leeran
thread:226042
URL: http://www.dr-bob.org/babble/social/20030506/msgs/226568.html