usvi-on-line
We're buying a house!
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Greenskeeper
- Posts: 390
- Joined: Sat Mar 08, 2008 2:07 pm
- Location: Cape Cod, MA
Cool, good luck and have fun...this is a pretty good time to buy....
STJ Villa Map:
http://maps.google.com/maps/ms?hl=en&ie ... 2&t=h&z=14
http://maps.google.com/maps/ms?hl=en&ie ... 2&t=h&z=14
Good luck with your investment, Minde.
If it's a good investment to buy a house is difficult to say. Further it was, if you had the time to wait, But now, I'm not sure. I think it's the same in USA as in Denmark.
But I like to live in my own house and be able to decide myself - what to do or not to do with it.
Linne
If it's a good investment to buy a house is difficult to say. Further it was, if you had the time to wait, But now, I'm not sure. I think it's the same in USA as in Denmark.
But I like to live in my own house and be able to decide myself - what to do or not to do with it.
Linne
SJ,
Your point is valid on a residence. However, if you own rentals and they are rented out, you are not paying on the mortgage and interest. Someone else is.
That is when it becomes profitable. Your mortgage with interest is being paid down by someone else. Not to mention the tax break you get on improvements. Plus if you have a positive cash flow, you have the benefits of that. Of course, you can choose to have a negative cash flow and have the benefits of that also.
With so many foreclosures, rental property is in high need. Rents are up. It's a good time to own rental property.
It's still a good investment.
Your point is valid on a residence. However, if you own rentals and they are rented out, you are not paying on the mortgage and interest. Someone else is.
That is when it becomes profitable. Your mortgage with interest is being paid down by someone else. Not to mention the tax break you get on improvements. Plus if you have a positive cash flow, you have the benefits of that. Of course, you can choose to have a negative cash flow and have the benefits of that also.
With so many foreclosures, rental property is in high need. Rents are up. It's a good time to own rental property.
It's still a good investment.
Sj,
Valid points. Mindi is making a great investment in her future.
We own homes on a cul-de-sac in a great area of town. They are 4,000 sq ft and are 4 bdrm, 4 bath homes in immaculate condition. They rent to folks that appreciate a good home in a great location. They have a good income and have no problem paying the rent we ask. They are great tenants and we reward them for being so.
We bought one of these homes for $180,000 7 years ago and it's now worth $300,000 according to our latest tax assesment. I think we made a wise choice.
Our diverse geography seems to be the difference in rental property.
Valid points. Mindi is making a great investment in her future.
We own homes on a cul-de-sac in a great area of town. They are 4,000 sq ft and are 4 bdrm, 4 bath homes in immaculate condition. They rent to folks that appreciate a good home in a great location. They have a good income and have no problem paying the rent we ask. They are great tenants and we reward them for being so.
We bought one of these homes for $180,000 7 years ago and it's now worth $300,000 according to our latest tax assesment. I think we made a wise choice.
Our diverse geography seems to be the difference in rental property.
Last edited by Terry on Sun Jan 24, 2010 8:56 pm, edited 1 time in total.
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bubblybrenda
- Posts: 549
- Joined: Wed Aug 20, 2008 10:57 pm
- Location: Vancouver, BC
From my Cdn point of view this thread has become very interesting.
No tax write-offs on mortgage interest for us. We recently went to 30 year mortgages but our Gov't is talking about moving them back to 25 yrs. Too many people way over extended. Here the goal is to pay off the mortgage ASAP.
$300,000 for a house. I wish. Can't even buy a 500 sq. foot condo for $300,000 in my neighbourhood and property taxes... don't get me going on that. But the fact is, you can own for the same as price as renting so if you have the down payment you might as well own and pay your own mortgage rather than someone else's.
No tax write-offs on mortgage interest for us. We recently went to 30 year mortgages but our Gov't is talking about moving them back to 25 yrs. Too many people way over extended. Here the goal is to pay off the mortgage ASAP.
$300,000 for a house. I wish. Can't even buy a 500 sq. foot condo for $300,000 in my neighbourhood and property taxes... don't get me going on that. But the fact is, you can own for the same as price as renting so if you have the down payment you might as well own and pay your own mortgage rather than someone else's.
~Brenda~
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mindehankins
- Posts: 3014
- Joined: Fri Mar 06, 2009 8:21 am
- Location: Western NY State
Thanks for the good wishes! We offered $25K less than asking, and they countered with $15K less than asking, we said "OK. Help with closing?" They countered with $12.5K less than asking (higher than their first counter) and "no help with closing."
Soooo frustrating!
I keep telling myself that at least if it doesn't go through, we'll be back to St. John sooner.
We're not buying as an investment, but because Blaine's days of being relocated every other year are over. We want some roots! (We're a little old to be growing roots, but.....)
Soooo frustrating!
I keep telling myself that at least if it doesn't go through, we'll be back to St. John sooner.
We're not buying as an investment, but because Blaine's days of being relocated every other year are over. We want some roots! (We're a little old to be growing roots, but.....)
Let me tell a little story about how we bought our house...it's a bit whacky but true.
I worked with a guy in Virginia who I considered a technical genius and I respected his opinion he told me that what he did was picked out ~6 houses that he "was Ok with" then slashed the prices by 20-40% then gave his realtor the list and told her/him to go down the list one by one....make the offer, give them 24 hours to respond/accept and then after that the offer is no longer valid...move onto the next. This was his method to take advantage of people who need to sell and can "eat" some cost...it is a bit shrewd but effective.
We did the "lite version" of that when we moved to SC, picked out three houses, set our price and told the realtor...."24 hours each....don't call me until you have a sale" well we weren't too aggressive on price but we did get the price we wanted with no BS.
One of the good things about this is that it lets the realtor know you are not planning to fall in love with a house (that's when they know they have you by the ....)!
It takes a certain kind of person to do this....
I worked with a guy in Virginia who I considered a technical genius and I respected his opinion he told me that what he did was picked out ~6 houses that he "was Ok with" then slashed the prices by 20-40% then gave his realtor the list and told her/him to go down the list one by one....make the offer, give them 24 hours to respond/accept and then after that the offer is no longer valid...move onto the next. This was his method to take advantage of people who need to sell and can "eat" some cost...it is a bit shrewd but effective.
We did the "lite version" of that when we moved to SC, picked out three houses, set our price and told the realtor...."24 hours each....don't call me until you have a sale" well we weren't too aggressive on price but we did get the price we wanted with no BS.
One of the good things about this is that it lets the realtor know you are not planning to fall in love with a house (that's when they know they have you by the ....)!
It takes a certain kind of person to do this....
STJ Villa Map:
http://maps.google.com/maps/ms?hl=en&ie ... 2&t=h&z=14
http://maps.google.com/maps/ms?hl=en&ie ... 2&t=h&z=14