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View Poll Results: Do you Rent or Own? | |
Rent
|     | 6 | 46.15% | |
Owen
|    | 7 | 53.85% |
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09-14-2007, 04:36 PM
|  | Band Member Screamo for Emo | | Join Date: Dec 2004 Location: ocean springs, ms. Age: 31
Posts: 226
Rep Power: 50 | | | they don't make more land. real estate is an investment that is almost guaranteed to increase over time. depends on the type of person you are though. if you don't stay in one place too long than renting might be a better option. |
09-14-2007, 05:58 PM
|  | Productive GCB Member | | Join Date: Dec 2004 Age: 30
Posts: 1,179
Rep Power: 51 | | | We are deff. going to get into the real estate business. I want to flip houses. I'm just not in the posistion to do so right now. And I'm afraid to make the first step, I guess. |
09-14-2007, 06:06 PM
|  | Band Member Band Whore | | Join Date: Dec 2004 Location: mark side of the dune
Posts: 496
Rep Power: 50 | | Quote:
Originally Posted by Razz  We are deff. going to get into the real estate business. I want to flip houses. I'm just not in the posistion to do so right now. And I'm afraid to make the first step, I guess. | right now's not the greatest time to get into the resale real-estate market, house-wise. The market is the worst it's been in a long time (in Mobile, anyway- but I think it's true nation-wide.) Hopefully it'll balance out in time.
I'm sitting on two houses right now. We don't exactly 'flip' ours, but remodeling/refurbishing is kind of fun, and if you can do a lot of the work yourselves it can be a good investment. Once all this sub-prime mortgage fiasco resets it'll probably warm back up again. |
09-14-2007, 06:10 PM
| | Band Member Screamo for Emo | | Join Date: Dec 2004 Location: ocean springs, ms. Age: 31
Posts: 226
Rep Power: 50 | | Quote:
Originally Posted by Razz We are deff. going to get into the real estate business. I want to flip houses. I'm just not in the posistion to do so right now. And I'm afraid to make the first step, I guess. | that's a risky venture right now. it requires alot of carpentry skill and luck finding the right house in the right location. it can be quite pricey and take awhile if you have to hire contrators for work. a depressing statistic is that 60% of real estate ventures fail. not trying to discourage you though, best of luck. |
09-14-2007, 06:31 PM
| | Band Member Band Whore | | Join Date: Dec 2004 Location: mark side of the dune
Posts: 496
Rep Power: 50 | | | the insurance situation is also making it very tough right now.
Our ins co. dropped us recently, and the only other we could find is going to run twice as much $. But I suppose that's old news to anyone on the Coast, or at least near the water (which technically I'm NOT)
It's definitely skewing the potential buyer market though. |
09-15-2007, 10:57 AM
| | Fawkin' Newbie | | Join Date: Sep 2007 Location: on the Emerald Coast
Posts: 11
Rep Power: 0 | | | This is a good time for buyers in the market, you don't neccesarily have to have skills to fix a house up and flip it but you do need to have the contractors in pocket and ready to go and have a good idea of what the remodeling will cost.
Owning is far better than renting, for so many reasons but primarily the equity position, tax advantages. Renting to own is a screwed up deal most of the time. Very little goes to purchase and the sellers can default on you easily if you don't have a good contract drawn up... the kinda thing where you'll need an attorney to watch your attorney.
Find a house in a 130k market that you can pick up for 60K that needs 20K in remod, costs ya about 10k to hold it for 6-8 mos. write the deal up for 100K, get yer work done, back on the market, make 20-30k...
So easy a caveman could do it...
Sounds great on paper eh... |
09-15-2007, 07:10 PM
| | Productive GCB Member | | Join Date: Dec 2004 Age: 30
Posts: 1,179
Rep Power: 51 | | | Oh, like I said, we aren't doing anything serious right now. And we will mostly do it in Texas anyway.
One of the things I've been thinking about is buying a few cheapies, fixing them up nice and then renting them out.
It's a buyer's market right now. Nation wide. They can afford to be picky. The inventory is so full right now. But the prices here on the coast are way too high. |
09-17-2007, 08:43 AM
| | | | I'm buying a home. The mortgage company pwns me.
I love the land I have its private, you can walk around the yard naked.
Neighbors can't see, hell they aren't close enough to see.
When something breaks you better have money stashed to fix it.
It takes me over 2 hours to cut the grass.
Renting is ok...no grass to cut, the a/c breaks you call maintenance.
You are pissing money away in my opinion. Different strokes for different folks.
Last edited by too far gone; 09-17-2007 at 08:47 AM.
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09-17-2007, 09:40 AM
| | Productive GCB Member | | Join Date: Dec 2004 Age: 30
Posts: 1,179
Rep Power: 51 | | | I agree with you, Bert. I have $950 I'm just throwing away every month. And the way things are set up where I'm at...If something breaks...GOOD LUCK!
But I'm not in the posisition to do much else. I decided to not go for that adorable house on 3rd street. Fear? Prolly...I'd like to think I'm just being sensible, however. There are a few things I want to get cleaned up and cleared away so I can do this right.
KIDS, Don't screw up your credit! You'll regret it later! |
09-17-2007, 11:09 AM
|  | Productive GCB Member | | Join Date: Jun 2005 Location: Ocean Springs
Posts: 1,202
Rep Power: 50 | | | Alex is so right. Dirt doesn't depreciate. You'd think there was gold underneath the ground in O.S. *shakes head* I'd love to be back in O.S. for the convenience but I'll take my 10 acres in the "Cleave" for a lot in O.S. anyday.
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