How logical is it to buy a very cheap home?

Quote from nutmeg:

"Primary motivation: I want to retire early from the work force, and therefore want to minimize the overall portion of my income that rent is."

From what I've read, sounds like a plan. You want the security of a home so you can concentrate on the next step, a business. I'd like to add one more thought to early retirement which we all have to face whether we own a home or not. Need to have an income stream. Maybe some of the savings from a cheap home you might look at annuities, maybe others have some other ideas. A paid for home still has increases in taxes, energy costs, which at the end of the rainbow will almost equal a mortgage payment.
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Yes, I looked into these energy cost issues. Once the home is paid for, I can construct models for hedging against rising energy costs. But if I have an expensive home, there's no way to offset anything with additional cash flow.
 
I am getting close to subletting my Rent Stabilized 10021 Apartment and spending the coldest six months in a warm Latin American country.

el surdo
 
'Even in crap markets, there's room to maneuver in NYC.'

There is a saying that once into NYC people do not want to come out.

There is a room to maneuver every where, it is a matter of throwing in extra efforts. Ever heard of networking, once laid off you can always call your buddies and find out possibilities, placement agencies, contract work etc. etc.

I would hate to be burdened by $5000 a month mortgage in NYC or LA, better to live stress free with positive thoughts than be in love with one city and one place.
 
Quote from arealpissedgoy:

You want to know where US real estate prices are headed? Look at the housing in Southern Ontario and Detroit. The hurt hasn't even begun.
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There is not even a supermarket in the city of Detroit. Detroit is definetly unique.
 
Quote from fatrat:

How logical is it to buy a very cheap home?
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Very! Buy in Detroit. Homes available for less than $5000. Good neighborhoods.

Keep the remaining gold buried in the basement. Buy a shotgun.

Don't worry about your job. Plenty of economic opportunity in Detroit. Buy low.
 
Quote from Emilio_Lizardo:

Very! Buy in Detroit. Homes available for less than $5000. Good neighborhoods.

Keep the remaining gold buried in the basement. Buy a shotgun.

Don't worry about your job. Plenty of economic opportunity in Detroit. Buy low.
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http://homes.realtor.com/search/lis...74d4de&pg=3&lid=1079971915&lsn=23&srcnt=21446


Seems a heck of a lot of these homes are fire damaged.

Talk about a depressed area.

Wow a realtor working for a $500 commission.
 
It is still to early to buy. Hold off, watch the RE market closly.

RE is the game I play well and our private capital has eyes on Miami, Vegas. It is still a year to early. The FEDS just rushed in and cut rates. New lending rules are coming, re-sets on subprimes, inflation, recession, etc.

This is not like the markets we trade. Time frame is longer, RE is less liquid and you can still buy near the top at these levels.

There are going to be massive bargins across the US in the condo/loft market.

The problems are not over, just because the INDU is near all times high.

You can still think your buying low now but end up washing out or seeing another 20% decline in certain areas.
 
Quote from EMRGLOBAL:

...still to early to buy...a year to early.... think your buying low.
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Writing style is difficult to disguise. Confusing to and too and your and you're is a pretty good tell.

You claim you are on Vic's SpecList yet I can't find any speclist posters who make the same mistakes.

I'm calling you on this claim. What name do you post under on Daily Speculations?
 
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