my family consists of us 4. me, my brother, my mom and dad. we have about $200,000 all together. and i want to move our family to some place where we can buy a house for $75,000. so that we can buy two, living in one while renting the other out. me and my brother will try to find jobs. is this a good idea?
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April 11th, 2010 at 6:48 am
In theory it is a great idea, however you have to remember that places with VERY cheap housing normally have lousy economies. It might be very tough to find employment. Even if you pay cash for the house, you will still have to pay property taxes, utilities, groceries, etc.
April 11th, 2010 at 6:48 am
If your planning on making money from appriciation in the near future most likely not in most areas in North America. If your think of yourself as investing in real estate for the long term (5 plus years) it could make sense providing you follow the rules. Buying in an area where there is no job growth , or older demographics (Retired folk) won’t make you money in the long run. You want to buy in an area where there is new business moving in creating jobs and a demand for housing.