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Old 03-27-2019, 08:10 PM
 
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What are your thoughts on purchasing a house in Elmhurst to sell again in about 5 years? I'm afraid of what will happen with the state and the housing market here.
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Old 03-27-2019, 09:38 PM
 
Location: Illinois
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Quote:
Originally Posted by ImNotCreative24 View Post
What are your thoughts on purchasing a house in Elmhurst to sell again in about 5 years? I'm afraid of what will happen with the state and the housing market here.
That time horizon is too short to worry about losing money. You should rent or commit to at least 10-30 years if purchasing. Even then, Midwest real estate represents a low return (if any) investment at best.
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Old 03-27-2019, 10:44 PM
 
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Yep. That time frame says ‘rent’, not buy.
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Old 03-28-2019, 10:22 AM
 
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Why are you buying the house? To live in or as an investment?
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Old 03-28-2019, 05:40 PM
 
Location: All Over
4,003 posts, read 6,099,271 times
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I disagree with all the people saying rent instead of buy as long as you don't mind renting the property. Live in it for 5 years, if at 5 years you wanna move and the housing market is up sell it, if not rent it. If you buy properly the rent should more than cover your mortgage plus a cushion. I did this about 3-4 years after buying a house in Aurora and the mortage is $700, it rents for $1400
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Old 03-28-2019, 06:03 PM
 
4,011 posts, read 4,252,181 times
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Quote:
Originally Posted by doodlemagic View Post
I disagree with all the people saying rent instead of buy as long as you don't mind renting the property. Live in it for 5 years, if at 5 years you wanna move and the housing market is up sell it, if not rent it. If you buy properly the rent should more than cover your mortgage plus a cushion. I did this about 3-4 years after buying a house in Aurora and the mortage is $700, it rents for $1400
Sure, there are of course other scenarios. But the OP did not express that desire nor has he returned to the thread LOL
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Old 03-29-2019, 08:19 AM
wjj
 
950 posts, read 1,363,963 times
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Quote:
Originally Posted by doodlemagic View Post
I disagree with all the people saying rent instead of buy as long as you don't mind renting the property. Live in it for 5 years, if at 5 years you wanna move and the housing market is up sell it, if not rent it. If you buy properly the rent should more than cover your mortgage plus a cushion. I did this about 3-4 years after buying a house in Aurora and the mortage is $700, it rents for $1400

But what if he needs to sell in order to generate enough cash to put a down payment on his next house? You are assuming that he has enough cash laying around to purchase a second home without selling the first. You apparently were able to do that as have I - twice, but I suspect most people would have to sell in order to buy their next house.
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Old 03-29-2019, 10:45 PM
 
Location: Phoenix, AZ
2,653 posts, read 3,047,472 times
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Quote:
Originally Posted by doodlemagic View Post
I disagree with all the people saying rent instead of buy as long as you don't mind renting the property. Live in it for 5 years, if at 5 years you wanna move and the housing market is up sell it, if not rent it. If you buy properly the rent should more than cover your mortgage plus a cushion. I did this about 3-4 years after buying a house in Aurora and the mortage is $700, it rents for $1400
Your mortgage may only be $700, but did you forget about property taxes, upkeep/repairs? Maybe you only break even. I don't know. There are easier ways to make $$ than that.
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Old 04-01-2019, 06:34 PM
 
Location: All Over
4,003 posts, read 6,099,271 times
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Originally Posted by DougStark View Post
Your mortgage may only be $700, but did you forget about property taxes, upkeep/repairs? Maybe you only break even. I don't know. There are easier ways to make $$ than that.
$743 for the mortgage, taxes, and insurance, that's my entire nut. Property rents for $1400, I pay the property manager $140 a month which leaves $1260, after paying the mortgage taxes and insurance that leaves me $517. The property manager handles everything, I don't lift a finger besides approving any repairs that need to be done. There's really not many ways to make easier money than that. This on top of the fact I'm continuing to build equity on what the tenants are being paid in rent on top of the $517 that goes in my pocket every month.

I personally plan on never selling another house again, if I want to move, I'll rent out my current home and buy another.

I realize not everyone is in a position to do that but I choose to buy less than I can afford so I can. I got approved for a 475k mortgage, bought house for 200k instead.
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Old 04-11-2019, 11:29 AM
 
2 posts, read 2,361 times
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I dont think it would be wise to rent for several reasons. The move would be out of state and I'd be putting my 2 children in college at the same time. I wouldnt be able to take care of things locally plus college tuition will take up extra money. We couldn't maintain .houses
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