newyawkballa

I agree that it lost among the most in property values. But it is still the #1 future destination for the aging population. I feel, IMO, that we are going to be talking about the people that bought houses during the housing meltdown, who are now making out like a bandit. Sort of like people who bought homes on Long Island for $150-200k in 95-2000, who cashed out selling it for $300-400k in 1995-97 and used that profit to buy something down South.

I agree if u have a college education in a well paying field in NY, you are doing good, even with the high cost of living. It's the people who arent, that are paying $1600+ for a 2/3 bedroom, and not getting ahead. My mortgage is $790 down here. U can flip burgers and still pay that. My anger is with New York and families being forced to leave, due to the outrageous cost of living.

newyawkballa

Tell me if you have that NY money, u would not jump on this as an investment in Florida. I would be willing to put up my S2000, u would be seeing a handsome profit in 2023. This goes for at least $500k in Nassau, possibly higher. Buy it, live in NY, rent it out down here. http://www.realestate.com/detail/149...PORT-FL-34289/

s.hasan546

i do and i wouldn't lol. i invest into businesses & commercial real estate. Much more lucrative but harder to get into.

im doing decently well & i still didn't buy my own house yet. Im only 23. I rent an apartment in Manhattan and near West Palm Beach. Also i rent for MUCH less than i could buy for.

Buying for many younger guys is stupid. I couldn't tell you where ill be living in 5 years. I can't tell you what kind of house or how big of a house ill want in a couple years when i get married. I can't tell you how much money im going to be making in 5 years.

Even with savings if my business has troubles i would be screwed if i owned my own home. Selling a house these days is difficult unless you either A. take a HUGE hit and sell to a cash buyer or B. Wait for a mortgaged buyer (takes 6 months at least) and take a smaller hit.

electric_vibez

I highly recommend looking at purchasing a house right now. Interest rates and home prices are low, which you can guarantee yourself for years to come.

I purchased my house about a year and a half ago when I was 22. I graduated college with no debts (my parents were kind enough to cover my tuition all 4 years) and about $10k in the bank from working while attending school. I lived with my parents while drawing a full-time salary for six months, banking all of that as well.

Here are a couple of things that can make your situation a little more flexible:
1) Look for a house that can rented out. If you decide to move, then you can find someone to occupy the property and maybe even provide some additional income. I never intended on staying in my current location, but chose a townhouse in a neighborhood where many of the homes are rentals (most of my neighbors rent).
2) Look for features that make your house roomate-friendly. I have two bedrooms, two bathrooms. They are on separate floors, so my roomate and I don't interfere in each others' spaces. Her contribution each month covers nearly half my monthly housing expenses.

I understand your concern, but through some smart shopping you can stay flexible and find a means to keeping your housing cost steady or maybe lower than it would be renting.

wrecked

I just bought my house a few months ago right before i turned 23. Was able to put 20% down to get around the PMI and obtain a 3.5% rate. I'm doing pretty good so far

Terdburgler

My wife and I just got one as well. no PMI and 3.5%. It's a really good time to buy. In the OC right now it's hard to find a house. You have to give the offer pretty much right after you see the house. Thy are getting snagged that fast!

s2kAtTracks

If you can afford it, and smart about it, right now is a great time to purchase!

Low rates, Prices are still really low! If you have good credit and 20% down, you can really save!

I am a realtor, so I may be a bit bias. Currently am in the process of buying a shortsale town house that is 3br, 2.5 bath that will rent for way over our mortgage payment should we want to move up or move out of state.

Baron2099

You should totally buy a house. I bought a house about 3 years ago I'm 25 now. I didn't buy it for myself I bought it as an investment property.

I kept going back and forth from the idea of rehabbing and selling it to make a quick lump sum of money or should I rent it out?


I decided to go the renting option!

The house is fully paid for purchased it at auction paid cash all up front.

My father and I did the rehab brand new everything! Would have finished the project in 3-4 months if we didn't let other work get in the way


I am renting the residence out to nice respectable Section 8 family. That means guaranteed rent roll every month from the government with no BS story of work being slow and crap like that. Oh annnnd I still own the property!