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Would you buy now?

2K views 21 replies 11 participants last post by  jsf350 
#1 ·
Looking at buying a house/acreage/farm here soon. Need to get out of my stepdad's house.... Long story there, but he wants to kick me out and put his daughter in there who has no job, junk car, and going to school and runs around with the wrong crowd... So basically he'll be paying all her bills.

Anyway, with this economy the way it is, do you think it would be wise to jump in, or wait? If I wait, it'll be sometime this spring.
 
#2 ·
IMO I would buy now, prices are going to raise again this spring. We bought our place at an auction 3 1/2 acres and an old farm house for $19K. Put $20K into it and it appraises at $140K. I would check out Local auctions.
 
#4 ·
Depending on where you are located at and your financial situation I would say go for it. The prices right now in a lot of areas are possibly as low as they are going to go, or at least there are a lot of bargains out there. So if you can swing a deal on what you want and can afford it do it.

Jim
 
#7 ·
I'm sure I can get financing, if not through the bank, I can through my mom. I'm thinking I'm gonna have her do it anyways, just in case I get sick and can't work.

Economy around here is still pretty strong though. I'd love to get some ground to rent out, or something with some CRP, that way I have some income coming back in.

The biggest thing right now is finding what I want. I found a place, but its a 130 year old farm house, prolly not very accessible.. :DHere
 
#12 ·
I agree, if you can get financed I would buy. Check with the local banks for forclosures in your area or with a real estate agent. Agents will want their cut, but banks just want to unload the asset for cash.
On edit: Also check with your local USDA office. In my area they have a rural development loan that is low interest or 0% interest.
 
#19 ·
I just bought a house on OCT 1st. The only thing i would say is make sure that your income is pretty much fool proof, Dont rely on the land to make you extra income to pay the bills. Just plan on living there and doing those types of things for fun. If you get every thing in line then start to make a little proffit, good.... But don't rely on it. After i bought my 3200+sqft farm house, with a 2 car seperate garage and a 50x60 ft barn and 13 acres for what i paid. My finace guy about sh1t himself. Nobody believed the price i paid. almost 100k less than it sold for 2 years ago.

-Chris

Good luck, and be smart!
 
#20 ·
Oh I know what you mean. Basically I just want land rent or crp to take care of the taxes, and maybe any other things that might pop up, or improvements to the property.

Just found a couple properties that are coming onto market pretty soon that might be good possibilities..
 
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