Attn: Flip & Fillip

[Eugenics 5,000+ posts]

Flip and Who i have a question and you two are the most qualified to inform me, although other advice is appreciated.

Following Who's advice to only go in debt for school or a house i'm thinking about buying a house in Richmond when i move there.

Ya? or Nay?

If i bought one in the next year, would i be able to turn it around for a profit in say 2-5 years?

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[Flipx99 5,000+ posts]

Don't buy the house with the expectation of flippping it. If you want to live there, that is nice. But don't try any funny shit.

I also disagree with Who's advice. I borrow money to buy candy. But then again I have to as most of my money is tied up in hig return investments.

 

[Eugenics 5,000+ posts]

My intention isn't to flip it. I want to live there but if i can break even or atleast make a small profit i would much rather go that route versus throwing it down the toilet in some apartment or rental.

 

[Eugenics 5,000+ posts]

i dont have any of my money tied up in hig return investments either though

 

[Eugenics 5,000+ posts]

wtf ever those are

 

[Eugenics 5,000+ posts]

illiterate bastard

 

[Twistid 5,000+ posts]

yay for richmond! i have family that owns a house in the downtown VCU area , had it since about 2000ish if i remember correctly, prices are skyrocketing in the downtown/city area

very good investment

 

[Flipx99 5,000+ posts]

Then you are in a similar situtation as myself. I am not a big fan of renting...or atleast paying the same amount in rent as you would buying....that is stupid to me.

Find a place you wouldn't mind living in. But then again, I don't like real estate as an investment.

 

[Eugenics 5,000+ posts]

i would like to live a bit away from the city/downtown area.

 

[Flipx99 5,000+ posts]

lolz. I am typing from a laptop and my wrist keeps hitting the touchpad. I don't think I would ever buy one.

 

[faulkton 5,000+ posts]

i herd the housing market is doing really well.

 

[Eugenics 5,000+ posts]

Then you are in a similar situtation as myself. I am not a big fan of renting...or atleast paying the same amount in rent as you would buying....that is stupid to me.
Find a place you wouldn't mind living in. But then again, I don't like real estate as an investment.

I agree, i need a place to live anyway so i might as well enjoy it. Wouldn't mind making a buck or two either.

 

[Flipx99 5,000+ posts]

i herd the housing market is doing really well.

All real estate is local. Some areas are still experienceing nice appreciation.

 

[richierich75 10+ year member]

i herd the housing market is doing really well.

yelp, doing really well

 

[tsenfw 10+ year member]

All real estate is local. Some areas are still experienceing nice appreciation.

Aren't interest rates outrageous right now because of the foreclosures going on right now?

I think it wouldn't be worth buying a house if you're gonna flip it in 2 years. 5 ... maybe but probably still a gamble. Think of all the interest you pay on a mortgage in the beginning. Unless you're just buying the house outright, which I doubt you're doing.