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Magnum Bank Repo

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Magnum Bank Repo

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{ 1 comment }

stickmansix June 8, 2011 at 4:47 pm

dustin, I'm telling you, think about buying a house. Interest rates will NEVER be as low as they are now. Also, it is a major BUYER's market right now. You probably won't see home prices this good ever again. And when you are paying a mortgage you can deduct every penny of interest off of your taxes. $0.00 of rent can be deducted, unless you want to try and claim some sort of home office, which is a very small percentage of your payment and is a major red flag to the IRS, just begging them to come audit you.

And at least here in North Carolina, renting you pay about a dollar a square foot. Buying a home, you pay about 50 cents per square foot.

Yes, it is a big scary step. I understand the fear. I was terrified. It seemed like such an awesome responsibility. But the worse case scenario is that if it is too much, then you sell it. Say, after a year or two, you need to sell the home for some reason. Since you can deduct so much off of your taxes, even if you sell it for the same price you bought it, you basically got to live there for free. If you sell it for considerably less (meaning you sell it for a lot less than you paid for it, you still come out no worse financially than if you were just renting).

With the current housing crisis like it is, a lot of people are trying to get out of their homes (because they got into loans they could not afford in the first place). There are a lot of deals out there. I am not talking about bank repo's. I mean people that are looking to dump their home cheap. You are not taking advantage of them. You are doing them a huge favor. There are a lot more sellers than buyers today. ALL of those sellers are wanting and needing a buyer.

I know all of this is easy to say in about four paragraphs on a blog. And i know this is about your comfort level. And just because this is something I am comfortable with does that mean that you should be comfortable too. I just know that we are now in the third home that we have owned. We bought and sold the previous two. And it is not as painfull or scary as you think.

Not passing on any judgement, just wanted to pass on some encouragement.

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