real estate advice

[bojazi]

so my mom told me she would sell me her duplex for 180k , all other prices in philly are 210-250 for duplexes. this is a no brainer, it isnt in the best condition however, i can put in work, write off stuff, and get lots of tax breaks, this is a no brainer right?

thanks

john

[Barton]

Pay an expert 300 to tell you. Unless you are someone who has the knowledge and desire to do "fix er up" work yourself, you will end up paying dbl what you estimate.

The last time we had a housing crash it took about 15 years for those who bought at the peak to get even. That's very location dependent though.

6 months or a year from now prices may be far lower.

Many factors to consider and all areas of the country are different, so you really need a local expert's advice.

[bojazi]

but since im buyin at a bad market isnt it better for me, since prices down, i have a friend to help with the fixes. i wouldnt pay someone i didnt know to do it. be like friend jobs- paying them not hiring companies etc.

[Barton]

but since im buyin at a bad market isnt it better for me


Not neccessarily. If any of us could time markets right we would be gazillionaires. Sure you may pay less now than 8 months ago, but you may pay far less 6 months in the future.

You have to run all the numbers. Cost including upgrades. Tax benifits. Rental income. Opportunity costs. Hassles.

All that being said it's something I've though a lot about doing myself.

[bojazi]

ty barton appreciate the advice. and will weigh everything out with estimated figures. thanks

gl at the tables

[bcblack182]

my personal opinion is that US prices overall have a lot of downside still. It is so location dependent though, that you really need to talk to a local expert like Barton said.

[bojazi]

tyty

[EricBlade]

You can get actually functional houses on property in Detroit for 3-5k :D

[iried57]

I would look into "short sales"