http://finance.yahoo.com/news/First-Person-Losing-Big-65-ac-2690070448.html?x=0
Kris, I'm sorry for your loss. However, there is opportunity and a positive outlook on life, depending on where you live. Even in real estate.
My wife and I purchased a 340K fixer upper in Arlington VA in OCT 2008. At appraisal, 4400 square foot lot was valued at 270, and structure was valued at 90K. Our mortgage was 2300/month, with prin, 5.875% int, taxes, insr included. We have remodeled a kitchen, 2 bathrooms, stained hardwood floors, changed an electrical panel box, put down sod, painted etc. Altogether we probably have put an additional 35k into fixing it up. Accoring to zillow, we are estimated at 488K. Recently we refinanced at 4.375% 30 year fixed, dropping piti to a bit over 2000/month. I knew it was a good investment because rental prices in the area, high land leverage ratio, (tear me downs indicate land is undervalued), and we purchased well under the assessed value, all while the stock market was declining about 500 pts a day. We took a huge risk at an extremely opportune time and came out for the better. Counter-cyclical and counter-intuitive always creates the best opportunity. Hold your head up, you'll get 'em next time. livedevelopment.blogspot.com
Kris, I'm sorry for your loss. However, there is opportunity and a positive outlook on life, depending on where you live. Even in real estate.
My wife and I purchased a 340K fixer upper in Arlington VA in OCT 2008. At appraisal, 4400 square foot lot was valued at 270, and structure was valued at 90K. Our mortgage was 2300/month, with prin, 5.875% int, taxes, insr included. We have remodeled a kitchen, 2 bathrooms, stained hardwood floors, changed an electrical panel box, put down sod, painted etc. Altogether we probably have put an additional 35k into fixing it up. Accoring to zillow, we are estimated at 488K. Recently we refinanced at 4.375% 30 year fixed, dropping piti to a bit over 2000/month. I knew it was a good investment because rental prices in the area, high land leverage ratio, (tear me downs indicate land is undervalued), and we purchased well under the assessed value, all while the stock market was declining about 500 pts a day. We took a huge risk at an extremely opportune time and came out for the better. Counter-cyclical and counter-intuitive always creates the best opportunity. Hold your head up, you'll get 'em next time. livedevelopment.blogspot.com
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