From: "herlihyboy" 
Newsgroups: misc.invest.financial-plan
Subject: Re: What's my next step?
Date: Mon, 28 Mar 2005 08:16:38 CST
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terrapen wrote:
> Here's my dilemma:  I'm currently living in a $900/mo 2br apartment.
I
> know damned well that I am throwing money down the toilet by living
> here.

Not necessarily true.  When you buy a home, you become the new
landlord.  We're getting ready to possibly (unless I can fix it)
replace our water softener and it will run $400 - $500.  We are
prepared to absorb the expense with cash.  If you buy with considerable
debt, are you prepared to handle the homeowner issues that come up with
cash?

I agree completely with previous advice.  Pay off the debt, save up a
big downpayment to avoid PMI, and have a rainy day fund in place for
new water softeners, a furnace, etc., etc.