From: "longshot" 
Newsgroups: misc.invest.real-estate
Subject: Re: Owner-finance *confusion*, please give me your 2 cents!
Date: Wed, 16 Mar 2005 07:14:31 -0500



"John A. Weeks III"  wrote in message
news:john-7847EA.06171516032005@ip-lcc.supernews.net...
> In article <1110954001.220057.225460@f14g2000cwb.googlegroups.com>,
>  thelionsden@satx.rr.com wrote:
>
> > Home price: $72k (a little above average for the neighborhood)
> > 30 years at 11% interest, and he said SOMETHING about amortization but
> > I didn't catch it and have no clue what it is anyway..
> > $5,000 down
> > I'd be expected to refinance within 5 years (and with that rate I'd be
> > doing it ASAP of course)
> > Payments, he said, around $675/month
>
> The 11% interest is an indicator that you are not yet ready to
> buy a home.  Rent is a bargain in most places across the USA.
> This high interest rate will make you a slave, and the house
> will not be a blessing.  Rather, it will be a boat anchor.
> This is telling you to pass, and come back in a year or two
> when your credit is better, you have more money saved, your
> job is more stable, and you are better prepared.
>
>
agreed, you would be better off to rent a similar house for less ...I'd
guess 550 to 600, then the landlord can fix things for you like the furnace
or AC, if you bought the house & wanted to sell it in a year would you be
able to get 72K out of it? you would have paid more each month & been
responsible for maintenance & upkeep