No HOA fees? The saving grace could be that this house is truly
"affordable". A tax write-off is never a reason to buy something you don't
need, but it does reduce the cost. It could be that the $1,220 per month you
pay could be actually closer to $850 a month, after taxes (depends on your
bracket).

If you really would like living there for a while (make sure you carefully
check out the neighbors!) it sounds like it could work for you. But, be
warned, many neighborhoods are full of 30 year owners who only planned on
staying for five years or so. At 22 years old, the years still go by fairly
slowly. At 24, the years will go by four times as fast; at 30 they'll go by
164 times as fast; and at 40 they go by 26,896 times as fast.

It sounds like a good deal, but if your real dream is to live in a one
bedroom condominium in Dana Point, there might be some deals in the next 3-5
years.

"AJ" wrote in message
om...

Whatever we do, it's a gamble, but the most important rules seem to be:
Never buy anything you can't hold onto for at least ten years and Never
buy
a property you don't really like or can't really afford.

Yes, I agree, infact I thought the exact same thing bout the real
estate bubble. This is how I look at it, let me know what you guys
think.

1. My lease on my appartment is up soon, I pay 920 a month + utils
2. Upon the end of my lease the will surley raise my rent tho who
knows how much.
3. The home I'm purcahsing is 185,000, and payments will be around
1220 high estimate. (total, piti)

So I need a place to live, at the end of the day, the cost monthly
will be very close (as the new apartments here in 92562 go for
1300-1500 for a 2 bedroom). For the slight increase, I get more
privacy, my own land, garage, quiet neighboorhood. I make plenty of
money to maintain those kind of costs even if I were to loose my job.
And, not to mention I am getting railed on my taxes every year with no
write offs. I guess the bottom line is, this cost of living has risen
so much here that at the minimum I will paying in to the same price
range of purchasing a house, with none of the benifits.

Now on the down side, the prices are on the high side, although I am
not buying more than I can afford. There is a fear of prices dropping
and me being stuck with a house thats worth less than I owe on it. For
this problem, I could turn to renting the house out until prices rise
(or maybe longer who knows?).

Are there any problems with my logic?, I do like the house, I do need
a place to live, I can afford it, worse case hopefully I can rent it
out while I buy more properties. I do not plan on living there for 10
years however, I am 22 I am hoping to be on to bigger and better
things with in the next 10 years

Please comment

Thanks