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SW MN and Gold Canyon AZ | My wife and I already did that. We bought a forclosed retirement home in AZ this spring. We opted for as little down as we could and a long term loan thinking that the house would probably go up in value long term more than our interest rate. Kept our working capital that way also.
We were spending time down there anyway and got tired of spending $100 day for motel rooms or $1200 a monthly rates for rental house.
The houses bottomed last april the way it looks so far. The under $150000 houses actually went up more than I thought due to the $8000 credit for first time home buyers and people looking for something cheaper than rent.
There are still some great buys in the 100000 to 150000 range for houses that used to be 250000 to 350000 at the peak. I would say one can buy for .40 on the dollar right now. If anyone needs any info we had a great agent help us. He was originally from Lemars Ia.
There are also alot of houses in the 50000 to 100000 range so with int rates below 5% your payments on something like that would be under $400 a month. With rental rates @ 1200 a month you can see why we opted to buy instead of rent. Insurance is pretty cheap being theres no hail or tornados or earthquakes.
I don't know how you could buy realestate like that under an IRA. If there is I guess I missed one there. | |
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So considering the economy where does one invest IRA's??
