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Did you join real estate expert Ilyce Glink on the last Live Chat? If you missed out, here’s an excerpt with common questions about buying a home, buying rental property, and deciding whether to buying vs. renting Sign up for the next Live Chat on the Equifax Facebook page.
Q: Why should I buy instead of rent?
IG: I think there’s a unique opportunity to buy because prices are low AND interest rates are low. So if you have good credit, and you can really manage to scrape up enough money to make the banks happy, you should go for it. Just make sure you know where you’re going to be for the next 5 to 7 years because fixing and flipping is for the experts. Find somewhere you want to live.
Q: I’m looking for these “great deals” I keep hearing about. Where do I start looking?
IG: Great deals abound. The top states for foreclosures (which I run down every month on my MoneyWatch.com blog) are California, Nevada, Georgia, Michigan, Florida, AZ, but there are great foreclosure deals everywhere. Try a HUD Home. Go to hudhomestore.com and look for an agent who really understands what you’re trying to do. These are great properties at a great price.
Q: Is rental property a good investment?
IG: Depends on where you buy and what you buy. I have friends in Atlanta who are spending $50,000 to buy a decent-sized 3-bedroom 2-bath house in a good school district and renting it out for $800 to $1000 per month. They’re making money from the get-go. So, that’s a great investment property. You can do the same thing in almost any market, but the folks who do this for a living are looking to scoop all these great deals up. Start by finding a great real estate agent who can help you.
Home Buying: The Low Down on No Down Payment Mortgages
Time to Refinance?
Housing Market Predictions: Good and Bad News For Real Estate
How to Avoid Paying Private Mortgage Insurance
The Beginning of the End of the Foreclosure Era
Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate atThinkGlink.com and at the Home Equity blog for CBS MoneyWatch.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.