To many variables to give you a good answer, but I can tell from the other posts not to many people in here have bought property recently.

I just got me a new piece of property in the Phoenix area for a rental, home prices are going down, you can get some good deals if you look around. The place I got is new, not competed yet, walk through is Oct 4, I put $17k down plus about $3000 in closing costs including 6 months of taxes and insurance.

House was listed at 210k and its a spec home, meaning it was mostly built, the previous buyers fell through, so they told me if I could do a quick close they would knock off 40k, around here, for the price I am getting it for I could not pass it up.
Good investments are out there if you look for them.

I was thinking the same exact thing.

I guess he is working out of his parent's garage.

as a first time buyer you should be able to get a high ratio CMHC insured mgt with 5% down:2 cents:

@ 5% down for first time buyer wiith 15k

in greater vancouver that would get you at best a 1 bedroom apartment..

If you want to buy a home for yourself (wich you can't consider an investement, but a liability), yes it should be enough for a small one.

If you want to make an investement, no

too late for a sig spot?

aim for 20% :)

Why can't you consider it an investment?

I put down 110k$ (85k euro) on my first house, they required around 60k euro down payment.

Because he read "rich dad poor dad" :1orglaugh

Yeah, lenders are getting ready for a tough landing in the next few years, an economic collapse (real estate prices will follow) actually, they know their shit, so its better to stay away from real estate as an investment.

Can't believe so many members here encourage people to invest in real estate, after reading daily reports of a coming economic depression. Every expert from Greenspan to the little economist down the street published this inevitable scenario.

Bump for Son of Sam who doesn't have enough to put down on his first house.

Happy Renting!

It's funny how you are so political when it comes to your presentation in this industry.. but as soon as someone calls you on something, like you being a racist... you show your true colours.

You hurt yourself more then you hurt me with that comment, idiot :1orglaugh

A lot of lenders won't go down to that anymore. I've been told the past few times on investment properies even 10% is harder to get. Most are getting stuck on that 20% figure and with that you get away from the PMI tax as well.

countrywide has a standard of 10% down on investment properties. thats all I had to put down on my new property.

People who are not comfortable investing in real estate should not do it just because others do, I just happned to find a really good buy on a new build so I grabbed it.

The Truth...sometimes you don't know if you should laugh or cry
:mad::1orglaugh:mad::1orglaugh:mad::1orglaugh

Probably because you have to live somewhere. Unless its a multi-family ,its your home,and even if the market went up, you would be selling in the same market your buying in.

housing will crash at least 30-40%. dont buy.

Even though I hate everyone in the Middle East I had seem to have forgotten that fact when I was boning my Lebanese wife this afternoon.

So do you rent an apartment or work out of your parent's basement?

by the way, even with 17k, unless youre buying a 170k house with 700+ credit score.. you wont qualify anyway. im sure youve heard of the credit crunch? lending standards are tightening up in a VERY major way.

I believe it has since drop to 0%, and CMHC is no longer the only place to get and insured mortgage.

You said yourself that there should be a big wall built around the entire middle east, and that to let them kill eachother....

and that the US should attack every country in the middle east...

would you like to deny that, or want me to grab the links to your exact posts where you said that?

You are a racist, lebanese wife or not..

and if anything, shes an idiot herself for dating a stupid racist fuck like yourself.

Your point? I also believe that we should build a wall around the US too!