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01-31-2009, 05:13 AM
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Normally, I would say yes to the 2nd house because it IS a buyer's market at this moment... However, with our unstable economy -- I would suggest making this purchase ONLY if you know you can afford to pay 2 mortgages, should the worst case scenario materialize -- i.e. unable to find good tenants for your condo.
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01-31-2009, 06:57 AM
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It is better to buy a second home if the second home can produce a positive cashflow. That way you are putting your money to work for you. A friend of mine... he just turned 29 bought 8 properties in Sudbury. They give him a combined positive cashflow of $3000 - $4,000 mo income. He has since quit his job and buys properties full time. Price are down, Rent is going up, interest rates are low. This is a fantastic time to buy income properties. Make sure the cash flow works... you don't want to have a home with negative cash flow. That is how most inexperience investors lose money.Tony
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01-31-2009, 08:19 AM
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buy the 2nd home if you have enough cash flow to support both mortgage payemnts in case of a job loss, this would be a great time to invest considering you can always rent it out and turn around and sell it at a great profit in 3-4 years, im sure the housing market will be better in few years, therefore would be the only way to make money on your money, GOOD INVESTEMNT if you can sit on it for 3-4 years
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