Books

  • Jeff Michael: Repair Your Credit and Knock Out Your Debt

    Jeff Michael: Repair Your Credit and Knock Out Your Debt
    I highly recommend this book because I wrote it.

  • Edie Milligan: Tips from the Top: Targeted Advice from America's Top Money Minds

    Edie Milligan: Tips from the Top: Targeted Advice from America's Top Money Minds
    I have about a dozen entries in this book.


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Comments

What do you think of the effect of the Real Estate market on those working toward a house? I don't want an IO loan, but I see it VERY difficult to be able to afford a home in So Cal. I might get up into the low six figures in the next 5-10 years. Then I MIGHT be able to qualify. Any thoughts?

I don't think I'd buy a home in Southern California right now, unless I currently owned a home there and could sell it for a grossly inflated price. (And offset the grossly inflated price I'd likely pay for the next home.)

The end is nigh for favorable interest rates, and housing prices have to slow down their ascent or even decline a bit to bring that market down to earth.

Now, if you stumble onto a good deal, I'd go for it, but I can't imagine there are too many of those left south of Bakersfield.

That's just a real dilemma. I don't believe in interest-only loans myself, but others disagree; a housing market like the one you're looking at might be the only good argument for an IO loan.

A lot can happen in 5-10 years. I think somewhere in that timespan you'll see opportunities to snatch up a property without having to offer your firstborn as a down payment. Certainly there are plenty of pretend economists predicting that the sky will fall any day now. If one of them happens to be right, you might be poised to take advantage of the situation and get into homownership on the cheap.

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