so very interesting that you brought that up and i quote:
Originally Posted by
MrLabGuy
Sorry but if you were stupid enough to get into a RISKY MORTGAGE you should have thought twice about buying a house you could not afford in the first place.
I sure hope you're not calling yourself stupid. As with any investment you have risk. It's all about how much risk you are willing to take. You win some you lose some.
Quote:
|
Originally Posted by MrLabGuy
Example...I took out a 5 year adjustable loan on a condo rental I own and rent out about 4 years ago. I had every intention of selling it before the loan adjusted to a higher rate as part of a strategy to get the most out of my investment.
It now looks as though I will lose out because the market is flooded with condos and the value has dropped about 75,000 in the last 6 months.
Good news for me is I've owned the property for about 20 years which I purchased for $87,000 as a first home. Even in this depressed market it will go for $325,000 so I'm not hurting so bad after-all.
Motto of the story is I gambled and lost about 75-80K but will live with my decision. My overall strategy of buying property I could afford had paid off in the long run.
|