Want to buy another house..but where to buy?

**mikeyandem** · 06-14-2007, 03:15 PM

My wife and I currently own a home in NC. We rent it our and make $100 on it a month after paying the mortgage, but we figure it's in a secure area that will build equity.. plus I have heard that NC will be picking up soon. Also real estate taxes are .8%.

We are looking to buy another house somewhere with the same situation. I don't need to make money on it now, and need nothing fancy. A nice house where the rent will cover the mortgage payment, and where I can expect it to grow in value. I have been told that San Antonio will be the next Bay Area, but the property taxes there are 2-3%

Where can I buy a house, have the mortgage at least close to covered by the rent, and have a good possibility of good appreciation? How do I know whether or not the area is a great place to rent or not?

**rama1** · 06-14-2007, 08:05 PM

Well, I certainly cannot tell about other areas but in South Florida you could find a great deals now, tons of them. I am not talking about foreclosures because you don't want to come up with a lot of cash, as I understand. However, if you are interested, here is my email: sm[at]njru.com -- I just changed @ sign in the board to avoid spam. Looking forward to hear from you.

**Cash Home Buyers _ com** · 06-14-2007, 10:11 PM

Stay near home, your costs are uncontrollable when you invest outside your area, I won't buy anything further than 20 minutes from me.

**mikeyandem** · 06-15-2007, 01:10 PM

Originally Posted by Cash Home Buyers _ com

Stay near home, your costs are uncontrollable when you invest outside your area, I won't buy anything further than 20 minutes from me.

I live in California outside sacramento. We have looked and there is no way to buy a house and have the rent cover the mortgage.. or even half the mortgage.

What do you mean costs are uncontrollable? We have a house in NC now. I was thinking of buying another one within an hour of that one..

**orion** · 06-20-2007, 06:26 PM

I had a similar situation, where the rent would not even come close to half of the mortgage. If you find a good property manager and you put it in the expenses and manage to still make money, you could have properties in Europe for all i know

Originally Posted by mikeyandem

I live in California outside sacramento. We have looked and there is no way to buy a house and have the rent cover the mortgage.. or even half the mortgage.

What do you mean costs are uncontrollable? We have a house in NC now. I was thinking of buying another one within an hour of that one..

**zatanaz** · 06-24-2007, 07:54 AM

Have you considered Texas?
Read my thread: "Rental Properties Available Texas".

Thanx.

**orion** · 06-24-2007, 07:26 PM

Texas is an area that I would like to explore, but living in PA and having not enough experience on the business I feel that doing that right now would be a bit to much

**Steve** · 07-06-2007, 12:29 PM

Have you ever looked into buying in Park City? Park City is a growing ski town in Utah and it's predicted to be the next Aspen. If you buy in right location you can rent year-round because the city is short on rental space. Also, during the winter season and especially the Sundance Film-Festival you can ask raise your rent and people will still rent it. Just contact me for further information. I have lived and worked here for more than 10 years.