Following the advice of Warren Buffet
Buffet has said that the worst of the country's housing problems should be over by the end of the year, and that builders should stop putting up new houses until the existing inventory clears. He's also encouraged young couples to speed up the number of household formations, with tongue only partially in cheek. Clearly he sees an eventual turnaround in real estate prices and activity.
His long-standing practice of buying into sectors that most people aren't touching was exemplified this week as he purchased numerous real estate companies. We probably won't be buying up companies but on a smaller scale we can be taking advantage of some local bargains.
Once you find a bargain property look at the financing terms with 3.5% down payment or more, interest rates are at a 40 year low! As an example a $400,000 property with 20% down would have a loan of $320,000 fixed rate for 30 years. At 4.25% the monthly mortgage payment would be approximately $1575 a month, not calculating any tax benefit to you. Would you like to know what the monthly cost of ownership would be on a purchase? Pick up the phone, right now, and call us at 949-661-4663 or email Lee@LeeandRuss.com. Warren Buffet wasn't waiting, why should you?
Come visit http://www.LeeandRuss.com for more information.
Your friends in the business,
Lee and Russ
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