[Iowanian]

I'd always encourage anyone who can do it, to own a home instead of renting. You sure don't build any equity by renting. I think the mistake most young people make is, trying to move into a home like their parents, filled with similar quality possessions, right out of the gate. Just because your folks live in a very nice home after working 30 years, doesn't mean you can live the same lifestyle right out of college on that $35k salary.

I've had a "3 house plan" for a long time, and I'm deviating from that now to a 4 house plan....

I started with a dumper that I remodeled, lived in for $250/month for 5 years and sold for +20something....invested that into a larger home, that has held its value, including what I put into it and sold in 1 day....should have marked it up.......But I Still have that equity like a piggy bank for my next move. I'd planned on building next, but will buy another house and then buy Land....and build when I can.


In my new mortage search....Its a different ball game than it was even 2 years ago when I bought this house, and had cash for 20% down.

Too many people don't read the fine print, look at the extreme closing costs on some loans, fall into the 1 year arm trap, or the foolish interest only loans.....so yeah....its possible in some form that a payment on a 200k+ house is that low.....but what is the scope of the deal....thats a better question.

One benefit of owning....mortgage interest is tax deductible.....rent payments aren't.