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LifeofRiley · 01-12-2013, 08:04 PM

Hi llombardo,

My S.O. and I bought a greystone in the city 11 yrs ago. At first, we rented out the other units, but we always knew that we would one day convert it to single-family. We did, and we lived there through it, it was not always easy!!!! In fact, I don't think I could do that again. But, I love the end result!

We bought at a time when the market was on its upward climb to the bust, we know that the only reason we were never underwater on our property was that we put a lot of our own sweat equity into it... that, and our neighborhood continued to rise in value through all of the crises. So, first rule of real estate is LOCATION.

Today, even though the market isn't as bottomed out as it was, say, a year ago, it is still a good market to buy in. On top of that, the interest rates are still SOOOO low on mortgages.

So, if the numbers you cited are real and the house is otherwise move-in ready, and in a location that is rising or stable, I would recommend you go for it!

01-12-2013, 08:04 PM	#2 (permalink)
LifeofRiley Master Member Join Date: Oct 2011 Location: Chicago, IL Posts: 565	Hi llombardo, My S.O. and I bought a greystone in the city 11 yrs ago. At first, we rented out the other units, but we always knew that we would one day convert it to single-family. We did, and we lived there through it, it was not always easy!!!! In fact, I don't think I could do that again. But, I love the end result! We bought at a time when the market was on its upward climb to the bust, we know that the only reason we were never underwater on our property was that we put a lot of our own sweat equity into it... that, and our neighborhood continued to rise in value through all of the crises. So, first rule of real estate is LOCATION. Today, even though the market isn't as bottomed out as it was, say, a year ago, it is still a good market to buy in. On top of that, the interest rates are still SOOOO low on mortgages. So, if the numbers you cited are real and the house is otherwise move-in ready, and in a location that is rising or stable, I would recommend you go for it!