., not from seller)1st loan - recorded date: May 2005, loan amount $650k, 30 yrs adjustable rate;max. rate 12.6%, current rate – unknown, adjust every 6 months.2nd loan - recorded date: March 2006, loan amount $77k, 20 yr loan, assume HELOCAccording to the seller: total mortgage payment $2200, insurance $100, property tax $700(However, I did the calculation, the payment on the 1st loan should be at least $3500, assume at 5%, seller will provide more information on the loans later on; my take is if it is adjustable rate loan, forget it; she told me that it is a fixed rate loan though; for this discussion, assume the total PITI is $3000)According to the seller, the total mortgage owed is $680k.Today’s market price is around $620k, during the last peak, it was around $720.When it peak this time, I expect it to be higher than $720k (based on the information from the nearby market, some area has already gone higher than the last peak)Seller is willing to sell it subject to.The roof needs to be replaced and probably some sewer problem which costs $7k to fix at most.So the out of pocket $ to buy is < $20k for now and it won’t case flow for the first few years, assume rent go up after that, it will.My plan is to find a money partner to put up the money to fix the roof and the sewer problem and hold on to it for at least 10 years and wait for the equity to build up, should have at least $300k equity or more in 10 years and sell at that time.

Many builders during the peak used this type of brick, as it was much cheaper, but did not seal it which led to the ongoing issues.

Just as Time Magazine ran the article of "Home Sweet Home" at the peak of the bubble, we'll see another cover denoting how bad real estate will be.

That's todays value, not the value at the peak.

You can rent them for awhile then renovate to sell for top dollar to an owner occupant when the market is at a peak.

Also need some more job time to qualify for a loan myself since "stated income" has all but gone "bye-bye" in many cases!

I have a beach condo (not on the water) but we rent it out for 2000 per week at peak season and drop it down to 1300 during the offseason.

I can see why it peaks yours interest.

Feel free to reach out if you want to take a peak over in Texas.

If it were YOUR money, would you build a duplex, sell the lot for a small profit and roll into an existing rental property, or pull the plug on ND because the market has peaked and invest elsewhere?