(wow - 12 days total)

At the risk of sounding redundant and adding no value to the thread, I totally agree with Jon.

Total Notes being Carried: $140K1st: $114K2nd: $ 26KThe comps would be at the $139K - $142K range.

I am looking at buying 2 rentals with the equity and renting this one for a total of 3.

Im working on a lease option right now with a motivated seller.There is problem though the house is worth 215k but, they have 2 loans the first one being 177k and the second one being 25k for a total of 202k.These people are really motivated and said they would let me have the house for the first loan balance.There payment on the first mortgage is 1150 a month and the total between the two is 1300 monthly.

Each of us just went into debt for a total of $7000 in less than 30 days!!

That same home would rent for about $1200.Soooo, what would be the total payment on that same house.

It takes an additional five years, seven total, to get back to the same nominal price.Unfortunately, seven years from now, $150K is equivalent to only $108K in today's dollars.Since Real Estate only appreciates at the rate of inflation, over the long term, (see Case-Shiller data), you'll never make up the loss over then next few years, on a post-inflation basis.Then, you sell.

Its more just the lesser of two evils.We need to get back to the roots of what made this country great....but we are so far from them now it's as if the roots are totally decayed and the tree is going to fall.Its really just a cycle of the world.

i agree totally with what warren said.