Posted by Clint on May 16, 2006 at 19:26:33:
You can’t avoid the taxes. Just because you purchase at a bargain doesn’t mean that the county will assess it for less, they are in business to collect taxes. It’s how it works, if you can afford this 500K house and pick it up for $300-400K excellent. The money you save will make up for the taxes you’ll pay yearly.
However a mortgage on that 300-400K will run you around $2000 per month give or take a few hundred; depending on what you put down.
Now, some people work up to these types of houses. If you can’t afford it; don’t buy it, however, if you can flip it and make 30K, better still, until you can buy the house or the others that you will fall in love with over time… Don’t fall in love with the property, fall in love with a deal.