Loan Question

[hawkeyefan]

North Branch.

About 100-125 houses in the Forest Lake/North Branch and areas in between for $130,000 or less

Still could sneak in on a bank owned for really cheap if my Aunt comes through with something before it hits the market.

Rush City has new construction for $129,000 (including finished basements, appliances, sod, etc.) but my Aunt is concerned about resale in that area since it is pretty far north and not close enough to Duluth.

I see your location is Edina, so it would make sense that $130,000 would seem cheap and rare to you

Looking at this one too:
http://www.eramuske.com/Listings/33/...AK-STREET.aspx

Rooms are small and it is older (1993 vs. 2009) but it has been on the market awhile so might get in a little cheaper. We would finish the bathroom in the basement to help resale of course.

Not to be a douche, but I don't think you should get lathered over resale value in any event if you're buying in such a rural area. It's a rare breed to live that far out. We were lucky through the downturn in that we actually gained value, while with the same home five blocks from us in Minneapolis, we would have been badly upside-down. You'll be lucky to simply get back what you paid after a few years.

I have to say that I LOL'd at the thought of a house built in 1993 as being "old". There isn't a house in my neighborhood that wasn't built prior to Winston Churchill resigning as Prime Minister.

And finishing out bedrooms is a great way to build some equity. We went after a "fixer upper" as a means to build equity fast. When you're young, you'd be crazy not to do so.