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First place purchase will be a cabin/vacation property in neighboring state, advice?

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August 21 2012 - US
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First talk with at least two mortgage brokers if you are going get a loan, if you are willing to pay cash, then just concentrate on the location.  If you need assistance finding a buyer agent send me an email.  The best of luck! 
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August 22 2012
If you get a mortgage when you buy the vacation home, and then you want to buy another home to live in, lenders may reject your application because the payments on the two homes would be more than they calculate you can afford.  I only recommend vacation homes to my clients who can afford to pay cash.
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August 21 2012
Look thoroughly and know the pricing.
Vacation property usually looks cheap, and it is, for lots of reasons. 
It's difficult to borrow against, so most folks pay cash. (especially log homes)
It's difficult to sell, the market time is very long, and so you can use comparables that are over a year old.
When it's time to let it go, people who have paid cash don't necessarily need to negotiate price, there's no mortgage over their head.

there are always exceptions but you need to look long and hard.
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August 21 2012
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Looking in Wisconsin for a cabin on a lake.

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August 21 2012

If you would like to call me or e-mail me I will do my best to help you. What state are you looking in ?

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August 21 2012
 
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