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What is your opinion on investing(for rental purpose) on foreclosure houses in stockton, CA?

We already own a house in the bay area, is it a good idea to buy a second house in Stockton, CA for rental purpose? Or should we save the money to pay off our own loan on the house that we live in to bring the loan down to conforming loan from jumbo loan? you opinion please. Thanks in advance.
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March 29 2009 - US
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Answers (1)

Hi novice_investor,
It's really hard to say. It will depend a lot on how long you'd own the property for and what kind of deal you could get on the home you'd buy. If for a long time, then maybe it could be a good investment, but conventional wisdom is that it's going to be a while before home values are rising enough to make it a good place for your money.

I'm conservative by nature, but if it were me, I'd pay down the jumbo loan and refinancing for a conventional rather than buying an investment property in Stockton.

Very curious to hear others' opinions.

Good luck,
Kristin
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March 30 2009
 
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