You make money when you buy the house. So buy it low, sell it higher. Or if it's an rental property, buy it low, and rent it out higher than what you pay for the mortgage. In your situation, you bought it at full swing of the market, 2006. So you probably paid full retail. But don't worry. You live in the house and you can actually pay the mortgage. If you like the loft, stay there for a while. The real estate market will eventually cycle back up.
In the meantime, read some basic real estate investment books. Try the ones by Robert Kiyosaki and Robert Irwin. BUY LOW, SELL HIGH! Keep in mind cash flow and equity. Take care! - Tue Jul 15 2008, 11:43
Would you be interested in our "Rent- to- Own" program? How much can you put down? How much can you afford per month? How soon do you need to move by? - Mon Jul 7 2008, 20:20
MVPs or 'Most Valuable Players' are key Trulia Voices members who have been contributing high-quality content throughout 2008 and providing valuable advice to consumers and real estate professionals.