Asked by Rover. Humphrey, Sacramento, CA • Mon Apr 6, 2009
My younger sister and her husband are looking to buy a home. They rent an apartment out in Fairfield, (bay area, California.) They have paid off all their debt and now have a small sum of $60, 000 in cash. What would be the wise way to invest and make better use of this money in todayâ€™s 2009 real estate market in the bay area, California? They want stay continue staying within the bay area, CA.
1. Should they buy a smaller cheaper home, pay off the rest of the mortgage quickly and then get a new home and rent out the fully paid one for cash-flow?
2. Should they put the entire sum into a down payment for a larger home in the bay area given that prices have come down?
I am aware that this might be a tough question to answer. However, I would be truly grateful and humbly appreciative to hear responses from any experts or folks who have been in similar situations and been successful. Thank you so much!
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