What should I do?

[OUAndy1807]

It looks like the wife and I may be staying in OKC for 1 more year due to work and moving next summer. We'll be making twice what we are living off of this year, so we'll have some cash for the first time ever. Should we buy a fixer-upper of a house with the intentions of living in it for the one year and turning it (I work in construction and would be able to have a lot of the work done for little to no money), or should we buy a small acreage south of Norman (Goldsby/Washington area) knowing that in the future we'll be moving back and building a house?

[Hublah]

I would buy the land myself...then you will always have a place for yourself...why would you not want to own land in GOD's country?? SOONER LAND!!

[ChickSoonerFan]

Are you saying you would live down there and drive in to OKC everyday? Do you want to make that commute?

[Hublah]

But the commute would be worth for just one year. Then you have the property for later!

[ChickSoonerFan]

My opinion is the cost of the land will not increase that much in that area in a year and you could make more money in that time on a fixer upper if you can really do most of the work yourself. Especially if you figure in the cost of gas for the commute.

There will still be land there when you are ready to buy and you could make a profit on the sale of you fixer upper and save money on gas.

[Octavian]

Dont be penny-wise, dollar-foolish.

Buy da land.

[OUAndy1807]

My opinion is the cost of the land will not increase that much in that area in a year and you could make more money in that time on a fixer upper if you can really do most of the work yourself. Especially if you figure in the cost of gas for the commute.

There will still be land there when you are ready to buy and you could make a profit on the sale of you fixer upper and save money on gas.

I'm talking about building on the land in 10 years or so, when we're ready to settle in and have kids. If we end up buying land, we would rent a house here in Norman for the next year and then move.

[Jimminy Crimson]

Go with the house.

[oumartin]

land man.

[Pride Baritone]

It's good to own land.

[GottaHavePride]

It's good to own land, but why own it and pay taxes on it if you aren't going to do anything with it for 10 years? Unless you happen to stumble across the exact perfect bit of land, I'd go with the house. Fix it up for cheap, sell it for tens of thousands of dollars of profit, invest that, and THEN use that money to buy the land you want in 10 years.

[Jimminy Crimson]

It's good to own land, but why own it and pay taxes on it if you aren't going to do anything with it for 10 years? Unless you happen to stumble across the exact perfect bit of land, I'd go with the house. Fix it up for cheap, sell it for tens of thousands of dollars of profit, invest that, and THEN use that money to buy the land you want in 10 years.

zigzagly

you dont want to have to worry about the land while you're out of pocket.

[LoyalFan]

You know you belong to the laaaaand.
And the land you belong to is graaaaand!
So when we saaaaaaayyyyy,Yip...well, you get it.

LF

[sooner_born_1960]

Buy the land.

[OUAndy1807]

It's good to own land, but why own it and pay taxes on it if you aren't going to do anything with it for 10 years? Unless you happen to stumble across the exact perfect bit of land, I'd go with the house. Fix it up for cheap, sell it for tens of thousands of dollars of profit, invest that, and THEN use that money to buy the land you want in 10 years.
you're probably correct here.

for everyone who's asking why to buy land, go check out some land prices around Tuttle. Also, I saw about 5 acres on east 120th and Jefferson (like out by Thunderbird) in Norman the other day for about $10,000 an acre. Just crazy.

So, if I was going to get a house, where should I be looking? There seems to be a nice resurgance in the areas south of 44 on western, but I hate to be down there because the neighborhoods go from good to bad so quickly.

[OU-HSV]

land

[1stTimeCaller]

Neither. Cash is King. Anyone that knows about the S&L bailout of the 80s early 90s will tell you that. I know people that had less than $100k cash when the RTC began selling properties and now are millionaires. Put your extry money in short term investments and wait for the banks to foreclose on all these folks that are barely getting by with IO loans and ARMS. In 3-5 years you will be able to buy houses and properties for 40 cents on the dollar.

[LilSooner]

My opinion is the cost of the land will not increase that much in that area in a year and you could make more money in that time on a fixer upper if you can really do most of the work yourself. Especially if you figure in the cost of gas for the commute.

There will still be land there when you are ready to buy and you could make a profit on the sale of you fixer upper and save money on gas.



I disagree. Land south of Norman is being bought up like crazy! In Blanchard you can scarcely by an acre for under 25000 in a gated community (which that is all there is anymore). Also down here we have three golf courses in a 3 mile radius and everything is moving South.

Go with the land. By the time you move back you will be living in the new Edmond.

[Sooner Born Sooner Bred]

you're probably correct here.

for everyone who's asking why to buy land, go check out some land prices around Tuttle. Also, I saw about 5 acres on east 120th and Jefferson (like out by Thunderbird) in Norman the other day for about $10,000 an acre. Just crazy.

So, if I was going to get a house, where should I be looking? There seems to be a nice resurgance in the areas south of 44 on western, but I hate to be down there because the neighborhoods go from good to bad so quickly.South of 44? 44 runs north and south. Where do you mean, exactly.

[Harry Beanbag]

South of 44? 44 runs north and south. Where do you mean, exactly.


I was guessing 44th Street.

[OUAndy1807]

it runs northwest/southeast in the area of Western. I'm talking south of Deep Fork Grill.

[frankensooner]

You are talking about between Crown Heights and I-44. I lived in that area awhile back, around the park and a bit north of there. It is a very nice area and the property values have only been going up for the past 10 years. The location is ideal as far as working in the city and with a little bit of work you could flip a house and make a tidy profit.

[Rhino]

South of 44? 44 runs north and south. Where do you mean, exactly. 44 runs north and south AND east and west.

[RacerX]

Change political parties.

[OUAndy1807]

it always freaks me out that the thread gets bumped when someone votes.