Don't Tell Me What To Do!

Yo People.
There's a saying about how opinions are like a certain body part and how everyone has them and they all stink. A little cynical. I prefer a little more optimistic outlook on opinions. We all have them and they're all good as long as you don't bother me with yours (I said a little).
Anyway, opinions on what's a good deal in real estate vary vastly from Victor to Vivien (stupid). If you think something is a good deal you should go for it. Don't let other people tell you what a good home purchase or a good investment should look like. These are personal decisions and should be tailor made to fit you. You'll have to live with the outcome whether it be good or bad.
Now, that being said, you should get enough info to make sure your real estate purchase is exactly (or as close as exactly as possible) what you want. The price of a house is just the beginning. How much will it cost to do repairs (get estimates from licensed professionals, not from some in law you are trying to give a job to so they will get off your couch)? What type of loan do you qualify for (make sure you do the #s correctly)? What will your monthly payment be (I said do the #s correctly)? Will your spouse leave you for buying a home without a roof (she will)? These all have to be investigated in order for you to make that personal investment/ home purchase. Be very wary (stupider) of a price on a home that is too good to be true. It is.
The reason I'm bringing all of this up is because people want a deal when they buy real estate (duh) but sometimes they don't know what a deal is. If you can buy a home for $200K and it's worth $300K, sounds good. Even if you have to put in $50K for repairs it still sounds good, right? The answer: Maybe. If that $50K has to come out of your own pocket instead of being in your loan then maybe. A 20% down payment on $200K is $40K and on $300K is $60K. Do you want to come up with $90K cash and get a better purchase price, or come up with $60K cash and keep some money in your purse for college, emergencies, food? Sometimes, for some people, it's less painful to buy a house that doesn't need that much work and keep the money that would've went to repairs in their own pocket. Some people have a lot of cash laying around (call me) and would love to jump on a deal like that.
My point is everybody's different when it comes to buying a home or investment property. Some like to hold on and play/ pray for appreciation. Some want their money going into an investment that is going to make moo la right now. Some just want a place to raise their kids or to hide their mistress. It doesn't matter what you want it only matters that you know enough info to get exactly what you want.
Check out an article by CNN Money (that almost talks about the same thing) by clicking on the title.
Happy hunting and God Bless.