Quote:
Originally Posted by KC911
You could not "give" me a house....no thanks fint....just in case  .
Though this area has been immune to RE fluctuations over the decades (other than the fiasco 10 years ago  )....well, it's a bubble now....
I just put a "vacant" ins. policy on a house....at least six "want to buy" BS offers in my mailbox within days ....nope! Kid I just talked to....broker is gonna get him and his SO in a house....no $ down...he ain't even close to being ready .
So I'll just watch...
CHEAP, easy credit....sux imo.
Sure there is $ to be made....always is...if that's what motivates you...and you are in a position to do so...YMMV. |
You could give me a couple.
I just bought a house (for myself/my family to use when I visit my daughter/son-in-law). Got a great deal, but paid cash to move quickly. That said, at current rates, I would have gotten a loan if it was not so difficult and time consuming to provide all the stupid documentation they need. Pretty silly to me that is the case when you have more in liquid cash/investment than the house costs. On a positive note, it was just before the recent small correction...so pulling the money out of the market was timely.
Personally, I am a big fan of holding long-term rentals (for folks without a lot to invest). It is a good investment over a very long term (which is good for most that don't)...and can be easily done outside of normal work activities (without significant interference). It also helps provide nice, healthy, relatively low-cost housing for families in nice areas wit good schools that they could not afford otherwise.
Yes, I constantly get mail and calls regarding all my homes from folks that want to buy them. Apparently the real estate seminars tell them to do so for anyone with an out-of-state address in the tax records. Some do it if the tax bill goes anywhere other than to the address. It gets annoying as it seems everyone has the same idea and with the many homes I have, I get dozens each week. All seem to think they will take advantage of some sort of "distressed" sale. They will take it "as is" and imply they know all about it although it is clearly a form letter and in some cases, the house just finished renovation the week before. If it were actually for sale, it would have a sign out in front of it and be listed in the MLS. These are just scum that want to take advantage of folks.
I have a rental in the Denver metro area where a realtor has sent me a letter almost every week for about 30 years telling me that real estate is about to crash there and I should get out now...and he would be happy to take it off my hands at a below-market rate (I could lock in my gains). The value of the house is now about 5 times what it cost new and has paid me rent for almost 40 years now...and he still sends me the letters (reminds me of some of Tabby's warnings). Rent has only doubled during that time (and taxes and insurance are way up...so renters are getting a deal IMHO).