Quote:
Originally Posted by john70t
-The internet buzzing is that there will be another national RE slowdown or crash. That stays in the back of my mind. California business and middle class appears to be leaving in droves and they just sunk 3.2 billion into the train to nowhere while already in heavy debt. CA real estate tends to waver in huge swings. First to rise and first to fall. Buy low. Sell high.
-It's probably a beautiful property and you have fallen in love with it. That does not matter when the numbers don't work out and the bank repossesses it. Don't be that guy to join millions of others. Get a price point that works for you and start from there.
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This seems like a big bite for a first timer.
If you are 30, do it. If you are 40 don't do it. If you are 50, for sure don't do it.
I've retired twice (Calpers the first time, Multifamily investing the second time), and I suck at staying retired so I am 1/4 owner in two electrical services company start-ups right now.
State imposed rent control of some sort is right around the corner, as is revocation of Prop 13 for income producing properties.
I am super, super financially independent, but I would not even think about pulling the trigger on that deal.
DL