Quote:
Originally Posted by cantdrv55
Tech millionaires
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Young tech millionaires, with money burning a hole through their pockets. Image now, not long-term investment. "If I lose everything and start over then c'est la vie because I'm strong".
Youth is wasted on the young.
The thing about RE is that it's the largest investment most people will make in life. It's not over at the time of purchase. Property tax rates continue to make the land itself property of the government. Local and state politics with changes in business and employment can boom or devastate values in the long haul. We've all seen the ghost towns of yesteryear. Single industries can make or break an area. It's more than a comfortable place to live it's an obligation to keep feeding or lose everything. Every advantage during easy times squandered and gone forever.
Sometimes these decisions are made due to pure emotion at the time. "Oh this looks nice honey, let's buy it". Damn the bottom line full speed ahead. That high wears off eventually and it becomes a place to maintain and be stuck with. Life changes. Jobs change. Feelings change. That fat pig of a property is still there demanding to be fed all the time. Tomorrow you travel somewhere and find the new paradise you've always wanted.
Bugs I would recommend you tell the kid to rent for now. Keep everything gained so far. A housing crash is looming and A.I. will probably devastate the tech sector. You make money when you buy property and now is not a good time to buy IMO.