Real estate

MikeRR

MikeRR

Member
is buying a place a good idea right now? I can find arguments supporting both sides.

Rates are low and inflation is picking up for the near future. On the flip side, the market can be considered overvalued in many areas.

I know a big part of this is location. California looks a lot different than Illinois, for example.

What do you think?

Buy a place and build equity, or rent and invest that downpayment in stocks, cryptos, other liquid assets etc
 
Where I live it’s extremely hard to buy right now. Unless you have a Chinese investment firm giving you a briefcase with a million bucks in it.

That being said my wife and I have owned since 2009 and we wouldn’t have shit if we didn’t make those decisions. Bought a condo for 205k, remodeled it and sold it for 375k, used that money to buy a house for 430k in 2015 and our place is worth about 1.5 now. I would say if you can do it, and you want to do it, it’s better to pay your own mortgage off than someone else’s. If you rent your whole life you will always be broke.
 
I want to buy something but in Seattle its so over valued rn probably going to buy a new tundra instead
 
Im gonna wait until a house gets foreclosed to be able to afford it. When the key lending rate starts to rise, the market should devalue.

Its just crazy that housing in canada jumped another 10% when people lost their jobs.
 
It's absurd. Even the cheap places are high right now. They might be affordable but the cost is wayyyyy more than it was even a year or two ago. Any affordable housing is in the hood. You could always look for homes in a tax abatement area (usually the ghetto but could be nice old homes that are recently renovated); that saves huge on property taxes and allows you to buy a home you might not otherwise be able to afford.

Renting is also fucked. Landlords have been increasing rent at unsustainable rates. That's part of the reason I bought a house after my rent increased from $900 to $1200 from 2016-2019. I have a mortgage for the same price as an apartment less than half the size.

This market can't last forever and wages aren't even close to keeping up. It's gonna be interesting.

Best advice unless you plan to buy a house and live there for a long time is rent a house with a bunch of friends. Or live with family and save money. I'd be too worried about financing a house right now and then being stuck and not able to sell it if the value drops. Having a mortgage ties you down.
 
Tough market right now and it is hard to say what it is going to do. Some say we are headed for another 2008 collapse but others say it is just going to keep climbing. Nobody really knows. My experience, I rented for many years and feel like I wasted a lot of cash, I paid the landlords mortgage when I should have been paying my own. My advice is to buy, I do understand it is tough to get started but it is possible. Live simple, live with family/friends for cheap, save cash and buy when you can. Home ownership is great, can be a pain in the ass but in the end, it is worth it. Best of luck!
 
Leave country ftw lol.

but op i would rent unless you are sure you are getting a fantastic deal on real estate. I dont see deflation any time soon but prices on real estate are sky high right now.

i would wait until some afflictively pimping house comes onto the market for next to nothing. Just go find 100 houses on the market for 1 mil and offer 500k on every one of them and see if you get any bites. Every once in a while you will score with that gameplan.

**This post was edited on Oct 29th 2021 at 5:37:48pm
 
yeah he owns a lot of retail spaces/buildings and i live above one. definitely an accident on his part but my rent is chump change compared to the 20-30k the stores pay per month

14338717:HypeBeast said:
Where lol? Ur landlord is dumb
Click to expand...
 
14338717:HypeBeast said:
Where lol? Ur landlord is dumb
Click to expand...

also is he dumb? or is he just the landlord with enough money and property to still make huge profit but not gouge the longtime locals and not have to find new tenants every 6-12 months

cause if i were raking in over a million in rent from retail rent per year, I'd probably want to make my 100-150k in apartment rentals as low maintenance as possible
 
14338726:GORILLAWALLACE said:
also is he dumb? or is he just the landlord with enough money and property to still make huge profit but not gouge the longtime locals and not have to find new tenants every 6-12 months

cause if i were raking in over a million in rent from retail rent per year, I'd probably want to make my 100-150k in apartment rentals as low maintenance as possible
Click to expand...

Great points. Keeping good tenants happy has a lot of value.
 
if ya dont do it this year

youll only be another year older when you stop paying your landlords mortgage for them
 
The first response was what I’d say has been the best.

real estate is where in making most of my $ and has always been lucrative, I’ve now weaseled my way into a network of people who have units renting for $45k a month, fucking insane, I don’t think I’ll go this route, bc idw rent or deal with the kinda likely stuck up cunts that can afford to rent a villa for $45k a month….but the money Christ

Depending on your needs/wants/knowledge there a few ways to go about this.

- Buy a house, appreciate and upgrade/move

- get into rentals using the “other people’s money “ principle

- currently my fav, get a duplex/triplex have yourself a vacation unit, rent out one side FT and the other when your not using

****im currently in this stage the one side is set to generate about $30 k in income per year on a sub $400k investment, side two is already rented out enough days to generate about 65k from daily/weekly visitors, with enough days left to rent to potentially generate another 10k if I fill them, I will mortgage it in the spring and buy another in another ski town

I’d look into a duplex if you are in the need of a home, it has the most options and income potential IMO
 
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