Posted on 01/16/2021 1:01:27 PM PST by thescourged1
The question I have is: Is now a good or bad time to get invested in residential property? At first glance, it looks bad given what we are about to experience starting January 20th. However, with property getting snatched up sight-unseen by those fleeing the cities for way more than it's worth, supply will dry up fast.
With the dollar reaching it's day of reckoning, and with interest rates likely to go up, I'm feeling a sense of urgency on this. Freepers are always a great resource of knowledge and wit, and I'd like some informed opinions if any care to share.
I currently rent, and I am thinking of making an offer on the landlord's property.
This has been a paid vanity by TS1.
It depends on where you plan to buy property. Here in SC , great investment and a hedge against inflation.
In NYC, maybe not.
Bill Gates is buying land and we are headed to massive inflation, so land is probably a decent investment.
I wouldn’t own rental properties as landlords will not be allowed to evict.
I would consider location in any decision. I have always thought real estate is the single best investment for the long term but even with that stated it has its drawbacks. Overall though, I say go for it...especially with the current low interest rates which I feel will go up drastically in the future.
I recommend you look into Tenancy In Common.
https://andysirkin.com/tenancy-in-common-tic/
You could buy only what you know you need from your landlord, such as 1 unit of a 4plex, for 1/4 the price of the whole building plus fees and markup.
Cheapest way to buy real estate. And your landlord could keep all the common areas if he were to sell the 3 other units in the same way, thereby kinda having control of the property in small but meaningful ways.
“However, with property getting snatched up sight-unseen by those fleeing the cities for way more than it’s worth, supply will dry up fast.”
I guess I’m not the only one that’s noticed that. We’re looking outside of the Blue metropolis of Charlotte, and you’re right. Reasonably priced, nice properties way out...especially with some land...are going fast. Of course, low rates also contribute to it.
Location location location
I bought a house on a prime street that was a bit neglected.
Worked on the basement & attic a lot
Improved the yard
Can’t lose money on this one
I’m not a skilled handyman. Just motivated
It is a seller’s market right now. If you’re in the market to buy, you’ve got a lot of competition.
I recommend you do a bit more homework on realestae investing vs tossing out a ? here because you are prime target to get screwed
I did not toss out a question.
I did my homework on TICs more than a decade ago. When did you do yours?
Think that out. The value of a property is very dependant on interest rates. Carrying costs, the amount buyers can afford to bid, etc. If rates go way up, I just don't see how valuations can go any where other than way down. You want to buy at the top? Buy high and sell low is generally frowned upon as a way to aquire wealth :)
what state are you in?
Now it's: Go South Young Man.
If you rent it out you can write the depreciation off your taxes which will help when Biden chokes us with new taxes.
You need to talk to a CPA about this.
Buying is always better than renting.
The fact that places are “flying off the shelf” says it’s a seller’s market. We live in a condo community on the MS Gulf Coast (Gulfport side of the Biloxi Gulfport line and 300 yards from the beach) and places that were going for $240K a year ago, and not moving, have been scooped up for $280K, often sight unseen, over the last 6 months. And word has gotten out that our HOA is probably one of the worst in the area.
Maybe the investors know something we don’t.
I have WAY more experience than you then. Not only with TICs but CHIGGERs too. I use DEET products but the Repel Plant-Based Lemon Eucalyptus Insect Repellent looks good too. Don't let them chase you away from owning land though.
You will own nothing. And you will be happy.
It sounds like you followed the old rule of real estate (still valid imho).
It is better to buy the worst house in a great neighborhood than the best house in a bad neighborhood.
Then any repairs you make over time are more likely to be rewarded with a higher value.
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