Quote: (07-06-2010 01:08 PM)BostonBMW Wrote:
Quote: (07-05-2010 09:42 AM)Whoremonger Wrote:
I would not touch property with a fuckin barge pole at the moment
House sales are plummeting and they estimate almost 1 in 4 mortgages will be in negative equity within the next few months. Unemployment lines are going no where and defaulting on mortgages has reached such epic proportions that banks have stopped foreclosing simply because they no longer want the asset on their books.
I would rather consider living in the place they have given you, and use that cash you save in rent to start a business of some sort. Property is a great investment, just not for the next 4-5 years
Whoremonger,
I follow your points but I don't agree.
- If I am buying at the price which will support the mortgage payments, taxes, insurance, etc., what difference does it make whether people are defaulting on their mortgages, unemployment is growing etc? If anything I see more renters entering the market. Also since I would be buying and holding over 10-15+ year term, even if prices decline in the short run, I don't intend to be selling/flipping these properties.
I can't live in that house, because my job, social circle is up in Boston. At best I could use one of the units as vacation home.
good info.....totally agree...real estate is long term...it wasn't till all the dumb fucks-robert kioyosaki types/crooked ass real estate investors/real estate agents/appraisers/banks/builders/city governments made the game short term and fucked up the economy...smart real estate investment s long term..i'm talking 20-30 years you hold the property....