I love the way the media is portraying that Real Estate is falling off the Earth and we should all run for the hills. What are we supposed to do....start building tents (again) or living in caves?
In life and especially in Investing, you can not follow the crowds. In the stock market, the smart investors know when to buy stock. (Believe me it's not when the stock is at its height) yet the masses buy popular stock because they have heard of it. Clue #1: If you've heard of it, it's probably too late! (again going with the crowd)
The real shrewd players bought the stock when it was just a whisper.
A few years ago, everyone i knew was calling their self a "Real Estate Investor" even if they had no clue what they were doing. Clue #2: By the way it's pretty evident most did not!
Now, with a very large surplus of abandoned properties and Bank owned non-performing assets I wonder what most are thinking?
The one thing we can not live without is Room and Board! People will always need to have a roof over their heads. Either through ownership or rents.
Right now many Americans can not own properties or regretfully have lost their properties. This does not mean they are going to live on the streets. It means they need to find a more affordable place to live.
Owning rental properties now is the best investment a person could obtain (if you're in a position to do so). Banks are having to let properties go at unbelievable sales prices.
I started out in this business as a buy and hold Investor about 10 years ago. I hated it because getting properties rented and buying them at below market prices was a daunting task. So, after obtaining 18 properties I prayed to get rid of them! Since that time I've not ventured back into the Buy and hold philosophy of Investing.
However, I just bought a property last week in the Atlanta area for 35K. Something that would have cost me in excess of 150K plus a short year ago. With just adding a few thousand dollars to the upgrading of the property, I now have it already rented to a great family in need.
Even better, I have a positive cash flow of $400 a month!
Many of my friends and colleagues are doing the same thing all over the Nation. Now is truly a great time to Buy, we may not get a time like this during our lifetime again....
Of course as usual.....Just food for thought
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Yes indeed the media has things completely turned around and people fall for it hook, line and sinker! When it is a sellers market they are pushing people to buy and when it is a buyers market they are pushing people to withhold from buying??? Whats up with that! Buy in a buyers market, sell in a sellers market and you will be a whole lot more likely to make a killing!