A close friend of mine, who has made a fortune in real estate, in high-flying markets and has protected himself against losses in housing declines, reminds me every Easter (his favorite holiday , I might add) ,
"Don't put all your eggs in one basket! "
when it comes to real estate; especially here in Phoenix, Scottsdale, Peoria, Tempe and Fountain Hills.
He offered these 3 tips and when I am done finding Easter eggs with my nephew Sam (once in a awhile, I will even let him find it before I grab it) .... I will explain in more detail tomorrow morning.
1) Make sure that your primary residence is not an investment
2) A rental property must be rented or it can be a very expensive
3) Speculative Investing has to be done prudently and not in your "backyard".
Have a Safe and Happy Weekend