Real Estate -- A Good Buy Now?
Hi, just read a story on this page about the real estate crash in the US. Just wondered if people think this is a good time to BUY?
Lea -- thanks for the note. Of course no one can say for sure, but, personally, I think there are many great opportunities right now in real estate. For the first time in years (in some markets) it is now possible to buy properties and turn around and rent them out and cover all ownership costs.
If you can do that, the risk seems relatively low and, assuming the real estate market comes back, you will likely sell it later at a handsome profit.
Obviously there are no guarantees -- but again, if ou can rent it for the costs of ownership -- the risk seems low.
Of course, it takes diligence to buy foreclosures and short sales in today's market. Banks are overwhelmed with properties and have difficulties making decisions to take losses on loans.
So, you do have to be motivated enough to probably go through the buying process several times before a profitable sale actually happens.
But, yes, real estate offers great opportunity for terrific estate building.