DWC,
Plenty of people have bought real estate (and stocks) without really understanding the fundamentals, and have STILL made money.
Was it luck, skill, intelligence or stupidity ? (I’ll let you decide) You can make money by making “stupid” decisions.
Houses that I used to buy for $90K-$125K are $350K-$400K+ today. It’s insane. The value ISN’T there.(The price is)
Even if I only think that they are worth $200K today, and never buy another one, that’s OK with me. If someone else wants to pay $201 or 225 or 250, I don’t care.
There are plenty of others that think like me. We aren’t going to fight over these stucco boxes or get into bidding wars.
If enough people step up to the plate sooner rather than later, maybe prices won’t drop as far as I think that they should.
Buying a rental in So Cal today is a gamble. Most are not going to pencil out for a long time. If someone wants to speculate, that’s not investing IMO.
A boat is a hole in the water that you throw money into, an “investment” house shouldn’t be one too.
Prices aren’t cheap today, they are only cheaper than they were 2 years ago.
Most people have a false sense of security of what their home is worth today. In reality, it’s virtually unsaleable at more than 80%-90% of what they think.
over 90% of what is currently listed in SD isn’t selling, and thousands more have listings that have expired, and would still love to sell, but they can’t.
