[quote=briansd1][quote=sdrealtor]SD is full of long term upside. Philly….not so.
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That’s a pretty broad statement. I wonder if people who buy real estate in Philadelphia are bound to lose money.
I may yet lose my ass, as you put it… Time will tell. But I’m willing to take my chances.
Still, being no bull, I, however, believe that one can make money in any market, if one does research. I’ve been researching Philadelphia for 1 year already.
On the topic of mixed use commercial properties, if you’re a small individual investor and want to own a building, in a major population center, for under $1 million, San Diego is not a friendly market. You may have to look elsewhere. I’m not recommending Philly in particular. Visiting friends caused to look at Philly.
In SD, you’re limited to along University Ave, El Cajon Blvd, La Mesa, Grantville (which will get redeveloped), and the like. And the prices won’t likely won’t cash flow.
I’d love to have some suggestions on mixed use commercial properties in Southern California or elsewhere, in walkable neighborhoods, for small investors.[/quote]
Brian, I have to ask…Often, on this blog, you’ve berated folks who are buying a primary home right now in san diego, saying that people even in this day are going overpaying and in some cases you “can’t wait to wipe that smug smile off of some people’s face in Carmel Valley”, and use this as a reason for why you rent…Yet, at the same time, you’re talking about investing in Philly, an area which you’re just acquainting yourself with as an investor (versus a tourist/visitor), for which you even say you even admit there’s a chance you might lose your ass, so to speak..
I don’t get it. Given the choices of potentially losing money to a speculation versus losing money to a primary home which you could still live in after the loss, wouldn’t it make more sense to put your money into the later category versus the former? I mean, if it doesn’t work out, do you have plans to move into that mixed use property to live in? It just strikes me odd, because I thought the entire point of renting was wait until home prices were more affordable, and in the meantime, save as much money is the lowest risk possible to be able to jump on that primary home when one has the chance.
It just seems contrarian that after spending that long on renting, and waiting for that long, one would at the same time speculate that saved money on something with considerable risk at this point, when the primary home purchase hasn’t completed.
What if things don’t work out, you loose a good deal of your money, you can’t sell the place, and need to walk? Even if home prices here reach the level you like, would your financial resources and/or your credit be shot? You make it sound really easy, that if you just do some research, you can’t make a mistake. But what if you aren’t correct? What if, crap does happen, and things don’t go as planned?
I’m just curious, because I’ve posed this question to this blog many times before….By waiting “for the bottom” in a primary home, how many people are really effectively saving during that wait and avoiding speculation that could eat away at their $$$$ while waiting for the bottom.
