Had the same with a secretary in our office that had the bright idea of buying a rental in Tucson last year. Financed her existing mortgage to cash out and buy the house. I have some horror stories in my past as a landlord and let her know that it ain’t that straightforward as a landlord in San Diego much less a six-eight hour commute to re-lay carpet and get the plumbing fixed. She went through with itand was beaming like a new mother. She’s working elsewhere now and I haven’t talked to her for a while but I know she’s sweating bullets. It takes a special type of will to buy in this market and I tried to impress on her that it really sucks to be caught holding. I was and will never landlord again. A personal residence is different but to buy into this market thinking it’s going to regain momentum is not the frame of mind to be entering into a life changing event like a bubble-mortgage. If you were here in the early 90’s you know that leaving the keys on the kitchen table and walking away is a very real reality. I’ve determined that a sleepless night is worth a hundred bucks. That statement is an attention getter!
