My cocktail party warning system (ie, talking to strangers):
Before I broach the subject of RE, I ask the person if they are a friend of Ben Jones or Professor Piggington. If not, then I ask what they think of David Lereah, real estate agents, mortgage brokers… any of the above. Once I get a reaction I go from there, but if I get NO reaction or familiarity with what’s happening, I change the subject.
I did manage to give my opinion to a friend who recently sold a rental property on the East Coast. After much discussion with me and others, and looking at available properties to do a 1031 exchange with, she and her husband decided it was preferable to pay cap gains then buy something in today’s market.
Not only will they be able to buy something better and cheaper later, their money will not be all tied up in the meantime. I felt that giving a “gentle” opinion in this instance was helpful.
