You’d be wise to wait. Mortgage rates usually come down in a recession. They dropped from 9.5% to 5.25% from 1990 to 1994. Rates are dropping and unemployment is rising. Silicon Valley is just starting it’s lay-offs. See SUN, eBay, Yahoo, etc…
Rental units can be good if you dont experience a loss of occupancy. A couple of months a year can be tough. It’s got a mortgage, it’s got risk. I am seeing a lot of investors salivating at rentals that cash flow. A rare experience in CA. I am forecasting now that these will be the future foreclosure in a few years as rents too will break down in the final throws of this debacle.
