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Originally Posted by Matrix
So Lars if you don't mind me asking advice, seeing that you are a man of intellect on this board....my landlords just told me Sunday that they are selling the house I have been renting for 2 years and to either buy it or move out by Jul 1st. I was paying 2200 a month rent and they are selling the house for 600k which would make the payments go up quite a bit. This is Woodland Hills ca. Nice area but the house is not all that great, needs some care and new backyard fence etc. So my question is, do I rent for another year and wait and hope the market bursts or buy now. SO many people are on oppisite sides with this issue. Some say I am throwing money away but otherd say the market has to re-check itself. What do you think.
Thx for the advice.  |
I would love to be able to answer this question for you. I can not since I have no idea what is really going to happen. If I did i would be far richer than i am today
I am personally not buying any new real estate now my goal is to be 1/3 cash 1/3 stock 1/3 real estate I have been at that for the last 5 yeras. But since I have not bought a property in the last year, last one I did was around 18 months ago. I only buy houses i woudl live in, In case I ever had to, and I try to only buy properties that are break even in case I have to sit on them for 10 or more years. These are the things I do to reduce risk. When i bought my first house to live in, I could barely afford it and it was a leap of faith, in a hot market similar to today. I was nervous I was buying at the top. Since then the house is almost triple what I bought it for. So its impossible for me to give you advice otehr than to tell you what I do.