California real estate question
 

When's the best time to buy a home in CA? Now or wait 2 to 3 years? Would it matter if the house is being bought for rental income purposes?

buy it now, relaeastate - like domains - has done ntohing but go up

20 years ago... lol

I wouldn't wait :2 cents:

definitely do it as early as possible

Buy it NOW... hit me up.

The best time to buy a property is always right now. You don't know where interest rates will be in 2-3 years.

26-40 years ago :)

It depends if you are are going to finance or pay straight cash. Personally I am keeping some powder dry and hoping to cash in on foreclosures in a couple of years.

Its a sensitive time for buying properties with all the talk about the real estate bust and what not. Its all a load of crap if you ask me, one thing is certain, real estate no matter what will always go up, even if it goes down it will go back up, just make sure you can hold on the wheel for the ride. If your trying to buy in cali I would recommend smaller properties with very affordable mortgages so renting them would not be a problem, perhaps some downtown stuidios or 1 br apartment style places. Personally I think you should invest in places like arizona or nevada if you are interested in rental properties, hell you could get two or three for the price of one place in california.

ITs so fucking expensive I dont know how regular working people do it

You can get a nice 2 bed home here in San Diego for as little as $800,000 so my advice is buy ASAP

Absolutely wrong, anyone who had CA real estate in the mid 90's knows what can happen. Prices peaked in the early 90's then hit the wall and dropped 25-35% over a three year stretch. I think pricing peaked last Oct in So Cal and has just been holding steady with a 5% gain in some areas and a 5% loss in others. I think a pull back will probably occur late this year in So Cal and you could probably get in lower next spring. I just don't see much more upside potential, risk vs rewards at this point is too great. You'd be much more inclined to see some nice gains still in some AZ and FL areas.

Lots of people have Ditech'd their way through the last five years. If the market pulls back they are going to get fucked in the mouth.

As long as you can make it a year or two past a crash you will be fine, just get an affordable mortgage and correct property type for a rental

im not a expert but I just picked one up near sacramento, its being built... will be ready in a year... I am purchasing from a development company that is building a bunch of homes in that area, since the day I signed for it the price has already gone up 25k... plan is to rent it out for a bit then sell it... I'll let you know how it goes.

I think this is a very smart move... :thumbsup

Hmmmm foreclosures, now that's an interesting route. How much savings will this give? Any factors I need to keep in mind? (ie., most are fixer uppers? additional costs?)