Renters will struggle for the next decade
http://www.marketwatch.com/story/are-you-a-renter-it-wont-get-better-any-time-soon-2015-09-22
http://www.marketwatch.com/story/are-you-a-renter-it-wont-get-better-any-time-soon-2015-09-22
Are you a renter? It won’t get better any time soon
- Thread starter Banjo
- Start date
Articles like this make me glad I'm a landlord.
I'll bet.
When the RE market takes the next swoon, won't be all that great for owners either.
Luckily I bought when everyone was selling at fire sale prices. We'd need another 2008 panic to drive prices back to breakeven for me. But in the meantime I've been netting 8% ROI in rental income.
You'll likely appreciate this anecdote....
I'm a former Financial Planner, so giving advice to clients was routine.
One asked me about selling his house in ~2008(?) for $750K, and later lamented he might have done the wrong thing. I told him he likely would make out OK. Well, a few years later he was offered to buy the house from the bank owner for $375K. It had been abused by the the interim owner and would incur significant fix-up costs, so he passed and bought something else.
He did in fact, make out OK.
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I felt a little bad for the poor bastard we bought it from; he really took a bath on it.
Same for the guy who sold my house. He'd bought in 2006 and lost ~$500K when he sold in 2011.
RE isn't the "no brainer" some people seem to think.
I've never heard anyone say they're glad to be landlord, until now.
You usually just hear horror stories. I can only imagine...that dealing with people and money and other issues...must be a pain in the as*.
I rent, and here in SoCal, the place where I live is still cheaper to rent then to own. I would like to buy a house but the prices here would make me"house poor" if I bought what I wanted and finding fixers are hard to come by lately.
I like the financial aspect of owning a house, but the numbers just don't work for me at this time so I just keep saving for a down payment and keep my eye out.
I like the financial aspect of owning a house, but the numbers just don't work for me at this time so I just keep saving for a down payment and keep my eye out.