Quote:
Originally Posted by photon
What do I have to say now? It was obvious it couldn't continue the way it was and that there'd be a correction... I thought the landing would be soft and it has been (unless you're stuck with a bunch of properties you can't pay, then it doesn't feel soft).
I won't pretend to predict if the market has bottomed for houses, but I don't think it's going to go down massive amounts.. condos still have a lot of room to go down.
I never took a real-estate never goes down stance and didn't buy my places with that in mind; I made sure the stuff I purchased made sense when the market turned around too, not just for when things were going crazy. So my stuff is quietly sitting there being paid off by my tenants and worth more than what I paid for it, so I can't complain. I have one property where I made a mistake buying it, but it isn't hurting me very much so I'll just be patient with it.
I wish I had more money to buy, there's some really good cash-flowing stuff out there at the moment.
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Exactly!!!
There are ups and downs in the Real Estate market and right now we are suffering through a down period. In the meantime all my properties are cash flowing, the tenants are paying down the mortgage and in 20 years from now they will all be free and clear of a mortgage. Then the cash flow will be coming in strong, and I guarantee you those places will be worth a whole lot more then than they are now.
Real Estate is a long term investment and over the long term is does go up. Look at prices throughout history. In the next 20 years I will see a lot of equity gains in these places through price appreciation. There will be years when prices go down and years where they go up and in 20 years I know they are going to be worth a lot more than they are now.
I just don't understand people bashing the Real Estate market and people who invest in it. 90% of the worlds wealth was made through Real Estate.
It's easy to say "I told you so" now that the market has softened after the biggest price increase in Calgary's history. This down period isn't going to last forever. Long term there is still LOTS of money to be made in Real Estate. As long as you buy smartly. You make money when you buy a house, not when you sell it.
I too wish I had some more money to buy properties. You can get some amazing deals out there right now.