Quote:
Originally Posted by Mike Oxlong
Not sure I understand your argument. You say Real Estate prices are not going up and then state home owenership is even more expensive than it was 30 years ago. Unless the average salary has decreased in the last 30 years would that not indicate housing prices have increased?
People that are getting priced out of homes are now starting to look at 30 to 35 year ammortization periods to make the monthly payments more affordable. Also if these people can't buy homes they have to live somewhere so renting is their next option. Guess what?, people who invest in Real Estate just might have a place for them to rent.
As I tried to clearly state before there will be ups and DOWNS in Real Estate cycle but they have always gone up in the long run and will continue to. Look at housing prices throughout history.
Now I know this thread is about flipping which can be a bit more of a gamble because you are looking at a very short term investment. However my argument is for long term investing in Real Estate. Over the long term the value of you house will continue to rise. If you have rental properties then you have appreciating assets that someone else is paying the mortgage down on for you and if you are lucky you are also making some money every month. I'm not saying it is for everyone. Obviously lots of people here don't agree. Tons of people last year said it was too late to get into the Alberta Real Estate market. Well for those if us that still did we made quite a nice profit last year and I expect to in the upcoming years as well.
I appreciate your advice about applying logic instead of my silly hype and hopeful wishes to make big money, but I am doing just fine with my investments thanks. Made lots of money already and plan to make more.
Good luck with your ultra logical investments
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I said the Real Estate doesn't ALWAYS go up and that's not a popular scanario for you, which is fine, no need to get snappy.
And no, I don’t offer financial advice, like you suggest.
I can offer simple truths though:
- It’s better to miss on a great investment that get burned by a bad one.
- People who have or make a lot of money never say they do have or make a lot of money.