Quote:
Originally Posted by OracleOfCalgary
After the '80s oil and real estate booms went bust in Calgary, there was a popular bumper sticker that said something like "Lord, Please Give Me Another Boom, I Promise I won't screw it up this time." There are a lot of young guys on this forum who don't have any doubt in their minds as to the gloriousness of Calgary's future and the infallabilty of Real Estate. I am just trying to sew that seed of doubt. Please just: 1. Don't take on a huge mortgage that you can barely manage because you are afraid of getting priced out of the market and, 2) Don't take a HELOC loan to buy an investment property because it is a sure thing and you see everyone else getting rich.
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I don't think you even read what other people post... who says the boom will last forever? Who says real estate investing is infallible?
Anyone who puts themselves at the edge of what they can afford is foolish, and someone who takes money out of their house to invest just because other people do it is also foolish. This is called pointing out the obvious. Borrowing money to buy stocks or mutual funds without understanding what's going on is also foolish.
I also think it's foolish to shout about the sky falling from the sidelines.