For those who waited for so long, I think the time has come. Real Estate sales dropped 22% here in orange County and 17% in Long beach according to Bloomberg. And ofcourse home prices also took a dive. In some cases up to 20% less than it was at the beginning of the year. Not quite a "bust" but there are money to be made.
Example, a 6 units Apartment building listed at $750k. Down from 975K. 3-4 months ago. This is truly an investor wish. Potential rent on such investment is roughly $8,000 a month on a $5,000 mortgage/insurance.
My gut instinct tells me to jump on this property I've been eyeballing for awhile, but the real estate guru (brother) suggested it is only the beginning of a downward trend and I should wait. Talking about greedy.
How is the rest of the country? Everyone experiencing similar situation?
Example, a 6 units Apartment building listed at $750k. Down from 975K. 3-4 months ago. This is truly an investor wish. Potential rent on such investment is roughly $8,000 a month on a $5,000 mortgage/insurance.
My gut instinct tells me to jump on this property I've been eyeballing for awhile, but the real estate guru (brother) suggested it is only the beginning of a downward trend and I should wait. Talking about greedy.
How is the rest of the country? Everyone experiencing similar situation?