Looking into getting into REI. Need Advice.
Hello BP,
I'm a newbie here and I'd like to get into REI and I'm just looking for some advice.
Let me spell out my situation...
I own a condo in San Diego that I purchased in 2009 for $200K. It has appreciated greatly and is valued at $307K. I owe about $180K. I was thinking I could sell my condo and take the $120K or so + the $40K I have saved and purchase a multi family residential building in the midwest with good cash flow potential and then just rent in San Diego until the housing market drops again as I feel like we are in another housing bubble. After the market crashes I should be in a good position to purchase a primary residence in San Diego, but now I should have a good stream of passive income coming in from my midwest rental property.
What would you do in my situation? Am I crazy to try and time the market? Am I crazy to purchase property thousands of miles away?