The crash is nigh. Everyone is talking baller level like ‘06.

Buying & Selling Real Estate

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The crash is nigh. Everyone is talking baller level like ‘06.

Mick Relef

Member since 2018 · 21 posts · 1 vote

I keep hearing this from older friends.

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Caleb Heimsoth

Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes

@Mick Relef Sell me your real estate at 50 percent discount then. Since the crash is coming. Or do you not own any real estate?...

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Bob B.
Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
8y
@Mick Relef I'd find some new friends
1 Reply
Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
8y
Then all your friends should be able to become billionaires when they actually predict the crash. Let me know how that works out for them when they short the housing market.
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Ned J.Pro Member
Investor · Manteca, CA · Member since 2017 · 1k+ posts · 2k+ votes
8y
Tons of people saying that....for the last 5- years....and it keeps rolling......eventually someone will be right...... and act like they are geniuses.....
1 Reply
Igor A.
New York, NY · Member since 2017 · 14 posts · 13 votes
8y
Are they just saying this to sound dramatic and look cool because everyone is going to be like "oof, this guy knows what's up" ?
The data doesn't support that statement in any way.
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Mick Relef
OP
Member since 2018 · 21 posts · 1 vote
8y
@Igor A. So is now a good time to plunk down 170k on a 4plex?
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Mick Relef
OP
Member since 2018 · 21 posts · 1 vote
8y
@Bob B. How would you invest 170k?
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Mick Relef
OP
Member since 2018 · 21 posts · 1 vote
8y
@Igor A. What data should I reference?
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Mick Relef
OP
Member since 2018 · 21 posts · 1 vote
8y
@Ned J. What if they are geniuses?
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Bob B.
Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
8y
@Mick Relef I'd do just what I and most of the other investors on this site are doing. Don't over leverage and buy properties with a decent return and keep a rainy day reserve. Whatever you do, don't give up your day job. This is a get rich or at least comfortable, slow business. Find successful investors that are supportive of your goals and be respectful of those older naysayers.
2 Reply
Gretchen P.
Rental Property Investor · Littleton, CO · Member since 2014 · 150 posts · 114 votes
8y
@Mick Relef if I could find a 4-plex in my area for $170K that had a roof and walls I would buy it in a minute.
That said, I think there is an adjustment going on in CO, not a crash, but prices are not going up at the insane rate they were. There are a lot of price reductions because people overpriced properties. The rental market is very strong, and if you are in for the long term as long as the cash flow isn't tight downturns can be weathered.
1 Reply
Bjorn AhlbladPro Member
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
8y
Rapture coming too. It is near an old guy told me!
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Jeremy Roberts
Rental Property Investor · Chesapeake, VA · Member since 2017 · 79 posts · 58 votes
8y
@Mick Relef - Predecting a downturn makes no profit. Being ready for a downturn gives people the opportunity. My wife and I own three rentals so that makes me an expert at nothing. I pay attention to market trends both nationally and locally. I also pay attention to real experts in the BP community. Often, the smartest guy in the room has his mouth closed. At least I can try being smart enough to sit next to him :-)
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Brian Pulaski
Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
8y
Older people use the term "baller level"??? I have never heard anyone use that term over the age of 20...
1 Reply
Nick C.
Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes
8y
Were these friends predicting the end of civilization from the Y2K bug in 1999?
1 Reply
Mick Relef
OP
Member since 2018 · 21 posts · 1 vote
8y
@Gretchen Place Oh I mean use it as a down. I owe 100k on another property assessed at 710
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Mick Relef
OP
Member since 2018 · 21 posts · 1 vote
8y
@Bob B. I like your style.
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Mick Relef
OP
Member since 2018 · 21 posts · 1 vote
8y
@Brian Pulaski They use it as a joke. I’m talking guys in their forties. I’m in my thirties. But I pay attention to those who’ve seen more cycles than I.
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Mick Relef
OP
Member since 2018 · 21 posts · 1 vote
8y
@Brian Pulaski You’re a flipper. Where would I start to learn about that?
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Caleb Heimsoth
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
@Mick Relef Sell me your real estate at 50 percent discount then. Since the crash is coming. Or do you not own any real estate?...
3 Reply
Polo VazquezPro Member
Real Estate Agent · McAllen, TX · Member since 2017 · 382 posts · 281 votes
8y
Welp...if you are worried about a crash then just make sure you keep some cash in hand or a way to get some and go crazy buying cheap properties when it does!
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Mick Relef
OP
Member since 2018 · 21 posts · 1 vote
8y
@Leopoldo Vazquez That’s what I’m thinking. My thought is but something every crash.
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Mick Relef
OP
Member since 2018 · 21 posts · 1 vote
8y
@Mick Relef Buy something every crash.
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Dennis M.
Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
8y
Do your friends happen to know tomorrow’s winning lottery numbers as well ?
2 Reply
Mick Relef
OP
Member since 2018 · 21 posts · 1 vote
8y
@Dennis M. They do.
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