@Mick Relef I'd find some new friends
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.
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.....
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.
@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.
@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.
Rapture coming too. It is near an old guy told me!
@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 :-)
Older people use the term "baller level"??? I have never heard anyone use that term over the age of 20...
Were these friends predicting the end of civilization from the Y2K bug in 1999?
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!
Do your friends happen to know tomorrow’s winning lottery numbers as well ?