Buying a Condo - is it the right time?

Question

Hello all,

My name is Ravi and I work as a Health Care Professional. I’m planning on buying a condo in Southfield, Michigan. Is it the right time to purchase a property at this time? I have read on the internet and from few other people that it is not the right time to purchase a property as there is a prediction going around about market crash. So, I am kind of debating if I should make the purchase.

My goal is to purchase this condo and put it on rental as soon as I clear the mortgage. Any suggestions or insight into this matter would be greatly appreciated.

Thank you.

Ravi Chandran Reddy Alla · Answer

@Anthony Katsonis Absolutely. Appreciate it.

Anthony Katsonis · Answer

@Ravi Chandran Reddy Alla

I like it! We all have our own formulas for what we think is a good investment in any given market market... For me, if it cashflows and if there's a way to add value and raise the rent, and if it is in an area that doesn't have bars on the windows, it is a deal worth looking at. That is an oversimplification, but that's basically how I decide if a property is worth buying.

Listen to the BP Podcast, read the forums like a textbook, study your market, save your money, pick your target, and make the jump. The most important thing is to act, and not get caught up into "analysis paralysis" IMO. Hope that helps!

Anthony Katsonis · Answer

"Don't wait to buy real estate, buy real estate and wait." ~A bunch of "Gurus"

Great quote, it does have it's merits, and I tend to agree with the sentiment, but it really depends, what are your goals?

Prices go up, prices go down, but long term, they go up BIG TIME. Think about what a house was worth 20 years ago.

Ravi Chandran Reddy Alla · Answer

@Anthony Katsonis Thank you. My longterm goal is to own multiple rental properties. This will be my first to start with.