Originally posted by @Bob B. :
I remember how bad Y2K was going to be and how we needed to stockpile everything from candles to toilet paper. It never happened but I bet the candle manufactures made a ton of money.
You should be ok if you don't over leverage, buy decent properties and have adequate reserves.
Be careful, Y3K might be the really bad one.
I was thinking that same thing.
Y2K made me realize if everyone is talking about a crash, then it's not going to happen.
Originally posted by @Kathleen McCabe :
Hi all! I'm getting anxious, I want to buy my first investment property, however I can't help but listen to the rumors of a crash in the next 1-3 years. Should I stock-pile my cash and wait, or get the ball rolling on my real estate empire and start investing asap ? Am I being too eager?
Do tell! Which year and month does it all crash?
During and just after a crash is one of the best times to own rental property. Everyone who lost their home needs a place to live still. Just make sure you buy right; the old saying, "you make your money when you buy," is very true. I never factor in natural appreciation (it's just icing on the cake), but I'm in a fairly flat market. Build your portfolio quickly so you can handle some vacancies.
Best advice I'd offer is to network with as many local investors as possible. Not only can they help provide insight to your market (may/may not be accurate information sometimes), but another person can also help offer objective views and push you when you're nervous to make a leap. I have 106 doors currently and wouldn't have bought my most recent at the price I did if not for another investor telling me to either buy it or wholesale it to him.
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