is not the time to be buying real estate
" IS NOW THE TIME TO BE BUYING REAL ESTATE " ( DISREGARD THE ERROR IN TITLE , BP DOSE NOT ALLOW ME TO EDIT )
with all the data coming out things are starting to become a bit more clear. One big indicator That the market can be in trouble next year 2021 is mortgage delinquency, over 2 million people are over 90 days delinquent on their mortgage as of now . 4 million people in total. unemployment levels are still high, and seems like a lot of people are moving out of the expensive markets and moving into more affordable markets now that working from home is available. Despite all of the bad news , home prices in California and other parts of the county continue to rise. I have been looking to buy my next property since august . I have put in 6 offers and have been either outbid or someone with cash came in and stole the deal. IT IS DEFINTLY A SELLERS MARKET RIGHT NOW , OR AT LEAST IN CA. all the multi family listings I have been putting offers on ( DUPLEX'S AND TRI PLEX'S) are literally going on market and getting offers in 5 days! IN SOME CASES OVER THE ASKING PRICE.
I am currently looking at a owner occupied Tri - Plex. I invest in small multi family assets. I put a offer in for around 595k ( 2 BED , 2.5 BATH IN EACH UNIT , 2 CAR GARAGE , WASHER AND DRYER IN UNIT BUILT IN THE 20TH CENTURY, SO FAIRLY NEW) brings in about $4300 a month with all 3 units rented. Me living in one unit AND RENTING THE OTHER 2 OUT BRINGS IN ABOUT $2700 A MONTH. This house hack will allow me to only have to pay around $900 every month for my mortgage. My biggest fear is the market dropping and all the stupid tenant laws California. I also have a 4 plex out of state that I have to be mindful of. Is now the time to be buying or should I save my money and stay on the sideline? PLEASE SAVE THE " EVERY TIME IS A GOOD TIME TO BUY REAL ESTATE" COMMENTS. This is just a regular listing I found on the mls that seems to be a ok deal, Not a off market deal. Please help , any suggestions or input would be appreciated!