I'd appreciate others advice and opinions!
I've been carefully considering whether or not to invest in another rental property soon. I live in Bellevue, WA (Seattle area) and the market here has been crazy hot and growing the last 3 or so years. There's nothing that makes sense from a cash flow perspective nearby so i'm looking in other markets that I'm familiar with and connected to (Provo, UT and Dallas, TX). We purchased our first home (which is now a rental) near the top of the market in 2006, and i'm very concerned that the market may be nearing another temporary peak.
So the question is should I purchase a rental or continue saving for another market adjustment... thoughts?
I think that as long as you "buy right" you will insulate yourself from all but the worst case market correction.
If the deal makes sense now then why not buy? No one knows when the market will "correct" itself so you could be waiting for 5 months or 5 years... I've heard this saying a couple times now and I think it's very true "As a Real Estate Investor, you want to make your money when you buy not when you sell." In short, this means you need to buy good deals.
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