looming real estate downturn prevent u from buying now?
Hello, I've been on the lookout for my first rental property in the los Angeles market. I may have found one in Tarzana which I put an offer down on but after reading a book called
How An Economy Grows And Why It Crashes by Peter D Schiff, Andrew J Schiff, I can't help but be apprehensive. They are predicting another big economic crash resulting from all the debt the US has acquired from keeping the economy afloat over the past few years. What are your thoughts on the market? I'm wondering if I should still buy a property now or wait until this inevitable downturn comes. It really does seem that the market is at a peak. Doesn't make sense to buy now, does it? The property that I'm considering is a 2 bed 2 bath condo in Tarzana for 219k, which would cashflow if rented out for 1700. It looks like a pretty solid deal but I'm wondering if rent prices might go down if housing prices were to adjust.
thanks
mario