Does anyone know when is the right time to buy hold and rent?
@Russell Brazil lol I was waiting for someone smart to say that. Thank you!
20 years ago.
second best time is today
Speculation won't get you anywhere unless you want to take big risks and hope this or that happens.
If you have a consistent strategy and hold/manage/rent then in the long run you will do very well.
Maybe some short term fluctuation but learn to live with that.
There was a psychology experiment where investors where given two funds into invest in. Fund A was safe and Fund B was riskier(the people in the experiment didn't know that)
They all got to decide how much often they would receive updates on their stocks and then make decisions accordingly. The simulation was for 15 years.
Those who got information every 3 to 6 months and a year did not do as well as those who got information much less often.
Why? Because those people who kept getting information often kept moving their money around and couldn't handle the fluctuation so they kept throwing their money into the safer one or that one that had less fluctuations.
After all was said and done the riskier one(B) performed better but just had more volatility in the middle. People who got information and acted on it more often kept getting scared and didn't ride it out.
Not the most well explained example on my part but the point is, if you know what you are into and you stick with it long term, the results will be there. If you want to time everything, you're gonna need some sleeping pills and maybe some anti anxiety meds.
You buy when you are ready. When you have savings. When you have a good paying job. When you are not worried about the future of prices. When you stop asking questions when it's a good time to buy.
@Manouk Yeghikian . I’ve done my research...over many decades and the best time is:
On a Tuesday, when the moon is full and it has rained 3 days before. When this happens, make sure you look to the stars to make sure that Jupiter is aligned with Venus.
I believe the saying is, "you don't wait to buy real estate, you buy real estate and wait."
The wrong time to buy real estate is when it will deplete a lifetime of savings, and is purchased in an unsustainable manner. If the market turns down in the next 1-2 years, and that would crush your personal financial position, it's the wrong time to purchase real estate.
If your personal financial position is strong, this is but the next step on your overall journey, and you believe the purchase has a great chance to accelerate your wealth accumulation, yet can't devastate you even in a worst-case scenario, then yesterday was the best time to buy and today is the next best time.
I'm basically repeating @Frank Wong 's excellent advice here.
A long time ago.
In all seriousness. If you keep pondering over this idea of the right time, you will unlikely pull the trigger and start your portfolio. While analyzing deals is important, you have to also make a move in the market and see what's the right fit. If it helps to reduce your expenses and increases your cash flow and in addition to giving you good cash on cash return I say it's the right move. Real estate investing is a long term play, you have to start the journey some where.