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| Topic: so its been 24 hours | |
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Housing prices are already down. People that need to sell are selling lower then the amount that they owe. Not down enough. I estimate you'd be able to buy for $50000, what was $500000 on the top of the market, ten times that is. These actual numbers may not happen. If inflation sets in, it will add say, ten zeros, so that $50000 will become $500000 back again. However, this will only change the nominal. Because an asset that was $500000 two years ago, will multiply ten times as well, and become 5 mil. Thus, homes will still get ten times cheaper than other things you could have put your money into back when you bought a house. Be ready to come up with cash and buy rental properties. Personally, I can't wait. I know somebody that has to sell because of a divorce. They owe $80,000 but have to sell for $50,000. |
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I know somebody that has to sell because of a divorce. They owe $80,000 but have to sell for $50,000. They are lucky they can't wait, they'd lose more. On the other hand, the way our economy works, it always puts a debtor (spender) at an advantage to a creditor (saver). Therefore, if you buy bunch of rental props at the bottom, to get even bigger bang, don't pay cash. Use your cash only as down payment to receive a loan. After inflation, you will find that you are able to pay down your debt with just one year of income. This one works every time in socialist countries, like a clockwork. But those who don't have any idea of what they are doing, will end-up paying rent to you, which you will be able to adjust up and up and up, according to inflation in general prices, while your debt will remain fixed. Outright theft, I know, but this is what a majority of this country citizens wants and votes for. They are too dumb to understand how it works. |
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