By “bad time”, I mean personally, not market wise.
Such as, slow job, a little low on cash, just changed jobs, or anything else you can think of. I figure as long as you can get into it with no money out of your pocket, what does it matter?
What do ya think?
A bad time to buy rentals is when you REALLY need the money.
Mike
I definitely need the money, but I know that a rental is not going to suffice that need. I’m buying solely for the equity working towards my goal on a 3-5 year plan.
I know the $100 bucks won’t satisfy my immediate money needs, but the equity will in the future.
I definitely need the money, but I know that a rental is not going to suffice that need.
Then I think that this is a good time to buy.
Mike
No matter when you are buying, if you can’t afford the holding costs, the decision to buy may not be very wise.
I think you have to have your personal finances in order before do anything else. If you can’t effectively manage your personal cashflow, expenses and credit, it’s a BAD time to buy. Another BAD time to buy is when you don’t at least the know the fundamentals of REI. I’ve had both problems and THOUGHT RE would provide the income the “fix” my situation. I was lucky enough to have people point these issues out to me before I made some big mistakes.
Certainly there are times when you should not be buying a house due to personal reasons.
Believe me, buying a new fixer is not the best idea when your wife is threatening to divorce you because you are never home.
But there are many “bad times” to buy a house that will still work fine if the numbers on the house work. However, with things like job loss or expensive long term illness, you want to run those numbers carefully to make certain you can make the payments.
great tips and advice, i’ll keep them in mind next time i see a housing investment opportunity, thanks!