Now that wall street is going down, how is the real estate investing hold up? Not just that but my job as well? How bad will it all get and what do you think is a way to stay a float through all this?
No idea as to the long term effects. Hope that at least tries to work out a plan vs complaining and posturing.
AS for the job, now really is the time to learn a skill that you can rely on that does not depend on an employer, like real estate. The market will rebound and if you have taken the time to get educated and take action you’ll be fine.
I think real estate investing will hold up just fine long term. It’s probable that prices will continue dropping for awhile, but if you buy smart, it really won’t matter as much. Let me give you an example. Let’s say you bought a property for $230,000 and within six months of your purchase its value has fallen to $200,000. On paper it could be a little depressing, but if you performed a solid cash flow analysis when you made the purchase and you’re in the black it really won’t matter. On paper it might look bad, but if you have positive cash flow at the end of the month, you can afford to hold on until the market corrects and starts going back up.
You would obviously prefer that your property be appreciating rapidly while cashflowing, but as long as you have positive cash flow you’ve got the luxury of being able to wait for the market to rebound.
I can’t speak to your job because I don’t know what it is. What I do know is that if you don’t currently know real estate investing you should do your level best to learn. Real estate is a good way to declare your independence from the whims of an employer who controls your income, your future, and your quality of life.
Learn real estate to the best of your ability. It’s not rocket science, but if you disregard the required education and try to dive in with a single Ezine article as your educational background you’re bound to make some costly mistakes. There’s a comfortable crossroads where learning and doing intersect – and it’s different for everyone.
The main thing is get involved while the market is down and you can ride the appreciation elevator to the top as a successful entrepreneur.
Good luck!
Peter Vekselman
good answer.
Yeah, great answer Peter!
The only thing that you might need to do, is know when to STOP learning, like me. Non-stop learning and no doing wont give you any cash flow.
Peter speaks like a Real Estate Guru… and yes I agree to him! You won’t get anywhere in your career/life if you stuck yourself into something just because it is rewarding “enough”.