BigBeto
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- Joined
- Feb 17, 2019
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looking to purchase a river pad. Seems like prices are dropping. Does it look like market will crash pretty soon? is it a good time to buy or wait to see what happens?
looking to purchase a river pad. Seems like prices are dropping. Does it look like market will crash pretty soon? is it a good time to buy or wait to see what happens?
Not looking for rental property. Looking for second home. Something in the 250-300k. We were going to buy a new RV but it makes more sense to buy a home that in time will appreciate. We keep our toy hauler out in Parker in the summers but it’s a drag towing boat up to river then going to storage to pick up trailer and set it up. Payment on new rig is around $800-1000. I figure spend a bit more and buy a pad.
buying them right is the key,,,up to 40 %mark up..and always trade them in to get the tax credit...buy a house and rent a rv... or buy a used rv.. I would never want to take the hit on buying a new rv..
loll....not many are gonna be walking from their homes when they get to stay payment and rent free for the next year.....Real Estate is in a world of hurt. Commercial and residential.
There will be a ton of supply here shortly.
Not many can qualify when you don’t have an income.
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you get 90 days as of today,... then, if nothing changes , another 90 days to start forclosure...thas 180 days... contested ..under dodd frank,... they have to work with you...I see it taking 1 to 1.5 years to finally get your property back...that's why never do private lending on primary res.. laws don't apply to vac, or rental property's... guys that have rental property's right now are pretty much screwed, only way they can come out if if they own free and clear... and can afford the long haul...there is no protection for investment property's...except for the tenants...like my rental.... my sister rents from me... most likely never get a dime,... but at least she has a comfortable home to finish out life..The most anyone is getting is 90 days and then you have up to 12 months to pay that back, plus your mortgage. Wonder how that will work out.
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I don't think OP has an rv,.. but , when you saymobile home, you mean park model correct?I plan to do the opposite, sell my mobile and get a RV. If anyone thinks that owning a mobile home is easier than a RV it is not. It takes just as much time keeping up a mobile home if not more than keeping up, setting up a RV. Also, as you will see on RDP, getting any type of professional help...electrician, plumber...you name it, in the Parker area is impossible. If you do find someone, be prepared to be completely ripped off with no ability to get corrective action as most are not bonded or honest. I have friends who live and have businesses in Parker. I have asked them for referrals, they have told me if I find someone let them know because they have the same problems. As far as real estate right now...I always go by people always need a place to live, prices are drive by what people can afford. I do not see people being able to afford today's prices in the future, real estate goes with the current economy. Interest rates are great for buying right now, but when they go up there is the possibility of being upside down. I do not think it is a good time to buy, wait a year, keep the RV thing you have going on now.
Thats the fancy term Lol. Majority of the mobiles in our park are from the 70s. Constant work unless you bite the bullet and rehab the whole thing. I have slowly upgraded mine. Not enough time to do it all at once. And like mentioned nobody out there to hire. My buddy is out there doing work now. He is reliable and getting things done for several other neighbors.I don't think OP has an rv,.. but , when you saymobile home, you mean park model correct?
Real Estate is in a world of hurt. Commercial and residential.
There will be a ton of supply here shortly.
Not many can qualify when you don’t have an income.
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My portfolio follows the 33% rule. I too am rethinking my strategy given CA executive order N-28-20 governor newsom signed. I have elderly renters with fixed incomes. Should they move out I may sell the property versus accepting new renters. Too much risk and maybe smarter to be more liquid given an unstable market. I plan to keep my snowbird property in AZ because I use it.I just closed escrow on one of my rentals I sold, and no way I’m putting the proceeds back into real estate right now. I’ll wait and reinvest in about 6-9 months, gambling the real housing market will drop. Also, no way I’d want another rental right now until the virus issues with renters is resolved.