05-05-2021, 07:42 PM
(05-05-2021, 01:11 PM)fenders53 Wrote:(05-05-2021, 11:49 AM)ken-do-nim Wrote: Oh, excellent point! It took 15 years for the value of my current house to return to the level I bought it at.I don't know if this is a terrible time to buy rental property, but I suspect it isn't optimal. Seems like a sellers market with people paying well over the ask. I read about that ALOT. I have friends who bought houses in the Chicago area coming into the GFC and it cost some of them well over $50K out of pocket to move away after they made payments for five years. That would be a bad experience
It is a sellers market, especially here in the DFW area and most of Texas. In my HOA of 80 houses, 6 houses have gone up for sale in the past year. The first 5 all got multiple offers over list. The last one went up for sale 2 weeks ago. It is 2 houses down from me and they just left to move to Florida for a job. So I don't know how the selling is going and if they already have offers over list. But it is listed at $23k more than the last one to sell.
I wouldn't attempt to buy a house to turn into a rental right now. Price is too high to get a reasonable rate of return right now on one. Especially here. Maybe your area is better.