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Okay so the Recession is here, what are the opportunities we should be looking at in the next 1-3 years?
invite response
2022 Jul 28, 8:54am 1,563 views 18 comments
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16
mell
2022 Jul 28, 12:57pm
WookieMan says
Agreed. But this will make bargain hunting much harder as well. Illiquid market, fewer sales, not a lof of opportunities to buy things really on the cheap esp. with inflation lurking
I know this was originally a housing site, but this isn't a housing recession. Since 2010-12 or so certain people couldn't buy houses once they went back to normal lending standards. Now builders won't build unless there's a contract for it. We lost a generation of trades people that never got trained. I'm not bullish, but we'll likely never see a housing crash like we did in '06-'07ish. Prices will at least steadily rise.
Agreed. But this will make bargain hunting much harder as well. Illiquid market, fewer sales, not a lof of opportunities to buy things really on the cheap esp. with inflation lurking
17
WookieMan
2022 Jul 28, 3:13pm
WookieMan
2022 Jul 28, 3:13pm
mell says
More difficult. It's not hard to find a deal. At least locally. Walk the dog or just take a walk. See a rough looking house, keep walking by until you catch the person. Chat it up. Then buy the fucker. It's likely they're widowed, too lazy, don't know what they're doing and would just sell. You'd be surprised how easy it is.
Real, real estate deals take some work and not just searching the MLS. You need to networking with randoms. I'm a unicorn that bought my current home for $85k and it's easily worth about $300k after 8 years and maybe $30-40k put into it. A lot of that is trade tools that I keep when we move. So outside of time I'd estimate $20-25k in material and that includes a new roof and kitchen.
IL sucks, but it's been working out for me. At least since getting out of the burbs and city.
But this will make bargain hunting much harder as well
More difficult. It's not hard to find a deal. At least locally. Walk the dog or just take a walk. See a rough looking house, keep walking by until you catch the person. Chat it up. Then buy the fucker. It's likely they're widowed, too lazy, don't know what they're doing and would just sell. You'd be surprised how easy it is.
Real, real estate deals take some work and not just searching the MLS. You need to networking with randoms. I'm a unicorn that bought my current home for $85k and it's easily worth about $300k after 8 years and maybe $30-40k put into it. A lot of that is trade tools that I keep when we move. So outside of time I'd estimate $20-25k in material and that includes a new roof and kitchen.
IL sucks, but it's been working out for me. At least since getting out of the burbs and city.
Are those going to be the lucrative plays after this recession? Housing seems like it has a ways to drop, but high interest rates and dropping mortgage applications are already causing softness in that sector, and I see sharp price cuts coming soon even in historically "safe" markets. Maybe I can pick up a nice Duplex in Miami Beach on the cheap soon? Who knows. :)
Anyway, I wanted to create this thread to bounce around ideas with some of the elite thinkers here.
The picture is just for attention. These are my latest Form 1 beauties that I purchased earlier this year. :)