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When to buy a house
Many people are speculating that the California real estate will bubble - these people are usually looking to buy. On the contrary, many people are also speculating that the house price in California will stabilize - these people usually own a home already.
The funny thing is, these people who speculate a bubble said the same thing a year ago, and it was one year ago exactly that my wife and I decided to purchase our first primary resident in California, despite many friends and family’s suggestions that we should just wait. Well, we are glad we did not wait.
Look, this message that I am writing is not really about bragging that we made a right decision of buying our first home because the real estate market continued to do well. This message is really a wake up call, especially for those of you who are considering to buy a property for a long time. Let me just clarify one thing, it DOES NOT matter what the real estate market will do. If owning a piece of property is your dream, and it is within your mean to buy one, then WHAT ARE YOU WAITING FOR?
Yes, the bubble may burst one day, but so what? If you were own a home and the buble does burst, how will it affect you? You will still be paying the same mortgage, pay the same property tax, and get the same tax deductions, for the next 30 if not 15 years (by the way, don’t ever get a 15 year mortgage, more on that later). What I am trying to get at is this. If you see a home you like, and you can afford it, GO FOR IT! Don’t wait to buy, buy and wait - this is the golden rule in real estate. Much like investing in the stock market, you really do not want to time the market. Same as real estate, if it is your primary home that you are talking about, don’t time the real estate market - just buy, enjoy your home, and hold it. Real estate has always appreciated (just like the stock market) historically. Granted, it has its ups and downs, but ask yourself, if it is a mortgage payment that you can afford now, and for the next 30 years, does it matter WHEN you buy it?
Now, if my above message has not convinced you to buy (if you can afford one) your home that you always wanted to buy, or if you simply can not afford to (right now only 1 out of 10 Californians can afford a median priced home in Los Angeles), then here is what you do. Keep in mind that you want to buy a home, and if you can not afford California, I can guaranty you that there are 49 other states that you can buy. Texas, Arizona, Oregon, Utah, Ohio, Florida, Indianapolis, just to name a few. You can find homes in pretty much all around the United States for around $100k, and in many cases brand new homes for that price. With the popular 5% down loans, you are talking about getting into a brand new home for around $7k ($5k down plus closing cost). Now, I am not urging you to move out of state (because work is harder to move than yourself, dog, and your furnitures), but I do urge people to buy real estate if it is what you want to do. If you can not afford California, look into buying out-of-state properties and rent it out, while you wait for the real estate bubble to happen in California. Tell me if that is not a good strategy.
If you are serious about getting into real estate (if not real estate investing), I would highly recommend you find a local real estate investment club. For California, I have been with Marshall Reddick investment club since 2000. Marshall Reddick has been investing in real estate since 1970’s and his strategy to buy and hold. It has worked out great for him, and my wife and I are his biggest believers. Check it out!
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Did you miss a post I made on my blog? Here are a list of past posts that you are welcomed to read and comment on. If I have posted it, you will find it here in my archive as well...
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Did you miss a post I made on my blog? Here are a list of past posts that you are welcomed to read and comment on. If I have posted it, you will find it here in my archive as well...
| Firecracker Boy - Mason Chang My first son has arrived... on 4th of July, 2007! Born at 2:45 am, weighing 8lbs-4, 21 inches long.... |
| how to stop your kids from playing video games So my brother-in-law who is, what, 16 now? Well, I don't think there is a single day that he would ... |
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Did you miss a post I made on my blog? Here are a list of past posts that you are welcomed to read and comment on. If I have posted it, you will find it here in my archive as well...
| Firecracker Boy - Mason Chang My first son has arrived... on 4th of July, 2007! Born at 2:45 am, weighing 8lbs-4, 21 inches long.... |
| how to stop your kids from playing video games So my brother-in-law who is, what, 16 now? Well, I don't think there is a single day that he would ... |
| free AMC movie tickets Sorry, it's all gone! Once again, a crazy deal by Steve... free AMC movie ticke... |
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Did you miss a post I made on my blog? Here are a list of past posts that you are welcomed to read and comment on. If I have posted it, you will find it here in my archive as well...
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| how to stop your kids from playing video games So my brother-in-law who is, what, 16 now? Well, I don't think there is a single day that he would ... |
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Did you miss a post I made on my blog? Here are a list of past posts that you are welcomed to read and comment on. If I have posted it, you will find it here in my archive as well...
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| how to stop your kids from playing video games So my brother-in-law who is, what, 16 now? Well, I don't think there is a single day that he would ... |
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Did you miss a post I made on my blog? Here are a list of past posts that you are welcomed to read and comment on. If I have posted it, you will find it here in my archive as well...
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| how to stop your kids from playing video games So my brother-in-law who is, what, 16 now? Well, I don't think there is a single day that he would ... |
| free AMC movie tickets Sorry, it's all gone! Once again, a crazy deal by Steve... free AMC movie ticke... |
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Did you miss a post I made on my blog? Here are a list of past posts that you are welcomed to read and comment on. If I have posted it, you will find it here in my archive as well...
| Firecracker Boy - Mason Chang My first son has arrived... on 4th of July, 2007! Born at 2:45 am, weighing 8lbs-4, 21 inches long.... |
| how to stop your kids from playing video games So my brother-in-law who is, what, 16 now? Well, I don't think there is a single day that he would ... |
| free AMC movie tickets Sorry, it's all gone! Once again, a crazy deal by Steve... free AMC movie ticke... |
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Did you miss a post I made on my blog? Here are a list of past posts that you are welcomed to read and comment on. If I have posted it, you will find it here in my archive as well...
| Firecracker Boy - Mason Chang My first son has arrived... on 4th of July, 2007! Born at 2:45 am, weighing 8lbs-4, 21 inches long.... |
| how to stop your kids from playing video games So my brother-in-law who is, what, 16 now? Well, I don't think there is a single day that he would ... |
| free AMC movie tickets Sorry, it's all gone! Once again, a crazy deal by Steve... free AMC movie ticke... |
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Did you miss a post I made on my blog? Here are a list of past posts that you are welcomed to read and comment on. If I have posted it, you will find it here in my archive as well...
| Firecracker Boy - Mason Chang My first son has arrived... on 4th of July, 2007! Born at 2:45 am, weighing 8lbs-4, 21 inches long.... |
| how to stop your kids from playing video games So my brother-in-law who is, what, 16 now? Well, I don't think there is a single day that he would ... |
| free AMC movie tickets Sorry, it's all gone! Once again, a crazy deal by Steve... free AMC movie ticke... |
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