Welcome! I've been active for 10 days now but made my account almost a year ago. Man, that's another regret like the ones you mentioned above. I wish I had been here that whole time!
I got interested in economics when I was burned in the 2007 housing crash. It sounds like that was the same event for you. My home was bought for 279K by the original people. They sold it to me for 384K only 6 months later.
It eventually foreclosed and sold at auctions for 130K. I'll never forget that very expensive lesson. The incident lead me to @zer0hedge, and I wish I had been on there reading and learning from it for years. I would never have bought when I did if I had been.
I'm a voluntaryist, and we have a lot of other things in common. My two primary passions are private investigation and residential physical security. Thanks for sharing your introduction, and I look forward to your future content!
Oh man, that sounds absolutely horrible. Even worse then I could imagine. I'm really sorry to hear that happened to you. Where was this if you don't mind me asking? I hope you have managed to recover?
I see a crash coming in the Canadian real estate market but honestly thought it would have happened by now. I sold way too early. I would probably be up over 400% right now and be living off the rental income. Oh well, Live and learn right? Just not sure what to do right now. Might stay out of housing even though I want to buy in so I have something to poor my energy into. I want to have a home, I just don't want to regret getting in at the top after waiting for the crash for all these years. Maybe it will just keep going up, who knows.
I read Zero Hedge often. A lot of good information on his site.
Thanks for sharing! Following you as we seem to have some stuff in common. look forward to hearing your plan.
I had a job in Washington, DC, and it was 2007. I bought as close to DC as I could afford, and that was in Gainesville, VA (over an hour commute).
Yes, the foreclosure never really harmed me much. I did not squat in the property. I gave up the collateral when I could no longer pay the loan. Before my credit took the hit, I had already secured a rental. I always had a lot of money to put down on rentals too, so I never needed landlords to check my credit.
If you can pay six months of rent up front, most landlords don't care what your credit score it.
I bought a foreclosure last year. It is in a perfect location for a rental if prices drop, so I won't get stuck with it. The price was too good to pass up too. Basically, I've done the opposite of what I did in 2007.
We cannot tell when the housing market will crash exactly, so you're better off being out early than being out late.
Thanks for the follow! I'm following you too of course. :)