economic collapse was predicted for sept....

[Realstudent368]

I guess it depends on your definition of "nice". I wouldn't say these are exactly slumming, especially if it's a first home. http://www.realtor.com/realestateandhomes-search/Cartersville_GA/price-180000-220000
If you can head up the road a little it looks even better. http://www.realtor.com/realestateandhomes-search/Adairsville_GA/price-180000-220000

Houses like that near where we live are much higher Imho...

 

[Wolf six]

Cat food?

It really isnt that bad over rice

 

[IMaDad]

Real Estate is also on the verge of collapsing. Prices are way too high, but ownership is also at a 50 year low, even with these low interest rates. Bust....boom.....collapse.

Kris@atlantaforeclosureagent.com

Sell now, we are at top of the market

A very poor time to do so unless its in an price depressed area (ie: middle of no where) or you find a distressed seller.

Builder backlogs are 6 mo. to a year and price appreciation is very reminiscent of '06, but for very different reasons. There isn't rampant flipping, it is consumer buyers competing with corporate investors all trying to get in while credit is loose (if you got it flaunt it). "Shortly" that will change, either the Fed is going to end the party or a Black Swan is going to poop on it, markets will crash, bankers will go to ground, and liquidity will dry up.

Assuming the "Economic Collapse" and TEOTWAWKI does not occur, THEN is a good time to go into real estate.

if you can get a deal or build something that is low cost/sq ft i say do it.
its going to be hell to get a mortgage if the economy collapses.

 

[IMaDad]

btw young man who has the savings. If I were you, and single/without kids, I would take that $100k and buy a duplex or quadplex. then rent out the other units and have it make money.

then when youre ready to move on/have kids, rent the last one out and boom! passive income.

 

[JamesG]

That's a plan.

However,

if you can get a deal or build something that is low cost/sq ft i say do it.
its going to be hell to get a mortgage if the economy collapses.

If the economy collapses it will hell KEEPING a mortgage...

 

[Wolf six]

How does that work? I've always wondered how they can ask for payment when no one has money? Do they just evict you?

That's a plan.
However,
If the economy collapses it will be hell KEEPING a mortgage...

 

[JamesG]

How does that work? I've always wondered how they can ask for payment when no one has money? Do they just evict you?

Yes they will. Especially if you had a property that they think they can sell quickly. The only reason why lots of defaulters were allowed to squat in their foreclosed houses was because the values had fallen so far that it wasn't worth the bank's time to evict. That and the backlog.

I wouldn't expect that to happen next time. There is now a whole industry of default mortgage "servicers"

 

[IMaDad]

There has to be corporations buying the default properties.

Also, if you have $100k, spent it all, borrow more, and don't have an emergency fund that is healthy, you are wrong.

Also, depression or not, it's every man's responsibility to work and be viable in the job market. Learn a skilled trade if you don't know one. Buy tools. Do work, get paid.

During the Great Recession I was active duty, and secretly delivered pizzas after work to get by.

Now I am a salesman, but I can troubleshoot, repair and replace Hvac units, generators, run piping, electrical circuits, control systems, DDC systems, pneumatic systems, low voltage circuits, etc etc etc.

More skills, the better. I'll always be able to find work. No matter what.

 

[JamesG]

Or. just go on welfare and let Uncle Suga' take care of you.

 

[IMaDad]

Or. just go on welfare and let Uncle Suga' take care of you.

Why would you do something so idiotic?

Make some fake ID's, use dead people's ssn's or just buy some off the net. Get welfare for like 10 people.

Then file like 1,000 fraudulent tax returns.

Amiright?!