Is Scottsdale a good place to eventually invest in real estate?

[squires74]

I cannot figure out why people like "topjimmy" say this is a bad time to invest. This is a great time to invest. It is a buyers market, foreclosures are at a high and there are people willing to lose money to save there credit. If "topjimmy" has his way, he would have you buy at the height of the market and make sure that you pay top dollar. Buy rental property now!

[63ragtop]

I think it's a good time to buy.

Good time to buy rental property? I don't know much about rental property but wouldn't you want to buy when the rent at least covers the mortgage payment? My house is worth about $350K (guess) which would be about a $2k/month loan with taxes & insurance. The rents in this area are about $1300/month.

[RyanMelville]

Originally Posted by squires74

I cannot figure out why people like "topjimmy" say this is a bad time to invest. This is a great time to invest. It is a buyers market, foreclosures are at a high and there are people willing to lose money to save there credit. If "topjimmy" has his way, he would have you buy at the height of the market and make sure that you pay top dollar. Buy rental property now!

I agree with you 100%... Now is the time to invest... With Real Estate Investing, It's just like the stock market, buy low, sell high. Right now we are in a low period and will bounce back.

Ryan Melville

[osat]

Can someone explain to me why is a good time to buy now?
Solid reasons not only "prices are low". Are salaries goes up? Educate me please, I'm new in USA.

[RyanMelville]

Another reason is there are a record number of foreclosures due to the different types of mortgages people were doing. If you are in a position to buy a home, but can wait up to 8-10 weeks for a lender to accept an offer, then take a look at pre-foreclosures / short-sales. It just takes more time to find the home you like, but there are some good deals out there, just need to know how and where to search.

Thanks,
Ryan Melville

[movin'on]

Originally Posted by nevercoldcall

On the "wealthy" thing, Scottsdale wealth is mostly a myth; it's a mortgage debt town.

I own my Scottsdale home free and clear.

[LisaZ]

Never cold call is misspeaking. First of all, all over the country people are in huge debt. That is why forclosure rates are skyrocketing and the banking industry is trying to figure out how to handle all these adjustable rate mortgages that are coming due that people will not be able to pay. By the way, we will buy a house outright in Scottsdale and I am not talking cheap home either. Plenty of people are bringing equity into Scottsdale and also, I have friends who live out there and don't work regular jobs at all because they bought their homes outright and they have investments to cover their living costs. Don't be fooled with missinformation that is routinely given by Scottsdale haters on this website.