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that worked out so well for so many people last time that was popular...
fact is in NYC right now there is a bubble forming for "investment property" rentals that is rising the tide for all homes fueled by Asian money. I've spoke to a number of realtors I know about this- seems to be all over the outer boroughs at the moment.
I heard about that, however, things go up doesn't necessarily mean it's in a bubble. It's not a bubble as long as there's a demand for long period of time.
I heard about that, however, things go up doesn't necessarily mean it's in a bubble. It's not a bubble as long as there's a demand for long period of time.
in a bubble the market goes up until it doesn't. I'm not one of those the sky is falling guys, which is why I bought a house in a great town and am not using it a cash register. But the prices I'm seeing and being told of in NYC are insane. Literally worse than 06/07. All so they can be rented, all Asian money. Great if you're getting out now, but not if you're on the side buying. Places in Staten Island with a 2 hour commute to midtown, terrible schools, rising crime, and the heroin epidemic selling for 35-50% more than 06/07 highs....just insane. great for cashing out though.
actually a lot because he can take out more home equity and re-invest in other things.
I don't think I would advise anyone to take out an equity loan on their primary residence for investment purposes. Any investment that pays more than the rate you're likely to secure on your home equity loan is probably too risky for me to bet my home on.
Of course this has worked out beautifully for some people. But for me, the risk is not worth the reward.
Where are you getting these numbers? Zillow and other real estate sites are horribly unreliable for evaluating property or the quality of life in a town. I don't think the school rankings have been updated for 10 years and the Zestimate vs real Real Estate estimate can be off, in the case of my home, by at least $50K.
that worked out so well for so many people last time that was popular...
fact is in NYC right now there is a bubble forming for "investment property" rentals that is rising the tide for all homes fueled by Asian money. I've spoke to a number of realtors I know about this- seems to be all over the outer boroughs at the moment.
This.
And it goes beyond NYC - commutable towns in suburban NJ and NY with excellent schools (think Millburn/SH in Essex County, Scarsdale in Westchester County) are experiencing a micro-real estate market where prices are rising insanely. Asian families purchase both to live and to rent.
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