This is maybe not for everyone but what here is what I did:
I unloaded my single rental property last summer (covid scared me off landlording forever) with the plan of using the modest proceeds as a downpayment on a new place in the country. Unfortunately the feeding frenzy was already well underway and even with my down payment there was nothing in my price range that wasn’t selling overnight for way above asking. What to do… When I was just about to give up, a serious fixer upper came onto the local market for exactly what I had on hand in cash. Does it need a lot of work? Yes. But that was the only reason I was able to buy it. I’ve chipped away at it the past 6 months to get it to a condition that is livable enough to allow me to vacate my current mortgaged home that is in a CRAZY market. I think I’ll be able to have it on the market by June and hopefully cash in before this bubble pops. Then I can ride out this market nonsense in a place with NO mortgage and I can spend the next couple years fixing whats left to be fixed while I wait for prices to come back to reality. I know doing the fixer upper thing isn’t for everyone but if you have time and some handyman skills and a little bit of cash saved up you may want to consider that route.
That’s awesome. I think even manufactured homes are inflated right now but probably better than a lot of the insane asking prices on regular single-families.
This is maybe not for everyone but what here is what I did:
I unloaded my single rental property last summer (covid scared me off landlording forever) with the plan of using the modest proceeds as a downpayment on a new place in the country. Unfortunately the feeding frenzy was already well underway and even with my down payment there was nothing in my price range that wasn’t selling overnight for way above asking. What to do… When I was just about to give up, a serious fixer upper came onto the local market for exactly what I had on hand in cash. Does it need a lot of work? Yes. But that was the only reason I was able to buy it. I’ve chipped away at it the past 6 months to get it to a condition that is livable enough to allow me to vacate my current mortgaged home that is in a CRAZY market. I think I’ll be able to have it on the market by June and hopefully cash in before this bubble pops. Then I can ride out this market nonsense in a place with NO mortgage and I can spend the next couple years fixing whats left to be fixed while I wait for prices to come back to reality. I know doing the fixer upper thing isn’t for everyone but if you have time and some handyman skills and a little bit of cash saved up you may want to consider that route.
I have plenty of home repair skills, heck I know I could build one from the ground up if I had the time.
I was even thinking about just buying some land, with utilities in the street, slap a manufactured home on it and wait until the market crashes.
Then I'd still have cash on hand to buy something I really want with a decent sized lot.
That’s awesome. I think even manufactured homes are inflated right now but probably better than a lot of the insane asking prices on regular single-families.