Home Forums Hunting & Shooting Hunter's Campfire To buy or not to buy a 2nd home?

So I’m in the market to get another home. Flying into boise tomorrow for a week. F Oregon.

With the current situation, or should I say the unknown situation and the future of US dollar. Do I buy or wait as the prices of homes are slowly dropping. the constant and rapid inflation is also killing me.
Not taking a loan. This will be a Cash deal

I did a cash deal or so the bank said with a heloc don’t do that

I bought our beach house on a cash deal 23 years ago. One of the best decisions I've ever made. Although my nickname for it is "weekend workaway".

It's nice to have somewhere to get away to if this is a getaway. Taking care of two places can be a bit much sometimes. Of course if you sell the current domicile that will not be an issue.

I guess with the "Eff Oregon" comment you are leaving for good.

I look at it like, " the best time to plant a tree was 20 years ago, the second best time is today".

ETA. The money issue is simple, how much quality time will you and your family (if you have one, IDK, and not a dig on you) miss out on while waiting for that perfect deal. Is that worth the cost. A lot of unknown variables here.
A buddy of mine used to say "this ain't no dressed rehersal get on it".

Good luck.

Prices have leveled off a bit but rents are still going ape schit.

I’d buy.

Hell, rates aren’t even that bad if you want a loan. It ain’t the nearly free money of a couple years ago, but I just signed up at 5.87%. I’ll take it.

Thanks.
Yeah sold the home in Portland. That place is a disgrace from what it was. I think Oregon is more woke now than Cali.

I Still have a property in S Oregon that I’ll use for residency, I got too many hunting points for deer, elk and antelope to let them go to waste. For now
I’ll be staying in my Palm Springs home and probably slowly work toward being a snow bird. But that’s 7 years way as my youngest is in 6th grade.
So I’ll be Doing Airbnb or short term rental in either when not there.

A buddy of mine said F Oregon a couple of years ago and moved his family to Caldwell, I think. He loves it.





P

I would not buy real estate right now unless I had to.

What is your reasoning? Thanks

It works if you have someone at both locations keeping an eye on the property. If a squatter or scam artist knows you're away...

I don’t have to buy.
I’m scarred To invest in the market right now., and as I said earlier . The inflation and uncertainty of dollar has me worried.. I don’t want to wake up and have half a mill be worthless or even less value then it was 6 months ago. Other properties are paid off.

Can you go into more detail and explain why wait?

Can you air bnb at the 2nd?

Reasoning? Just curious.

I saw lots of real estate sold within the last year for 5x assessed value

I just purchased a small fixer upper home. I was worried about the interest rates increasing also. When I asked my buddy, a banker that flips houses, about the interest rates, he replied "you'll still make money on the deal @ 5% interest". The housing market is only showing major decreases in the areas where the houses were selling way over value. The rest of the houses are pretty much stable. Seize the moment!

Most of Idaho is growing and likely will be for the foreseeable future. The Boise area is not for me but lots of folks like it there.

As always, follow the 3 rules of real estate.

The 3 rules are ?

If I didn’t have a wife who wants city amenities, I’d be good hour out of town in the sticks. Years ago I missed out a good deal on 10 acres in Prineville because she considered that po dunk. Now it’s probably worth 5x what I could have paid for it.

Boise is a good compromise for us.
We love Couer d’Alane, not sure she could deal with the long winters if we went full time.

Location ,location,location.

That’s it!

We have the cabin in Wabigoon, I inherited half of that. I doubt if I'd be interested otherwise.

lots of options in boise,nampa,meridian , caldwell