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

In all my years I have never lost a penny on real estate, when you buy is important but not as important as what and where you buy, just bought another house and land for cash a few weeks ago.i will take dirt over any stock in the market.they ain't printing any more dirt. Rio7

Just bought 45 acre last summer as a investment had to do it sort of thing

Rents are way up in Idaho. I don't know how people are affording it on our local wages but things just keep going up as out of states keep moving in. The Wasatch front in Utah is pretty much full. They are now predicting that everything from pocatello to St Anthony will fill in like the Wasatch front by 2050.

I bought my acre near rigby in 2017 for $22,000. Now these lots are bringing $105,000-$130,000.

I have a 4 bedroom 2 bath single family home in Rexburg that I rent out. 5 years ago I rented it for $950 and now it rents for $1700 and I'm still under market. Comparable homes are renting for $1900-$2200. I need to raise it again but I need to get the current renters out first. They are already always late and behind on rent as it is.

Bb

Well, there's your answer.

I have vacationed in Florida numerous times.

I would wait until a few ounces of silver would buy one.

Just saying

At the rate it's going up it want take long. I priced out 200.00 face value of Mercury dimes a couple weeks ago and it was 4900.. Checked today and it was 6200.!! Spot price over 25.00.
Procrastination is a killer.
Paralization by analization.

I’ve always been inclined to buy property when I could afford it and it’s always been a good thing. I tried to buy the slumps in the market, watch the price trends online like Zillow for the area and you don’t need to buy the bottom of the valley but wait until it stalls out or starts back up.
I have a VERY WEALTHY 2nd uncle who made his fortune in Texas real estate and listed to everything he said on the matter. Given timing was on his side, but he took advantage of it. He gave me some advice that was he always made his money on the buy, the market determines the sale price. He said history has always favored the land owners. And your home is your castle so buy what you want to live on that your income can support, don’t buy what you don’t want to live in because it’s a good deal, live where you want and let your portfolio support it. So far that’s worked out for me. Good luck.

I would never buy a second property.

Do it. Remember though, that money in real estate is made when you buy and not when you sell. Sure beats sitting on cash.

Lots of advice.

I would ask how old you are first. Then you determine how long the run will be with investment properties.

The younger, the greater the speculation. Rather than putting money into one property, whether cash or finance, you will always get a much larger return by spreading out the investment to several properties with money down on each, rather than totally paying for one. Then let the properties work for you and pay down their individual principals as you rent them out.

Well balanced property management will pay dividends and at the end of the loans, you have multiple properties to continue to profit from or sell and go fishing. It is a simple formula, but your age determines how much and how long you can afford to capitalize with multiple properties and loans that mature in a manageable timeframe…

Thank you,
I’m 43.

Boise is one of the fastest depreciating markets now in America. Id wait a bit

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Boise is one of the fastest depreciating markets now in America. Id wait a bit[/quote]

This is likely true. Home prices throughout most of idaho peaked last May. Rents still seem to be going up though. Home prices were crazy a year ago with most things selling before they could put a sign in the yard. Things have slowed down and prices have come down. But there is still quite a bit of demand coming from out of state.

Now we just have to wonder if prices will keep coming down with the biden economic collapse or will they rise again with the collapse of the dollar? It's a tough time to make a decision of what to invest in. I think many home values have dropped 20% in just the last year and have room to drop another 20 % but the value of the dollar is dropping quickly too.

Bb

I bought a $100 face bag from apmex on a sale about 1 month ago for $1850. I requested dimes so of course they sent silver quarters. I told my wife I'll either wait and sell them when they go up in a few weeks or hang onto them until I find a place with dimes where I can trade them.

I just looked and that same 100 face bag of 90% is now $3025 on Apmex. But, knowing Apmex they'd probably give me $1500 for the bag back. If I could get their price for mine I'd sell them. I much prefer mercury dimes and walking liberty of franklin 50 cent pieces to quarters. Just a personal preference.

I was trying to get to a $1000 face bag of Mercury's but it's not going to happen with these crazy premiums. I found some kast week at 23 times face for Mercury's and bought a few thinking that was too expensive. When I jumped online later and saw what junk was doing I drove back to town and bought everything they had at 23.

At spot value Mercury's should be about $1.80 each but right now they're over $3. It's weird that spot and premiums are both climbing at the same time. Premiums usually come down as spot rises. It could be getting ready for a big run.

Bb

Excellent advice, that...

That still needs to be handled correctly, whether or not they make more dirt, there is some dirt that’s not worth the money…

This is likely true. Home prices throughout most of idaho peaked last May. Rents still seem to be going up though. Home prices were crazy a year ago with most things selling before they could put a sign in the yard. Things have slowed down and prices have come down. But there is still quite a bit of demand coming from out of state.

Now we just have to wonder if prices will keep coming down with the biden economic collapse or will they rise again with the collapse of the dollar? It's a tough time to make a decision of what to invest in. I think many home values have dropped 20% in just the last year and have room to drop another 20 % but the value of the dollar is dropping quickly too.

Bb[/quote]

Home prices aren’t dropping as fast as I thought they would in the last year, that’s for sure.. The supply is low and the demand is still there. I just priced out an 800 sq foot addition for one of my clients, me and another GC both came in at around $500 a foot. For that kind of money I can buy a new house in Boise…. Not an addition. West coast is just stupid expensive.
From what I’m seeing, It’s more of a leveling off/maket adjustment. Not sure we’ll see another 2008 crash as banks had people put more skin in the game.
As you said the inflation and collapse of dollar has me questioning this decision.

As a good opening gesture, it's good form for each conservative moving to Idaho, to drive out 2 (minimum) Marxists.

I will happily and gladly contribute to that gesture