Here are my thoughts about the next Real Estate Crash, the current state of the stock market and economy, along with 5 strategies that you could use to come out ahead profitable – Enjoy! Add me on Instagram: GPStephan
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How To Profit Through A Real Estate Drop:
1. Get a 30 year mortgage.
That’s because the 30-year interest rates are STILL the lowest they’ve ever been, in history – and when you consider that long term investment returns are often WAY higher than your mortgage interest rate… it starts making a lot of sense NOT to pay off your mortgage early and invest the difference, instead. Not to mention, inflation makes your mortgage EASIER to pay off with future dollars, so the longer you keep it, and the higher the inflation we see- the cheaper your loan becomes.
2. Always get a fixed interest rate.
By locking in your rate, you know with 100% certainty how much it’s going to cost for the next 30 years, and from that – you can plan accordingly.
3. Refinance your mortgage to save more money.
This allows you to get a brand new loan that replaces your existing loan – and in many situations, the new loan is going to be at a lower interest rate than you’re currently paying – THEREBY saving you a little bit more money, every single month.
4. Only buy a home you plan on keeping at LEAST 7-10 years.
The truth is, real estate values ONLY matter in the short term if you intend on selling – so, everything I’ve mentioned SO FAR is designed to make your monthly payments as low and predictable as possible, just so that you don’t NEED to sell. Ideally, by NOT selling – you’ll have the time to ride out any fluctuations in price LONG enough for them to eventually recover, and bring you back to profitability.
5. Focus on Cashflow First – Value Second
Rental prices tend to be completely immune and stable from real estate PRICE DROPS…so, even if the market VALUE goes down…most likely, rental prices should stay the same – or, slightly increase.
6. Only buy a home you can comfortably afford.
NEVER max out the loan you’re able to qualify for…NEVER extend yourself too far because the home is awesome…NEVER spend more than 35% of your income on your housing payments…and instead, get something that isn’t going to cost you more than you can reasonably pay, IF your income goes down. The reality is, the lower your payment is in relation to how much you make, the safer it is that you’ll be able to keep it through a downturn without running out of money, or having a difficult time staying afloat.
Real estate should IDEALLY be something you ONLY buy if you intend to hold on to it at LEAST 8-10 years, with a fixed rate mortgage, locked in 30 years, on a payment you can easily afford…and that way, even IF the entire market goes down…you’ll be able to get through it without ANY change to your day-to-day lifestyle.
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