Should I invest in buying a property?

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etsan's picture
etsan
Status: Bronze Member (Offline)
Joined: Apr 22 2009
Posts: 57
Should I invest in buying a property?

Hello,

Can you guys help me out? I'm having a hard time deciding weather to buy a house or not. Lets say I'm able to buy a house and have it paid off right away (e.g. no mortgage). Should I go ahead and do it? I live in the southern California area, I don't know if that helps. Because of whats going to be happening here in the future, is it a good idea to buy? Why or why not?

Thanks for your opinion.

anarkst's picture
anarkst
Status: Silver Member (Offline)
Joined: Jul 1 2009
Posts: 121
Re: Should I invest in buying a property?

I would go to Calculated Risk blog, perhaps the best general real estate blogsite out there.  You will find CR has links to specific area blogs in SoCal.     

earthwise's picture
earthwise
Status: Platinum Member (Offline)
Joined: Aug 10 2009
Posts: 848
Re: Should I invest in buying a property?

 

etsan,

Need more info.

What kind of property? How much land? Farmable? Where in So. Cal (city, suburbs, rural)? Does it have water (well or stream)? Where are you in regards to your other preps i.e. food storage, PM's, skills development etc.?

If you buy a house here in southern California with some land that has water (well, stream, other) that you can farm even just a little, and you are otherwise prepared for an economic downturn, then you will be sitting pretty, my friend. On the other hand, if you buy in the city or suburbs with no possibility of growing food and are dependant on "the system" for even drinking water and on whatever you can store,  then you are at the mercy of whatever comes, especially if you have done no other preps. I'm in Southern California also, and water is the issue. With it you can drink and eat. Without it, well just say the outlook is grim.

Maybe nothing bad happens or maybe just a little bit bad. Then we''ll all be okay. But if TSHTF big time, you'd better be prepared.

 

etsan's picture
etsan
Status: Bronze Member (Offline)
Joined: Apr 22 2009
Posts: 57
Re: Should I invest in buying a property?
earthwise wrote:

 

etsan,

Need more info.

What kind of property? How much land? Farmable? Where in So. Cal (city, suburbs, rural)? Does it have water (well or stream)? Where are you in regards to your other preps i.e. food storage, PM's, skills development etc.?

If you buy a house here in southern California with some land that has water (well, stream, other) that you can farm even just a little, and you are otherwise prepared for an economic downturn, then you will be sitting pretty, my friend. On the other hand, if you buy in the city or suburbs with no possibility of growing food and are dependant on "the system" for even drinking water and on whatever you can store,  then you are at the mercy of whatever comes, especially if you have done no other preps. I'm in Southern California also, and water is the issue. With it you can drink and eat. Without it, well just say the outlook is grim.

Maybe nothing bad happens or maybe just a little bit bad. Then we''ll all be okay. But if TSHTF big time, you'd better be prepared.

 

Here is my situation. I currently own a home, however I still have mortgage on this home. I'm planning to sell it and get a pretty decent amount of money from it. With that money, I'm wondering if I should buy a house or just rent. I currently don't have any specific property in mind right now, so I'm open to any. If I buy a house, this new house will be down size from my current house as far as living standard goes. The reason for this is because, I want to escape the system and not have to pay any more interest on mortgage. I don't want to pay interest on money borrowed that was created out of nothing.

I don't really care for where I buy the house, but I currently live in the city. There is absolutely little or no land to grow stuff. I was just planning to stock up on supplies. If TSHTF, then I plan on just leaving the country. I don't think its possible for me to find a property out in a rural area. My wife and relatives will think I've gone koo koo. So if we are talking closer to water, how would living close to the beach sound? Is that really necessary? Another option I have is to just completely leave the country right now and buy a property in a different country.

The main thing I want to do is get out of the system as far as having an outstanding loan. If you are paying interest to the banksters, then you are part of the system. I just dont like that. So what should I do? I need some advice and ideas. This year 2010 is a pivitol year for our economy and for me. Thanks.

npwebb's picture
npwebb
Status: Silver Member (Offline)
Joined: Mar 25 2009
Posts: 111
bluestone's picture
bluestone
Status: Gold Member (Offline)
Joined: Dec 29 2008
Posts: 263
Re: Should I invest in buying a property?

etsan

I used to live in southern California (grew up there).  Personally I think it is one of the worst places to be when TSHTF.  Here are my reasons - no land available; it is a desert and reliant on irrigation; it's overpopulated (well above the carrying capacity); significant potential for ethnic strife; bankrupt state government; not a very good sense of community there.  My wife and I had a bad feeling about the place long before the economic crisis hit.  We were glad to leave.

I would definitely not buy a house.  I would rent and be prepared to leave in a jiffy.

 

Brian

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