Quote:
Originally Posted by Ludepower
4444 had a Garth Turner like attitude by constantly spamming fear for first time buyers like myself.
The 5%... 30k downpayment my friend purchase on a 375k DT condo is worth 800k. That's 400k (1000%) hes up. Better than any returns on stock investment.
This wasnt the mindset when buying his first home. Just wanted to start building his roots and paying someone else's mortgage.
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I hear you Lude. If 375K purchase price on 5% downpayment was reasonably within your friend's financial means, then your friend did the right thing at that time by pulling the trigger instead of trying to time the market by waiting for a 'crash'. But if your financial solvency is predicated on your real estate assets continuing to appreciate, which usually only applies to marginal speculators and not first-timers like your friend, then it is still a big gamble and a single outcome path doesn't really demonstrate that it was a prudent investment decision.