Personal finance author David Bach,
a former senior vice president at the Wall Street
investment firm Morgan Stanley, turned his sights
on residential real estate as a wealth-builder in
his latest best-selling book, "The Automatic Millionaire
Homeowner: A Powerful Plan to Finish Rich in Real
Estate."
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| At a glance |
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 How do you feel about investing in real estate given the current state of housing markets?
Real estate is not national; it's local. At the end
of the day the only market that matters is the one
you're investing in, the one you're buying in. If
you're thinking of buying a home, you have to ask:
Where? Why? How long do you plan to live there? People
are always doing better buying for the long term.
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How
long is "long term"? |
To me that's more than three years. If you think you're going to be alive longer than a decade, you're going to be better off buying. What separates rich and poor is real estate. I honestly think the market looks better now than it did two years ago. Now prices are flat, and in certain cities declining. Just as I said in my book, we have a buyer's market again. It really depends on the market. If you're thinking about buying a condo now in Florida, there are some great opportunities to buy from people who had bought with the intention to flip.
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Posted: March 19, 2007 |
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