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Originally Posted by Hardknock
I like to play the waiting game myself. I’m just sitting on my 30 year fixed rate home (in a local non "hot" market that will survuve the brunt of the bubble burst) that still has equity looking out on all the other homes in my neighborhood waiting for all the interest only fixed rate periods attached to them to expire. When they do, and they’re backed into a corner and forced to sell at a loss or walk away, I’ll trade up at a bargain price.
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We had the opportunity to trade up, but we like the view we have now better than the terrace and large deck. We'd have a better view of the city, but we'd lose the view of the river and the park, getting to see trees in the city of Manhattan is worth lots more to us.
But I agree, those that decided to use the equity for stretching themselves is just crazy, but there are lots of people starting to lose their shirts.
I just lost my tenant the other day, will I be forced to sell my property now? No, because I knew that I could afford the place on it's face without the leverage of the renter, something people do not consider at all.
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