“Then take that money and buy up as much bargain basement quality real estate as you can. Anybody agree?”
Ever since the Carter years, I have figured that any tangible asset is a potentially safer haven to store wealth than paper money. While I like land as much as anybody, there are downsides: 1) the government knows where your land is 2) the government can re-appraise and tax it however they wish 3) the government can confiscate your land 4) you can’t flee the country and take your land with you 5) land is not very liquid - it can be hard to sell on short notice and recoup what you paid for it.
“Ever since the Carter years, I have figured that any tangible asset is a potentially safer haven to store wealth than paper money. While I like land as much as anybody, there are downsides: 1) the government knows where your land is 2) the government can re-appraise and tax it however they wish 3) the government can confiscate your land 4) you can’t flee the country and take your land with you 5) land is not very liquid - it can be hard to sell on short notice and recoup what you paid for it.
“
All good points, and I could see this happening if we continue down the road we’re on. But the country just may be about to put the brakes on this trip down said road. Government’s heavy hand may become much lighter. A person with multiple rental properties bought now at ridiculously low prices would be sitting pretty. I know WebFocus reports prices will go even lower, but a downside to waiting would be that the quality bargains may be already scarfed up by other investors. I myself own one rental house and am looking to see if I can scrape together enough to purchase another one once this foreclosure mess is cleared up.