Let’s start with the bad news.
Being that housing prices are high and affordability is ridiculously low, the pic is pretty much accurate – especially in California.
The good news?
History tells us that market conditions like this are temporary and won’t last forever.
Housing prices will fall (and become affordable again) at the completion of the full housing cycle – and that will be the time to buy.
The key of course is figuring out when housing is over-valued and under-valued.
My Game Plan
As some of you know, I plan to buy a high-end fixer near the low point in this market cycle. I will rent out the home my wife and I currently live in and move into the fixer – and make it our permanent residence.
I’ll personally trick-out our new home with high-end improvements (to add value) while we ride the price cycle higher.
Then we’ll sell at or near the peak – bank a handsome profit ($500K of which will be tax-free) – and then we’ll move back into our old haunts.
Never Be Finished
I’ll be doing this to show people that whatever your age, I still have what it takes to achieve great things. Most people my age quit pushing themselves and retire – but not me.
My attitude is to keep challenging yourself to the very end. That’s what keeps you young and alive – and that’s why you should never be finished.