ya, ...property values and the demand is going to plummet soon.
That's not necessarily a bad thing, ...depending on which end of the equation you're on.
Most often in realestate, the profit occurs upon acquisition of the property.
Sometimes it's a seller's market, and other times a buyers market. either way though, the broker gets paid.
If you're going to get into income or investment properties, you need to make sure you've got the cash reserves or you could find yourself in a bind. Right now a girlfriend in NYC has been having difficulty for the better part of this whole year, getting a drug dealer out of one of her properties. She's not getting the rent, and in the meantime, he's trashing the place.
Fortunately, she has in motion a number of sources of passive residual income to keep things afloat and cover the mortgage while the rent isn't coming in, but she's kind of fretting because she hasn't been able to get access to inspect it, to do any kind of damage assessment on the interiors. And you never know what can happen either. I flipped on the news yesterday to discover one of my ex-boyfriends properties in the heart of Yorkville was on fire. It housed a restaurant, and the fire started in the kitchen. Thankfully no one was hurt, but they estimated there was about $2.1 million dollars worth of damage to the structure.
Stuff like that can wipe you out in a big way if you're not sufficiently padded to take the hit.