So, my brother's Father-in-law approached me a while back about investing in real estate. Usually, when someone approaches me with an "opportunity of a lifetime," my defenses go up quickly. However, this guy is pretty legitimate. He used to own his own development company, and they did well building retirement communities, vacation properties, etc., but he is now retired.
So my question is this:
Is it smart to invest in properties right now? We all know that we're in a pretty big recession, and there's a very good chance that property values will eventually go up. But how do you know when? If real estate values will remain crappy for the next 10 years, then I'd rather invest my paltry savings into an investment that will go somewhere in the mean time.
If anyone has any comments or thoughts, let me know.
Arthur Graves Hermit