alfadriver said:Kreb (Forum Supporter) said:If I could do it again, 4 words would really have helped: Never sell real estate. With the exception of a house in Akron, every one that I sold appreciated hugely after I got rid of it. But that's nether here nor there.
So I guess that it's hold on for the ride time. If I bought Euro military stocks I can pretty well guarantee that the war would end the next day.One downside of real estate is property taxes. Here in Michigan, the property that isn't your primary residence gets taxed at a higher rate than your home, which really is tough. Every 1% in taxes takes away from the value growth- but has to be paid live as opposed to realizing real estate gain only when you sell.
As an income source, that can easily be dealt with, though. Given that many rentals are owned by large corporations, it does show that it's a good income source.
Fellow Michigander here and you hit the nail on the head. Real estate is far from a sure bet and can bleed you dry if it isn't generating income in some fashion. I think it does make sense in a truly diversified portfolio, but it is an asset that comes with some liabilities and is often the antithesis of a passive investment.
In regard to the original question, I would hold the line and resist any panic selling for all of the reasons outlined by others above.
