CNBC?s guest this past week was Warren Buffet and he had some very interesting things to say about buying real estate. ?When asked about the current real estate market and if he thought now was the right time to buy in the US, he?s what he said:
?If I knew where I was going to want to live the next five or 10 years I would buy a home and I?d finance it with a 30-year mortgage? It?s a terrific deal.?
Mr. Buffett is well known for his successes and when he talks, people usually take notice and listen. ?When asked if buying multiple properties was wise at this current time in the real estate market, he answered:
?If I was an investor that was a handy type and I could buy a couple of them at distressed prices and find renters, I think it?s a leveraged way of owning a very cheap asset now and I think that?s probably as an attractive an investment as you can make now.?
The interviewer then asked Mr. Buffett why invest in real estate now? He?s his take on current real estate and mortgages:
?It?s a way, in effect, to short the dollar because you can take a 30-year mortgage and if it turns out your interest rate?s too high, next week you refinance lower. ?And if it turns out it?s too low, the other guy?s stuck with it for 30 years. ?So it?s a very attractive asset class now.?
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Source: http://www.thedanielsgroup.com/why-its-time-to-buy-real-estate-according-to-warren-buffett
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