Is Real Estate Going Down? | Ed Kaminsky answers the toughest questions on the internet
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Is Real Estate Going Down? | Ed Kaminsky answers the toughest questions on the internet

Rolling? Ready. [snap] Hi I’m Ed Kaminsky
and today I’m going to be answering the most commonly asked questions
about real estate on the Internet. [music] Is real estate going down? Yes, what goes up comes down.
It always does at some point. If you’re thinking about real estate,
think in long terms. Think in 10-year increments
and whatever it goes down It’s going to come back up. Real Estate has always moved like this,
up and down, up and down, but always up. Why is real estate a good investment? If you’re investing in real estate especially in rental property and your tenants are
paying the mortgage you’re making money 4 different ways. #1 you have property appreciation. #2 your tenants are paying you and income. You have mortgage paid down. And of course, you have tax benefits
for owning rental property. So four ways to make money owning real estate. How do I know if I’m ready to buy? Are you financially qualified to purchase? Whatis your motivation to buy? It’s really different for each individual.
If you want a rule of thumb About one-third of your gross income can go
towards your mortgage payment. Are Realtors fiduciaries? Realtors are fiduciaries. More importantly,
What the heck is a fiduciary? They have to be honest, forthright, they have to act as if they are you. Is real estate agent capitalized? It is not capitalized on the card this guy just gave me. That I can tell you. Is buying a home worth it? Is it an asset?
Or is it a liability? Most people put it in the asset column because they have a home, they’re
building equity but if you ask some investors they’re gonna tell you buying a home is a liability. It’s a cost that doesn’t go away. You have to pay that
mortgage payment. You have to pay that property tax. and you have to pay the
maintenance to keep that home. This is a top question on the internet!? I do have the answer
to this one but I’m not going tell you. Nah. Can real estate agents
have tattoos? Yes. They can. Do I have any? No, I don’t. I’ve always wanted to,
but I don’t like needles. How do I know if my timing is right? In the past,
the average length of homeownership was 7 years. The current average is 14 years.
It has doubled. That means if you’re holding your home for 14 years you
will move through any real estate cycle. So, the timing is right when it’s right
for you. Why is real estate so expensive in California? It is weather. W-E-A-T-H-E-R not W-H That’s the #1 draw. #2 is the economic condition. There’s job opportunities here. There’s dreams here. Is real estate for me? It’s not for everybody. Is it for me? Yes! I love it. I love what I’m able to do for my clients
and see them succeed, help them out of problems, but it’s not for everybody. And it’s not what you see on TV on these shows today.
It’s it’s much different. How much do I pay a real estate agent? Fair question.
In most States, buyers do not pay the real estate agent anything. The sellers pay a seller’s real estate commission. Traditionally it’s been around 6%. Can I trust my real estate agent? If their name is Ed Kaminsky. 100% Thanks for watching. I gotta go. [snap] [music]

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