3 myths of conventional real estate wisdom

Some money moves make more sense in today's economy

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Whether you've rented your whole life or own a portfolio of properties, you've undoubtedly heard the real estate saying, "Location, location, location," which simply means that a home's value is highly dependent upon, well, its location!The timeless truth of this saying is beyond dispute, even in tough times like these for the housing market. The recessionary fates and foreclosure rates of an individual housing market are highly dependent upon the economic and employment prospects of that market, and even the desirability of an individual neighborhood or lot. However, there are some other age-old pieces of real estate wisdom that haven't stood the test of time as well as the location adage. Here are three pieces of conventional real estate wisdom that are due for a refresh. 1. Paying off your mortgage is bad. At the top of the market, many an infomercial pusher espoused borrowing against your home to buy more homes, creating an empire. While that worked for some,...