I am here in North Carolina & the market here is still one of the best in the nation Raleigh&Charlotte respectively. Whats your area like?
Northern Indiana, about a hour north of Indianapolis. Area is doing bad (whole Midwest is though) however Indiana isnt as bad as some of the surrounding states (michigan, ohio. ILLINOIS) due to our low-spending state Government.
Yepp… GO HOOSIERS!!!
Southern New England…WORST real estate market in the Country besides Detroit MI and Florida. Highest unemployment rate, HUGE local government budget short falls…
BEST REAL ESTATE INVESTING CLIMATE I HAVE SEEN IN 20+ YEARS!!!! :bouncemulti :elephant
People are GIVING HOUSES AWAY up here, it’s AMAZING!!!
Here’s the BEST PART of the HERD MENTALITY…
In 2006 a small 2 bedroom home in a blue collar neighborhood made the front page of the real estate section because the owner, on a Saturday, took a HAND MADE For Sale sign out to her front yard, pounded it into the ground, and by S U N D A Y she had 35 OFFERS on that house ALL of them Over asking…
Her initial asking price???
$199,000 It was the ONLY house in that City for UNDER $200K…It sold in 24 hours for $239,000
In 2011…The same house just sold in a short sale for $62,000.
Here’s the best part…
In 2006 NO ONE…NONE of the 35 IDIOTS who bid that house up to $239,000 was AFRAID to buy it for that price…If fact, they COMPETED TO BUY IT…
In 2011??
NOW…During the biggest SALE in the history of U.S. real estate…They’re all AFRAID to BUY that house at $62K! There was ONE offer on it in 4 months:banghead :banghead
2006…Fighting to BUY at $239K
2011…RUNNING away at $62K…ABSOLUTELY UNBELIEVABLE :flush
It really is MIND BOGGLING
But…THANK GOD these people are out there…I’ve had the best 3 years I have EVER had investing.
I sell 80% of everything I get to people who THINK they’re investors. Most of them are Lawyers, contractors, investment groups with pooled cash. I buy all my property directly from owners with NO REALTORS involved…In fact I tell my bird dogs, “If it’s LISTED, It’s a LOSER.”
My sellers are INUNDATED on a DAILY basis with news reports, radio and TV shows telling them how BAD things are…These same news reports , radio and TV reports told them how GREAT things were in 2006…They believed it THEN and they believe it NOW. I take advantage of that HERD MENTALITY.
The lessons you are learning RIGHT NOW, in this economic climate are PRICELESS…Because at some point down the road it will all swing back to normal…NOT BOOM times, not over priced…Just NORMAL, and by then…ANYONE smart enough to BUY BUY BUY…Right NOW…Is gonna be wealthier than they ever thought possible.
That is so true! Herds are led to the slaughter! Im so glad im an individual that is able to think outside the box or go against the norm. Ive had people laugh @ me when i said i was going to get started in real estate with $100. They said the market is terrible you want last get a job yadda yadda yadda. I closed my first wholesale deal last week & i tied it up with 100 bucks and earned 5k. Today im starting my yellow letter campaign. Im reinvesting 3000 of the cash into marketing. Im so STOKED :shocked
i tied it up with 100 bucks and earned 5k
great job buddy…great job.
Carlos Slim:
"I always reinvested."
-Mike
Hey king,
If you are birddoggin raleigh give me a pm. I am a buyer here.
John
Its funny you should mention that i found a promising looking property yesterday. I’ve done a little research and it seems that 27603 is a profitable zip and the home is going for 17500. Do you know anything about that area? :deal
Southeast New Mexico…
Looks to me like housing prices here are ratcheting down more. There was never a real bubble, just some nice appreciation, which is now gone. Every day there are foreclosure notices in the newspaper. The price of houses here is still trending down.
But, the price of rental homes is going up! Before, there were several columns of vacant homes in the paper, now down to just a half column. I just heard on NPR radio, a nation-wide broadcast, about the big rental shortage in Clovis and Portales, New Mexico. Only a 1% vacancy rate, and those are some very junky vacant houses, folks.
Here we have run about 95% full since Spring, no July slump at all. I need MORE 1-bedroom furnished homes. Our waiting list is several sheets long, and routinely we have folks waiting in hotels for a vacancy.
A good plan here is to just buy cheaply, rent and hold. We just finished a 2-bedroom, rented it the same day for the government per diem, $77/day. It’ll take a year to recoup the carrying/rehab costs, after that it is profit. Slow and steady but it pays the bills.
Furnishedowner
Furnishedowner
I hear alot of people are renting out properties. I have heard so many horror stories about renters but that just means i have to be very diligent in my screening process.
Even then, some dirtbags will slip thru. If you do this enough, at some point you will get screwed… It’s gonna happen. Good screening helps, but is not the end-all be-all.
So far for me the positives outweigh the negatives.
Got your point justin0419 and I agree with them… And I guess from the very first time you met the renters the screening process should start. There are telltale signs to watch for while evaluating, such as attitude and their reason for moving. These are just few basics that first time land lords must take into consideration.
Detroit, MI. Yes, that is one of the worst real estate markets in the country. And I just met a young team of realtors there, that are completing around 400 real estate transactions per year.
Even in the worst of markets, there is money to be made!!!
All the best,
~Slim~
Upstate NY market is super hot.
[i]2006…Fighting to BUY at $239K
2011…RUNNING away at $62K…ABSOLUTELY UNBELIEVABLE [/i]
fdjake…this is so true…I often buy businesses for 1/3 of what I sell them for…People love to pay high numbers…The masses are suckers…
Delondon,
What areas of Upstate NY are you talking about…There are some pockets of opportunity but the lead paint issue is causing alot of issues with properties…
hey RookieNYC, can you pls share some examples of how you’ve bought businesses at discount prices? how did you find the sellers and what made them sell at such discounts? I have some cash saved up and am looking for a business to invest in
invest,
I look at extremely undervalued businesses with strong cash flow…Anywhere from 500k-$2mill…Typically we look to buy the debt of the targeted company as a first step…
Im unsure what area of business you are in ,but I suggest you stay in your area of expertise when searching for opportunities…This makes it easier to guage the strength of the deal…It also allows you to find qualified people to back up and service your debt…
I’m no where near the $500k-1M mark… I’m in my late-20s, live in NJ, and have $100k equity in my home and about $50k cash that I need to do something with… but I don’t know what…
I heard a story recently about a gas station that was being sold by a distressed seller. The buyer was actually one of the attendants who gathered some family members together and now they run the business. That one deal was a life changer for them. I know these are rare, but I wish I could fine a deal like this!
I took some time off my j-o-b to figure out how to make passive income but so far, haven’t had much luck. well, doesn’t have to be passive, I’ll work my rear off but it’s tough committing to anything right now if I don’t see big growth potential in it
Washington DC Metro area is on fire. The Government created over 55,000 new jobs last year. People are moving in to work and with home prices down the market is very competitive. We are back to multiple offers and deals above listing price here. Great time to be flipping and holding!
Texas is quite good these days, as well as Michigan. Both has good real estate markets theses previous months and it’s quite getting better now.
My area is neutral. One day there is an article from Inman calling Gainesville FL the third best place to invest. The next day there is an article on AOL real estate calling it the worst. Go figure.