I am looking to find any properties with 30% equity to buy and I keep hearing people finding the best deals in the south. Does anyone know which states tend to be the best?
Any help would be great.
Thanks
Phil
Where are you located? What’s wrong with your market? What do you plan to do with these properties once you find them?
I am in Las Vegas, NV. Nothing wrong with my state other than the oversaturation of investors and very unstable market (not such a bad thing). Just know many investors that are getting homes 40-60% of market and they are not buy bank notes. It could be local laws that help or just reAlly effective cold call work Either way I am curious.
I buy the properties. Hold or wrap ar lease or rent or…many diffrent things, but the key for me is 30% I buy any good home with 30% equity.
I find this in Indiana all day long. It’s really possible in any state if you know how and where to look. However 30% equity is only a small part of the equation. What are you going to do with that 30% equity? What about the property - what are you going to do with it?
Tim
Maybe you can target homeowners who are older because they have probably lived in the house for awhile.
There is a company in the south that provides a service that tracks and locates investment property for investors.Save your gas and let them do the searching.
How about investing in Europe?
winsblow,
Get on a plane in Las Vegas and fly to the east coast. Start looking out the window 5 minutes after takeoff and stop looking out the window 15 minutes before you land. You can find properties at 30% below market value everywhere you were looking on the trip. “FLYOVER COUNTRY” - that’s where you can find the deals!
Mike
It is a bummer that Arizona isn’t located in FLYOVER COUNTRY. Here, you’re lucky if you find 20% equity.
I am not in your town but you need to find trash houses. That is where the equity is. Nowhere in the USA are pople paying retail price for fixeruppers. In general people who buy retail don’t want to do a project they want to find a house and move their family in the next month or so. So a house that needs work will be sold at a discount. If you buy it and actually make it absolutely perfect. You take the value from the price you paid to the true retail price. I can’t believe you can’t find at least 30% equity in one of those houses anywhere.
In Phoenix, you might be able to find a $250k house for $175k if you searched long enough. However, you would probably need to put $20k into it in order to rent it. Your 30% equity just went down to 20% when you consider holding costs.
Also, most $250k houses have an HOA so run down houses are few and far between. If you go any lower, say a $200k for $140k, you’re in poorer neighborhoods where you won’t get more than about 8-900 / month rent.
WOW. In Houston you get $900/month to $1000/month for houses that retail for $80k to $90k.
It is a bummer that Arizona isn't located in FLYOVER COUNTRY. Here, you're lucky if you find 20% equity.
MarkY,
What have you been doing to find properties at a BIG discount?
Mike
Remember floks there are companies out there that specialize in finding these properties for you. :smile