Would This Work?
I don't know if I can do this and maybe I am thinking too hard, but it seems the best REI oppertunites are in areas with slow real estate markets. They would have "desprite" sellers and a good REI person could afford to sell below market if needed and still make a profit.
I would like to do a little research. Does anyone have any statistics or ideas where the slowest markets are? The market is still good in my area.
Thanks
Bob
Dont' buy in a slow market unless your prepared to hold on to the property for a long time. It might be a strategy to use if you're young, and if it's only a part of your overall investment strategy. Property in the 'slowest' markets may remain slow for years. I inherited a property, and it had been in the family for over 50 years. Once the area started to grow (Gilbert AZ) the county came in and condemned it for 'flood control'. Sure, the county paid for it (not enough, had to go to court to get it up from $.75 to $1.57 a square foot), but the land is now worth over $4.00 a square foot.
I have another piece I've had for twenty years, and have no intention of selling. It's tripled in value.
If you're not in any hurry to make $$, long term is a great stategy, but it is certainly not the only one I use.
BOB --
I see from you previous posts that you have rehab interest.
Have you considered buying a mobile home park in Oregon and rehab a park that needs a little fixing up?!
There are about 15 parks for sale in Oregon. Some as low as $335,000 for 62 spaces, $389,000 for 14 spaces, $391,000 for 23 spaces. Siskiyou County, CA $289,000 for 20 spaces
Great thing with parks is people always need a place to live ... in a good, slow, bad real estate market. Every month the tenants pay you rent on the spaces.
Cheryl Lopez[ Edited by JohnLocke on Date 07/04/2004 ]