Depends on your strategy and personal preference. If you're flipping, hot markets can be easy to sell in, but tougher to find deals.
Soft markets make motivated sellers even more motivated, but you may hold it for longer.
I prefer soft markets, but that's just me.
Generally speaking right now, coasts are hot, and inland markets are not. Vegas is the glaring exeption to that (and perhaps phoenix). Not a rule, just an observation.
I made that choice many years ago and if I had it all to do over I would do it again.
That city is Los Angeles California. Which contains within its limits almost any type of Real Estate Activity you can imagine.
It has its ups and downs but the factor of property value movement is nicely spaced behind the economy so that those of use who are challenged by sudden changes have plenty of warning.
When buyers of single family homes began to utilize one half of their annual income for house payments the upward movement of houses was jumping almost on a monthly basis. The larger homes in the $3,000,000 to 12,000,000 began to slow, but the lower levels now around $220,000 to $550,000 just kept on climbing.
Yes I certainly think that this is just a cornucopia of real estate opportunities.
I personally think Newport, RI is excellent, but tough to find a good deal.
If you can afford to hold onto a property for long, the value goes up quick.
I.E. I bought a house for about 30K under comps at $245K. Few minor repairs, and it comps at about $330K less than six months later.
Only thing is I wish I would've gone for a two-family instead of a single-family.
I know a lot better what to look for when I start looking in NH & ME soon.
I recommend you guys, Orlando. This City is growing really fast. And the opportunity to flip properties is just incredible. I did have a project were u put 75,000.00 down, getting back 50,000.00 for a total a 125,000.00. I guess whats good. I still have some others like that!
[addsig]
I like Austin again. State Capital, UT etc Computers and chips will be hot again and so will Austin. Lots of deals again and I am trying to buy as much as I can
Dallas/FW represents some of the best opportunities in the country.
The market is huge but stable, prices are not super-heated like the coastal areas which are also experiencing some depreciation.
For a million dollars, I can buy 12 to 17 starter homes. One the left and right coast, maybe 2 or 3. O also believe that the wholesale market is a bit more solid than At lanta which is also a hot market.
The City where you live is the best. You already know it, its market and nuances.
People tend to look for the greener grass on the other side of the fence, and make excuses why something won't work where they live.
People are making money everywhere.
Jeff
Ithink that once you get into your local market, there is no better place to begin. I am sure that everyone here has preference, but it is up to the person and the type of investing they want to do. What works for one person may not work for you. That is the beauty of this field. Good luck no matter where you are and find your own niche and make where you are the best place to invest.
It's funny how out all the cities mentioned, only one person has mentioned a city that is not close to them or that is not in the same state as them.
What about Sydney, Australia; Hong Kong; Niagara; Toronto; Quebec; Paris, and all the other cities not near to you and out of the country.
Real Estate is nothing more than shelter for the masses and everyone needs shelter. No matter where you go, you can do a deal...as long as people live there. The more the merrier.
I just wouldn't invest on the moon, that market doesn't look too promising.
Its a matter of opinion! I'm in FL, so I invest here...I'm not going to move my family across country just because there's a hot market out on the west coast
I think some markets may be better than others, but you can make almost any market work for you. I've lived in Massachusetts, Illinois, California, and currently live in Florida, and although there were some better opportunities in other states I am most comfortable living in Florida so that's where I do business. I think your strategy is more important than where you live, if you have a solid strategy you can make it work well almost anywhere.
If you are looking to do Preforeclosures/Floreclosures there seems to be some room either way. For instance, you could go to the state with the most foreclosures being filed. The problem is that state has a soft market. You could go to a state that has barely any foreclosures, but the competition will be feirce and the home owners will probably be more savvy. Those homes will probably appreciate more, but it will be harder to find vacants etc...
So, I think there is no perfect place, except a place that lets you get involved with a population big enough to support your business and that allows you to create a niche that is just different enough from everyone else that you are doing deals and killing any competition. That is what really matters.
I agree with Nebulous, the moon may not be the best idea yet. But in 40 or 50 years we may have condos for sale in the space station. (If it gets big enough.)
Here on Earth, where is there not a good place to invest? We have over 5 billion humans running around??? All of us need shelter. Folks like us are here to provide it, no matter where. I may not invest in France, or China, but I hear there are some other countries that could use a little "remodeling" right now.
I can't wait to have enough properties in other places that I "must" travel to their locations. Gee, do I want to ski, or relax on the beach? Of course, these are timed for the quarterly meetings, and therefore an expense to the company. Not directly out of my pocket.
But that is yet down the road, so hi-ho, hi-ho, its off to work I go.
The one you currently live in
-- unless you live in a city that has like 19 people.
Goes back to the phrase:
"...this doesn't work where I live..."
---AND ALSO---
The diamonds are in your back yard.
_________________
With the proper motivation, the right amount of drive, and a pack of Mentos (R), you can accomplish anything.[ Edited by Ichabod on Date 12/13/2003 ]
I think from all of the responses to your question you should have gotten your answer.
I personelly live in an area in Pa. that is cheap compared to L.A. but I can buy houses for 20000 fix and sell for 40 to 50000 not to bad of a return even for N.Y. or L.A.
Depends on your strategy and personal preference. If you're flipping, hot markets can be easy to sell in, but tougher to find deals.
Soft markets make motivated sellers even more motivated, but you may hold it for longer.
I prefer soft markets, but that's just me.
Generally speaking right now, coasts are hot, and inland markets are not. Vegas is the glaring exeption to that (and perhaps phoenix). Not a rule, just an observation.
I made that choice many years ago and if I had it all to do over I would do it again.
That city is Los Angeles California. Which contains within its limits almost any type of Real Estate Activity you can imagine.
It has its ups and downs but the factor of property value movement is nicely spaced behind the economy so that those of use who are challenged by sudden changes have plenty of warning.
When buyers of single family homes began to utilize one half of their annual income for house payments the upward movement of houses was jumping almost on a monthly basis. The larger homes in the $3,000,000 to 12,000,000 began to slow, but the lower levels now around $220,000 to $550,000 just kept on climbing.
Yes I certainly think that this is just a cornucopia of real estate opportunities.
enjoy Lucius
I personally think Newport, RI is excellent, but tough to find a good deal.
If you can afford to hold onto a property for long, the value goes up quick.
I.E. I bought a house for about 30K under comps at $245K. Few minor repairs, and it comps at about $330K less than six months later.
Only thing is I wish I would've gone for a two-family instead of a single-family.
I know a lot better what to look for when I start looking in NH & ME soon.
Personally, I look for revitalization (gentrified) zones that are on their way up. One such market with loads of potential is Detroit, MI. Good luck!
I recommend you guys, Orlando. This City is growing really fast. And the opportunity to flip properties is just incredible. I did have a project were u put 75,000.00 down, getting back 50,000.00 for a total a 125,000.00. I guess whats good. I still have some others like that!
[addsig]
I like Austin again. State Capital, UT etc Computers and chips will be hot again and so will Austin. Lots of deals again and I am trying to buy as much as I can
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Hong Kong
Hendersen, Nevada is the fastest growing city in the US. I bet you could work some great deals there.
Commuter Guy,
Dallas/FW represents some of the best opportunities in the country.
The market is huge but stable, prices are not super-heated like the coastal areas which are also experiencing some depreciation.
For a million dollars, I can buy 12 to 17 starter homes. One the left and right coast, maybe 2 or 3. O also believe that the wholesale market is a bit more solid than At lanta which is also a hot market.
C-
The City where you live is the best. You already know it, its market and nuances.
People tend to look for the greener grass on the other side of the fence, and make excuses why something won't work where they live.
People are making money everywhere.
Jeff
Ithink that once you get into your local market, there is no better place to begin. I am sure that everyone here has preference, but it is up to the person and the type of investing they want to do. What works for one person may not work for you. That is the beauty of this field. Good luck no matter where you are and find your own niche and make where you are the best place to invest.
It's funny how out all the cities mentioned, only one person has mentioned a city that is not close to them or that is not in the same state as them.
What about Sydney, Australia; Hong Kong; Niagara; Toronto; Quebec; Paris, and all the other cities not near to you and out of the country.
Real Estate is nothing more than shelter for the masses and everyone needs shelter. No matter where you go, you can do a deal...as long as people live there. The more the merrier.
I just wouldn't invest on the moon, that market doesn't look too promising.
Its a matter of opinion! I'm in FL, so I invest here...I'm not going to move my family across country just because there's a hot market out on the west coast
I think some markets may be better than others, but you can make almost any market work for you. I've lived in Massachusetts, Illinois, California, and currently live in Florida, and although there were some better opportunities in other states I am most comfortable living in Florida so that's where I do business. I think your strategy is more important than where you live, if you have a solid strategy you can make it work well almost anywhere.
If you are looking to do Preforeclosures/Floreclosures there seems to be some room either way. For instance, you could go to the state with the most foreclosures being filed. The problem is that state has a soft market. You could go to a state that has barely any foreclosures, but the competition will be feirce and the home owners will probably be more savvy. Those homes will probably appreciate more, but it will be harder to find vacants etc...
So, I think there is no perfect place, except a place that lets you get involved with a population big enough to support your business and that allows you to create a niche that is just different enough from everyone else that you are doing deals and killing any competition. That is what really matters.
I agree with Nebulous, the moon may not be the best idea yet. But in 40 or 50 years we may have condos for sale in the space station. (If it gets big enough.)
Here on Earth, where is there not a good place to invest? We have over 5 billion humans running around??? All of us need shelter. Folks like us are here to provide it, no matter where. I may not invest in France, or China, but I hear there are some other countries that could use a little "remodeling" right now.
I can't wait to have enough properties in other places that I "must" travel to their locations. Gee, do I want to ski, or relax on the beach? Of course, these are timed for the quarterly meetings, and therefore an expense to the company. Not directly out of my pocket.
But that is yet down the road, so hi-ho, hi-ho, its off to work I go.
Best,
Ryno
Your own.
The one you currently live in
-- unless you live in a city that has like 19 people.
Goes back to the phrase:
"...this doesn't work where I live..."
---AND ALSO---
The diamonds are in your back yard.
_________________
With the proper motivation, the right amount of drive, and a pack of Mentos (R), you can accomplish anything.[ Edited by Ichabod on Date 12/13/2003 ]
I think from all of the responses to your question you should have gotten your answer.
I personelly live in an area in Pa. that is cheap compared to L.A. but I can buy houses for 20000 fix and sell for 40 to 50000 not to bad of a return even for N.Y. or L.A.
ED