Looking For The Next Hot Market
i have been investing for several years now, and am looking to sell a few properties in Vegas and Arizona and move my money to the next HOT area.
Any thoughts / ideas?[ Edited by ingasrealestate on Date 05/21/2005 ]
FL, NC. I heard positive things about Miami.
I lived and bought in the portland, oregon market which i feel in out of line as far as prices go. so i am now investing in the tampa market and charlotte market. Charlotte is a great long term hold market if you are looking to move money. Contact me if you need some help out this way.
How are you able to change markets like that nationally? Do you move? or how do you get leads when you are that far away?
Oceanfront preconstruction condos in Myrtle Beach is an extremely hot market right now. New Resorts is a good company to deal with.
Gulf of mexico!!
Gulfshores,Fortmorgan,Orange Beach, Dauphin Island, Florida Panhandle these areas are ready to explode
I would have to agree with Palmguy, anything waterfront is a good buy both in the short and long. Miami, i would have to do some serious diligence in that area, they are nearing a tear down and build market. Conversions will be coming to that area soon and then will be a great time. Clearwater and Tampa are great growth markets and vacations areas for rental. I also agree (i sure am being agreeable today), with Charlotte County, since the hurricane they will be in build frenzy and have a ton of hard working folks looking to get their lives back, they will be looking to buy or rent.
I am sticking this article here just to give another area of profitability as i have seen several posts on bubbles and all this doom and gloom...there will always be good markets in RE, you have to position yourself to take advantage, and just to show i am not biased to FL: http://www.msnbc.msn.com/id/7739547/
Best to everyone...
I am new to this forum I have about $5000 to invest my fico is 600 and rising any helpful hints would be appreciated.
I live-work and sell in the West Coast of FL. and unless want to spend a million on a condo, this area is over-run by investors. We are looking at lakefront homes in Texas. You can buy them for under $200,000 and they carry themselves w/25% dn.[ Edited by blessedtobeablessing on Date 05/25/2005 ]
Sorry I am shy of the 25% down but interested in any advise that may get me there. Any specific areas of Texas?
Anywhere in the sunbelt or near water in the southeast. The great baby boomer migration is just getting started and areas like Atlanta, coastal Georgia, all of coastal florida, North Carolina mountains/coast, South Carolina coast, gulf of Alabama are seeing the growth.
looks as if I have some homework to do in finding a place to make my first investment. thanks for the insight my ears are open for all constructive advice and criticism to get me in the game.
Hey Johnnyloans,
Hope your having a great day, as far as the Texas market goes, try Galveston, I just bought my lake front home there for $90k under market value with 100% financing, homes are appreciating pretty well and you can get allot of Gulf Coast property down there for a good price. I believe this is city will be hit with the baby boomers real soon. Im looking into other multi units as we speak down there and getting them 100% financed too. Hope this helps you out.
Hey Proactive,
Can you help me out with more information on the multi-unit arena in Texas. 100% financing? Share your lender?..Are the big complexes (over 200 units) doing well in texas? How are vacancies ? - Jobs? I appreciate your help.
Ray
Hi Ray,
To answer a few of your questions: Houston being the 4th biggest city in the US is a great market to invest in. The apprciation is slow but the rents you get on a monthly basis are pretty good, all depends on what your strategy is. Vacancy, I always factor in 7%, but normally is around 5% or less with a good Property Management Co. The costs for 200+ units are reasonable and you can definately make a good cash flow if you bargain for a good price, can convert to condos if you want a way out, able to raise rents, etc. The coast is always a good area to buy investment properties and you can find quite a few that have modest pricing right now which im sure will go up a good amount within the next few yrs. Hopefully this helps out a little bit. Have a great Memorial Day Weekend.
Hi Proactive1,
Can you share with us who you have found as a Commerical Broker who will finance properties under $1mil for 100% financing? I am working on a 14 unit complex and would like to get 100% or close to it on financing.
Thanks!
25% down seems a bit steep just to get a cash flow (maybe i misread). I just bought 6 units in Clearwater, did 100% financing (money is to cheap right now not to borrow it), upon closing i receive a optional 24 month leaseback (equal to 15% of the sales price), so on a 500K unit (there are always closing costs, so anyone saying no out of pocket is not being totally upfront), the lender i use allows 3% to be rolled in and then i roll in club memberships (currently as an inside investor i get in a equitable membership for 50% less). I walk into a 500K investment with minimal out of pocket expense (about 7K in overage closing cost) and then receive 75K upfront rent from the develper, this is guaranteed income to make payments (mortgage, taxes, HOA, Club Fee, Insurance, Utilities). During this 24 month he is converting units, building ammenties, and developing a strong rental histroy for me to develop my exit strategy..sale it or put it into a rental at the end of the leaseback. If it continues to create a cash flow from there (historically i have), then this become a no brainer. I typically by mixed, keeping a portion long term to rent out unitl all ammenities are built and the others i sale somewhere within the 24 months leaseback (the leaseback woudl just prorate to the next buyer, not a bad selling point for re-sale)...these projects are out there, so do not settle on putting all your money on the table to hope to get a cash flow or a positve apprecaitive return...Best to everyone.
thnks for all the great info
I have been researching a few markets such as New Mexico, Atlata, N. Carolina and Utah.
any experience in any of these areas or any thoughts.
I have been sticking mostly to single family homes, but im strongly considering appt buildings. Any good realtors or builders in those areas that anyone could recommend?
thanks again
Inga
Since you have some experience in Las Vegas, look at the condo conversion market, the ones away from the strip toward Summerlin. The pre constrution prices are up 20% so far in 2005...and the rentals are excellant because so many apartments are being converted, and no new ones are being built.
I believe 4 individual condos will bring a greater return in 5 years that a 4 plex, and they are easier to sell one at a time
[addsig]
thanks
do you know od some specific complexes?
please let me know[ Edited by ingasrealestate on Date 05/30/2005 ]
do you guys know of any websites like sperlings best places that is more investor geared and up to date about cities marketing conditions. a website with at least
avg rent
avg house cost
vacancy
average salary
joba and population growth?
thanks
I had 2 condos in Las Vegas, sold one, the other is on the market. I have found that it is difficult to find renters in Vegas since there is so much available. The high end places do not have a problem but the mid level places do.
I have also invested in Phoenix and did very well there.
Does anyone have any information about Austin/San Marcos area ?
Austin has begun its slow recovery from http://www.the.com bust . Many properties are already priced with the anticipated turnaround priced in. That makes it very difficult to find deals that will cash flow & mak sense. Apartment vacancy rate is around 10% but improving slowly. The outlying areas around Austin for SFH i.e. Round Rock, Georgetown, Pflugerville, etc have a lot of inventory that will take a while to absorb. Also, the additional new houses being built will add to the recovery time . Austin is one of my favorite markets but you have to be extremely selective.
sanjosee,
What do you think about Manor? Thx.
The new highway going thru Manor should be great for the area. A lot of the prices there are already anticipating the growth. In my opinion you still need to try to buy smart & not speculate in that area because the process will take sometime to move that area forward.
Quote:
On 2005-05-27 21:57, Commercialinvestor wrote:
Hi Proactive1,
Can you share with us who you have found as a Commerical Broker who will finance properties under $1mil for 100% financing? I am working on a 14 unit complex and would like to get 100% or close to it on financing.
Thanks!
I noticed no one answered this question, which was who offered the 100% financing (excluding closing cost, of course). I am in Clearwater, and have yet to find this availability. Properties ARE selling for well over what seems justifible and sustainable; definately a "buyer beware" situation.
I have use 5/3 and also TransAtlantic, i would go with the later...
For those of you interested in Texas market conditions, Texas A&M University has a real estate center that produces tons of invaluable information. A Google search for recenter texas A&M should get you the correct URL. Hope that helps!
Reed Wilkins
Is there an on-line resource to easily track appreciation by city/geographic area?
Anything you guys can recomend in state of NJ?
great advice, thanks
after much research, I have to agree with Florida. seems that they are still projecting 33% growth over the course of the next year. I am going to Boca Ratton next week to see a few condo conversions.
Ill keep everyone posted
another market that i am seeing is hot is Modesto.
just put an offer on a single family there. looks like a 20 5 increase in price is expected for the next several years.
I also found a pretty good realtor there, if anyone is looking that way
LasVegasNewHome, I would be interested in learning more about the LV conversions as rentals.
Thanx, Don
Quote:
On 2005-05-30 09:57, LasVegasNewHome wrote:
Since you have some experience in Las Vegas, look at the condo conversion market, the ones away from the strip toward Summerlin. The pre constrution prices are up 20% so far in 2005...and the rentals are excellant because so many apartments are being converted, and no new ones are being built.
I believe 4 individual condos will bring a greater return in 5 years that a 4 plex, and they are easier to sell one at a time
I want to start-off somewhere near to home in Central Virginia. Any thoughts as to the next hot market in mid-atlantic or southeast?
For the person who asked about NJ I just bought a condo pre construction in Edison I think that is a good buy. I like Ocean County Lacey and Barnaget areas. Most of my investments have been in SE Florida however I am doing alot in SW Florida now. I just have to say there are BIG tax saving by buying in FL. No state tax when you sell.
Hi dirkguyt:
Is the "SCRUB JAY" creating any investing problems in the Sarasota / Southwest Florida area? I heard contractors need to have a certain ratio of properties
befor they can build. Please tell me what you know about this.
Thanks,
tandc.
well
thanks for all the suggestions
seems like almost everything is booming
i will share that i just bought a condo in Boca, closed last week, and it already went up 5k
preojected to double in 2 years
its not pre construction, which is what i wanted, but has a tennant, so im happy
The NW Florida Market is very hot right now. Cape san Blas, Mexico Beach. this area looks to have about a 40% return.
Try Barstow California.
I am a lender and what he said is true 100% fiancing canbe done on any property up to 4 units non owner occ and with a very strong borrower stated income. If its 5 units and up less then 1 million 80 ltv -90 ltv but with a mcuh higher rate and if anyone ever wants to think big and does an apartment complex greater then 2 million 85-90 ltv with an interest rate of around 6 35 year amortization. Just some helpfull info.
norm
LasVegasNewHome -
Did you go to the one Victor put on in LV, or in San Jose? Have you reserved your unit?
Hello Sr.
90% LTV is the max available in commercial for loan amount up to 1MM for Tier 1 & Tier 2 property types. There is an option with the other 10% if the money is coming form a close family member ONLY.
Sincerely
tci_Met-West1
Quote:
On 2005-05-27 21:57, Commercialinvestor wrote:
Hi Proactive1,
Can you share with us who you have found as a Commerical Broker who will finance properties under $1mil for 100% financing? I am working on a 14 unit complex and would like to get 100% or close to it on financing.
Thanks!
8-) Oak Island, North Carolina is hot right now. Prices are still undervalued compared to Myrtle Beach and Wilmington beaches. Most people who purchased anything in March of this year have already made in excess of $50,000 on each property in appreciation.
[addsig]
Hi Proactive1,
I am a new home builder and rehabber in DFW. I was in Galveston last September and was very intrigued by the area Southeast of Broadway. Looks like some redevelopment potential. I may come down this Sept. or Oct. to check things out. I would appreciate any info you may have.
Quote:
On 2005-05-26 13:55, Proactive1 wrote:
Hey Johnnyloans,
Hope your having a great day, as far as the Texas market goes, try Galveston, I just bought my lake front home there for $90k under market value with 100% financing, homes are appreciating pretty well and you can get allot of Gulf Coast property down there for a good price. I believe this is city will be hit with the baby boomers real soon. Im looking into other multi units as we speak down there and getting them 100% financed too. Hope this helps you out.
sounds like i need to look at TX and NC...
texas huh?
I continue to see FL waterfront areas increasing in value especially those with existing marinas and boat slips. I recently visited Marathon where the developer i still invest with is doing another project, pre-construction and offers a leaseback if closing is necessary. This is one of the last assignable contract developers i have found that stands behind his projects.
So to summarize, cause i think i posted a reply here long agon on this topic...FL is a great area but do your due diligence there are some sicker buys out there, waterfront has string apprecation history and the supply and demand of marinas and boat slips are what will prevail in the end...
For those of you thinking about Galveston, TX Area. YOU ARE A LITTLE TOO late. 3 months ago, USA did an article on Galveston area and the market has been heating up since. Since April, Bolivar Peninsular area price has gone up over 50%.
On how to find developers who are not sold out, I can help you with that. A Lehigh acres developer still has lots open on which a home of choise will be built. To get in only 10% down on the lot is required.
Already these homes have 40-50,000 equity in them.
See my website for more details.
Flathead Valley in Montana is the next Jackson Hole, Wyoming. Properly financed, we could own 1/2 the Valley for what would, in a few years, amount to pennies on the dollar. Skiing, huge lakes, Glacier National Park at 20% of JH rates
Ingasrealestate,
I see you have recently taken a trip to the West Palm Beach/Boca Raton area.
I am heading down to that exact area in a little over a week. This is for vacation/business.
I have gotten in touch with a couple of area people who can help me out with information on making a deal/s, but the more information the better.
I see you bought in Boca. Do you mind me asking where exactly you bought? Why did you go there? Have you invested in this area before?
I too am looking for pre-construction/conversion, but if the deal is right...
I would appreciate it if you can get me some information on the helpful people that you dealt with on your recent trip.
Thanks,
Gusty
My email is through Yahoo!
I use the same username that I use here. Stav318is
If you want to email me, that would be fine. @yahoo.com
Quote:
On 2005-06-25 20:05, ingasrealestate wrote:
well
thanks for all the suggestions
seems like almost everything is booming
i will share that i just bought a condo in Boca, closed last week, and it already went up 5k
preojected to double in 2 years
its not pre construction, which is what i wanted, but has a tennant, so im happy
[ Edited by Stav318is on Date 08/10/2005 ]
well, what I thought was a sweet deal, (a pre-construction in the Sarasota are in North Port) turned out not to be.
I sent a deposit, got in on phase 2 for a "waterfront unit"
turned out the unit is on something that looks like a sewer line, and facing a power plant.
HGorrible. Lucky the depositi that I now have to fight over was only 3k
Lesson Learned. Dont buy in a new market with out a visit
On the flip side, still making major money in Bradenton and Phoenix [ Edited by ingasrealestate on Date 08/21/2005 ]
Can you please give more detail on Galveston since it seems there are a few people are interested? TX
Quote:
On 2005-08-04 17:03, TX77478 wrote:
For those of you thinking about Galveston, TX Area. YOU ARE A LITTLE TOO late. 3 months ago, USA did an article on Galveston area and the market has been heating up since. Since April, Bolivar Peninsular area price has gone up over 50%.
One thing you can do is watch Congress and see what bills are likely to pass. With the mandated increase in ethanol useage comes a greater need for ethanol production, which means new plants will need built. If you can get a lead on permits filed or where a specific company is planning on building one, you can expect a sizeable injection of money and jobs into that economy that will likely make for several great opportunities.
I purchased one of my properties in a town that will soon be building an additional nuclear power plant which will create approximately 400 full time jobs for 15-20 years. The property I own is right off the town square and in a highly visible. Land is VERY cheap in the town at the moment and I expect a sizeable surge shortly after construction begins.
the south florida and tampa mkts are projected to drop off dramatically in the next year. most investors interested in fl are looking to the jacksonville and panhandle areas
The low end condo market in Las Vegas is a money maker. Vegas unemployment is 3.5%, job growth is #1 in the US. Rents are up, apartment vacancy is down. There is no bubble on condos. Single family homes are different
[addsig]
Try these links:
http://www.builderszone.com
http://www.buildingtradesdir.com/contract/contractors_arizona/arizona.html (has a duplex builder listed)
You might have better luck searching the term "builder" instead of "constructor". Just a thought.
Hope this helps.
--Kim
[ Edited by kimander on Date 02/14/2006 ][ Edited by kimander on Date 02/14/2006 ]
We can hook you up through our national builder program which includes financing and the building materials for the air tight and weather proof shell of the structure.