Best areas for realestate

[kingcutlass]

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?

[Hoosier4life2005]

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!!!

[fdjake]

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!!!!  

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

2006....Fighting to BUY at $239K

2011....RUNNING away at $62K...............ABSOLUTELY UNBELIEVABLE

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.

[kingcutlass]

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

[allagash]

i tied it up with 100 bucks and earned 5k

great job buddy....great job.

Carlos Slim:

"I always reinvested."

-Mike

[John_in_NC]

Hey king,

If you are birddoggin raleigh give me a pm. I am a buyer here.

John

[kingcutlass]

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? 

[furnishedowner]

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

[kingcutlass]

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.

[justin0419]

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.

[Carla Hailey]

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.

[ClevelandSlim]

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~

[Delondon]

Upstate NY market is super hot.

[rookieNYC]

2006....Fighting to BUY at $239K

2011....RUNNING away at $62K...............ABSOLUTELY UNBELIEVABLE

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...

[inve$t_]

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...

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