Where to Buy

[Mozi]

Hi,
I am an investor from Australia looking to invest somewhere?? in your country.
I`m after any suggestions and opinions on the areas to invest, taking into consideration that I am looking in the lower economic scale at price ranges up to 100K.

I am specifically after cashflow at the moment in order to build up a FICO score over time, so any suggestions with good returns will be appreciated.

Thanks
 

[jd77v17]

Lucky you, are you looking to be a private investor, if so the forclosure and/or Rehab buisness is the fastest for quick return usually somewhere between 4-12 months depending on the dontract I know in Virginia/Maryland are you can make anywhere from 50-100k on a single deal return. I know some houses that you can just buy and sit on for 1 year and make 100k on. I am just getting tinto the buisness of Rehab only becuase I have seen how successful Friends of mine have become.

[Mozi]

Yeah,  I am a private investor and thanks.>     I know in Virginia/Maryland are you can make anywhere from 50-100k on a single deal return.
This sounds too good too be true.

Having done quite a bit of rehabbing in Australia, this area looks quite inviting.

I have read up on a guy who puts 7 to 14K down on a foreclosure in poor condition, then spend around 20K to bring it back to life.
Then redraws his original cash back from the property, rents it out then starts again.

I am still looking into which structure to purchase in ie; LLC/ S-Corporation and how to fund the purchases.

Have also been looking around NY MI  and OH. Looks like some OK areas in these states with good returns, taking into account there`s good and bad everywhere.

Thanks jd77v17 I will take a gander at Maryland to see what sort of bang I can get for my buck.

[Dan732]

Mozi

The best advice I can ever give someone is to invest in their local area. Unless you are going to move to and live in Maryland, I would stay in the area you are familiar with. Also past results does not mean future returns. So be careful when someone is bragging they made a fortune in one are or another. Because if they have and the pickings are still good, why would they give that info for free?

[Mozi]

Dan 732
I have invested into my own area, I`m after returns that will boost my debt serviceability.
Here the returns are on average 5% ie; rental income p/a over purchase price.
I will be very diligent in my long distance purchases.
Thanks Dan

[Infowell]

Unfortunately your price range will create some significant limitations.

In the Pacific Northwest...you'd be hard pressed to buy a buildable lot in a desireable neighborhood for $100k.

And areas (that I'm aware of) in that price range aren't seeing significant appreciation. In fact some regions around the country (in that range) have actually experienced some depreciation.

Best of luck,

-Infowell

[jd77v17]

My contacts are my brother so he got nothing out of it but telling me he has made alot of money and showing me with his new Benz and the nice house he plans to buy when he retires in 2 years at 36... So believe me there is money to be made in Eastern USA.

[Infowell]

"So believe me there is money to be made in Eastern USA."

What area?

And under $100k ?

If we don't put a price limit of $100k on the initial purchase. The Greater Puget Sound (N. Pierce & Snohomish especially due to King County Building Moritoriums) is the next hot ticket.

Better move fast...it's already starting to make the news.

-Infowell

[Dan732]

My contacts are my brother so he got nothing out of it but telling me he has made alot of money and showing me with his new Benz and the nice house he plans to buy when he retires in 2 years at 36... So believe me there is money to be made in Eastern USA.

So he got lucky, and now you think you can duplicate the same luck. Good luck with that! Why wasn't he letting you have some of action a few years ago when he was making his good deals?

[Mozi]

What about Knoxville TN?
I have come across a 6 unit block with average rent of $400p/m.
$125K all up, figures work for me but what about the area?  Demographics look OK for a not so big town.

Would you buy there? ???

When I said my limit was $100K, I had in mind that I would do several properties of similar standing.

This isn`t to say I can`t put a few of my eggs in the 1 basket and do a small apt. block to $500K.

Regards

Mozi

[Infowell]

This isn`t to say I can`t put a few of my eggs in the 1 basket and do a small apt. block to $500K.

That's A Horse Of A Different Color!!!

"What about Knoxville TN?"

I have data for 29 states...unfortunately, Tennessee isn't one of em. So I wouldn't buy there simply because, I don't know the market (I need lots of data to chew on).

Here's my choices for emerging markets, and I must admit to being slightly prejudice...preferring markets I'm familiar with, or have researched in decending order:

Seattle, WA
Phoenix, AZ
Sacramento, CA
Las Vegas, NV (proceed with caution)
West Palm Beach, FL
Orlando, FL
Tampa, FL
Portland, OR/Vancouver, WA
Medford/Ashland, OR
Denver, CO
Atlanta, GA
Boston, MA
Philadelphia, PA
Washington DC / Baltimore, MD
Dallas, TX
Houston, TX

Also, I feel there's still some very good opportunity in San Bernardino County, CA (not too late)

Vacations properties (2nd homes) have been a hot ticket item the last few years as well. Some "discovered" areas still offer further potential growth...while other regions are just beginning to emerge.

More on that later,

-Infowell

[jd77v17]

Dan,

   He only started 1 year ago and he is, I know I can duplicate his success becuase he is helping me and is a great mentor, he is helping me every step of the way. If you don't believe in the success of investing why are you even posting or REI?

   This site is about success and people helping each other not putting each other down because they are jealous. You might want to find a new career smiley.

   Everyone else sounds like you all are doing great homework and like i said anyone looking into the MD-VA area let me know we can help each other.

davisfamilyo5@aol.com

[Dan732]

I have something called a "BS" detector, it helps me determine what is "BS" (fiction) and what is real. When someone comes onto a message board and claims they can make 100K a flip in a certain area, I call BS. Because why would anyone share that info? The only reason I could come up with is that you or someone you know has property in that area that they need to sell. So the more "buzz" the better. Good for you, you are now a pumper and dumper!

[Infowell]

"If you don't believe in the success of investing why are you even posting or REI?"

Read his last 10 posts...he's got nothing to contribute, but snide remarks.

These kind of personal attacks & caustic comments take about as much courage as flipping people off on the Freeway.

And profits of $100k a transaction are possible if one knows what they're doing. Closed minds & open mouths wouldn't understand that.

-Infowell

[Dan732]

Yea Infowell
I have nothing to contribute. I didn't say a 100K a transaction is not possible, but I wouldn't brag about it. Why cause why would I? Who cares how much I make? It's a message board! So I am leary of people who brag about their home town and saying how much they "made".

It's only a personal attack, if you don't like what others are saying. I always like how that works.