Best cities to buy rental holding property for biggest and earliest capitol gain? (real estate)
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I'm trying to find the crystal ball that will help me find revenue investment properties (single family, multi family, commercial) in the areas that have fallen the furthest below their intrinsic values, yet offer the strongest rental market (occupancy and pricing) and, naturally, I also want earliest possible market recovery for best capital gain. Where is this land I dream of?
From what I've read so far, Florida and California seem interesting, Nevada (Las Vegas) isn't expected to begin recovering for 5 or 6 more years, Michigan - well I don't know if some parts of the rust belt will ever recover. My problem is not knowing the smaller areas, like, if Florida is it, then where in Florida - Winter Haven, Fort Myers or...? What is the best type of property to buy?
I look forward to reading your response and maybe you have a suggestion where I can look to study this further. I hope this generates many responses, it will be interesting to watch a pattern form.
My input would be to focus on condominiums, which are in demand from a rental perspective, especially for vacation purposes. Check out VRBO if you're not familiar. The overwhelming top choice would be as close to Disney World/Universal Studios as possible. These type of rentals are very popular with Europeans (British and Germans especially) and in-demand if furnished nicely, and also if within an attractive community with decent amenities (a pool is a must).
From the information I have gathered it seems Southern California Real Estate is expected to recover first and all of Florida but particularly the gulf coast and Phoenix area are expected to recover last. I guess like most places, where I live in Philadelphia there are some ridiculous bargins out there just waiting to be snatched up and I believe the bottom has been reached but how soon to the recovery is an unknown. (sales in October '10 were off 37% from a year ago but the crash hit here much later then most places) Also that's assuming some new "bad news" doesn't materialize.
hi,
i am also looking for an investment rental, i am gathering information and going down to florida soon. the best solid returns i see are cheaper single family homes that rent at 900-1000$. e mail me if you would like to share information, this task is daunting at times (first home i buy!).
itai
[email]goldman.itai@gmail.com[/email]
After recently attending a weekend conference on real estate investing in Baltimore, I went to Memphis (near where I grew up) to check out a company they talked about at the conference - MemphisInvest.com. I'm a real estate agent in the Metro DC area and I am very wary of anything with .com in the name. So I did my due diligence in checking these guys out, went down to their offices, saw the homes they are buying, rehabbing, selling and managing for the owners, met everyone in the operation and I am now comfortable enough to start investing.
Memphis has a 53% renters market, which is just UNHEARD of!! My husband and I are about to start buying rental properties with them that are cash flowing about $300 a month as soon as we buy them.
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