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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.
I bought and sold in LV in 2009 (it's a bloodbath for most), and have since acquired two in Phoenix. Florida and Nevada are more/too reliant on tourism. A cute old cottage in a quality Miami neighborhood could be a goldmine, but taxes and insurance are big negatives down there.
There are quite a few places in Gwinnett County here in Georgia that have 'affordable' housing - i.e. foreclosures, short sales, etc...
You might want to contact a real estate agent in various areas and have them pull current market sales prices as well as rental rates for those same areas.
Of course, no one can predict the future as to what properties will be worth 5, 10 years from now. Just be prepared to have some winners as well as some losers!
Look into investing into REIT indexes. You get diversification and you're exposed to the RE market without worrying about late rent, lawsuits, repairs, property management companies and so on.
Not to be mean, but if you have to ask a bunch of strangers on the internet for advice, do you really think you have the sort of in-depth knowledge it takes to beat the professionals at their own game?
KCfromNC, rereading my question, I think if I spent more time typing it I could have worded it better. It does sound a little sloppy to me. I had to start somewhere and one of the places I chose to start was here.
My current goal is not to beat anyone at their own game, but join them in the most profitable locations and products offering the earliest potential significant capital gain. I know the crystal ball I seek doesn't exist, but the more questions I ask, the closer to the bulleye I should be able to get. Are there any investors lurking in the background that would be willing to share their knowledge on this subject? I am beginning my collection of that in-depth knowledge you refer to and am picking any informed brain I can find and will use the info that makes sense to me. I don't know where to look online for the details I seek. Articles I have read only speak generally of states or large urban centers, but I have not found anyone, in the know, talking unbiased details (without having something to sell me). Speculative investors can help increase property values in many of the devastated areas. This helps those under water and other investors looking for capital gain sooner than later.
I have considered REITs and your points are good ones for going that route, but I think I would prefer to be more hands-on and retain a bigger slice of my pie.
I live on the west coast of Canada and my day job for the past twenty years has been property management, maintenance and real estate investment, so I am quite capable in that field, here, where I live; however, I am not intimately familiar with each small pocket of any of the several regions I am currently considering. The suitable product in each location may vary as well - it could be condos in Miami or 3/2 houses in Atlanta, LV, LA, San Diego, Pheonix or ...
Where is the best opportunity for wholesale bulk buying and from whom?
I'm sort of doing the same than you. Spending hours studying the Florida market. I have bought a condo in Punta Gorda and have not had a days regret, knowing the market will not recover soon, and that PG may take longer than some cities.
I'll be visiting Fl again in June hoping to buy anywhere I can find a good deal for under 130k (condo)
In a big city places close to public transportation seem to keep their value very well.
True, but then again I viewed nice condos (interior) in Orlando, but noticed very sketchy individuals in the complex which was confusing.
Not living in or knowing Orlando, I guess that is where a honest agent comes in. Greg Traub is someone I met years ago and always gives me great advice.
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