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I just watched about an hour long spiel by an overseas investment outfit. They claim it is the best time to buy here since the Depression, possibly ever.
They gave the 10 mistakes they see people making. I took notes and will share:
1. Trusting the wrong people to find you properties.
2. Buying houses that simply "look good."
3. Looking at too many cities.
4. Not taking a medium to long term view.
5. Not purchasing property with the end in mind.
6. Not taking enough time to find a good property manager.
My only comment is that I hope it scares off some people. I live in an area with a lot of foreclosures, and if a local person buys the property, it's great! They fix it up, landscape it, and love it.
But when an out-of-town investor buys a house, as an investment only, and doesn't live here or care about our community? The downward slide begins...
Apparently they are not used to getting bad service from property managers. Also, the structures part becomes more relevant....LLC etc.. I don't know of too many here that scan the whole country for deals, definitely a few, though.
not as much as it being vacant. The cash buyer has zero chance of getting foreclosed.
Around here no houses are sitting empty for very long! And given a choice, I'd much rather see a local homeowner as my new neighbor - who cares if they have a mortgage or not?
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