The location of these units would be a concern to me. In my experience you usually get what you pay for.
Also be wary of setting any particular time frame for an investment....people who bought a decade ago are NOT better off than they are now... The economy, the world, and real estate all go up and down...
I would advise you to be cautious, and be flexible with your plans. Best of luck.
I have seen seasoned professional investors get their butts handed to them in Long Beach
A condo in that price range could to be in an area not a lot of people would want to live in. So your great cash flow deal can turn into a cash drain real fast. On the other hand there are areas that are primarily kids going to the college there. Those homes are rented out non-stop and have great cash flow.
Keep in mind though that Long Beach is a huge city there are some really good areas as well. It looks like you are from Texas I would find an agent that knows the area. I no longer sell real estate but I know a couple that do if you are interested.
Gail Mercedes Cole
Next, Long Beach is a special place...of many places, block by block. Consider this when looking at your options. Do not assume all condos in Long Beach can be considered just by price alone...this means walking (and talking) the neighbors and neighbourhood.
It depends upon how fast a Real Estate recovery we experience. It might be, it might not be (nothing is a sure thing). I would advise you consult with a financial planner or CPA to discuss different ways to invest your money, and make an informed decision based upon what you find out.
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Investing in real estate at any price point is better than not. Investing in an area that you are familiar with is also a plus. Having an exit strategy is definitely a plus...and so far, I can tell you do.
In summary, you have all three or at least a combination of them.
Investing. In multi family is usually better because your vacancy/liability responsibility is minimized OR As i like to call it, is well diversified!
Having stated this, IT IS ALWAYS A GOOD TIME TO INVEST IN REAL ESTATE, whether be a condo, SFR or multi unit complex...the only fact to consider is whether or not you can mange the investment closely , including its cash flow and tenant issues.
I am available to discuss further if you so desire.
In the mean time, Have A Blessed Day!
There are 3 rules of Real estate for a reason. If you are in the right location, prices tend to be more stable in a downturn and they tend to go up more in an upswing.
Frankly, I would recommend perhaps investing in a duplex or quad rather than in multiple small units.
Depends on where in Long Beach you're considering and the size. It's good to invest in real estate, best to invest in 2+2 units and with as little deferred maintenance as possible. Is that likely to happen for 100k or less? No. Why hold for 7 years specifically?