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Realtors, how many of you are purchasing investment property right now?
As professionals, we all know that the ideal time to buy is when the market is depressed and financing is still relatively cheap. Most prospective buyers know this as well, but many are not able to overcome the fear factor that comes with watching values fall around them. Many agents will readily tell you that they would snap up all the property they could right now, but I am curious if anyone here is actually doing so. I think it would benefit consumers to know whether or not we agents are sticking our necks out there. What truer indicator of what we think of the current market than a quick show of hands regarding who is, and who is not purchasing property right now?
Wed Aug 29 2007, 14:06 - All locations - Home Buying - 11 answers
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Paul, I'm trying to "re-organize" my portfolio. I've got some properties in lesser desirable neighbhorhoods that I'm trying to sell so that I can re-invest that money into Scottsdale. Because I agree with you. Right now Scottsdale is cheap, and it won't be that way for much longer.
Thu Aug 30 2007, 09:38
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I am personally looking for values in my neck of the woods (Scottsdale). I still like the safety of the historically strong neighborhoods. There is not much out there that will generate positive cash flow as a rental for single family homes (my preference), but rents are increasing. I don't necessarily need it to cash flow, but the monthly nut must be manageable. I look at it is an opportunity for slow flips. Buy property cheaply now, hold for 2-3 years with a tenant in place, do the rehab and resell when the market roars back.
Thu Aug 30 2007, 09:31
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The Creek, The Creek, The Creek is on fire.
Queen Creek that is. There are some smokin deals down there. I am looking for the land and the view. Positive cash flow is the challenge. - Big fan of Gilbert Unified School district 41. Fast approaching positive cash flow. Great long term. Estonia? Very interesting? Thanks Paul great question. Thu Aug 30 2007, 09:21
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It seems to be a good time to buy for investment purposes if you do not plan on flipping. Buy to rent. I have my eye on a few pieces of property for just that purpose!
Thu Aug 30 2007, 04:49
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I am buying everything I can get my hands on. Currently in escrow with a 4 plex. (Which, by the way, in the last 20 days, with 20% down and a positive cash flow, and high FICO, my lender changed conditions three times and ended up going out of business....although the parent company is still honoring the deal.)
I'm looking for more property. Feel free to e-mail me if you have ideas. The key is positive cash flow....or creative seller financing. (Yes, I am seeing it frequently.) Wed Aug 29 2007, 22:24 Web Reference: http://www.cindihagley.com
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Absolutely. and Estonia is set to change over to the Euro in 2008 and home prices are expected to go through the roof. I will keep you posted.
Ed Wed Aug 29 2007, 20:24
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Ed is definitely thinking outside of the Realtor "box". Kudos Ed! I've also held a Spain condo as a vacation rental since 2001 - thanks to the Euro - Dollar exchange and general price appreciation, that place is up dramatically. Ed hit on a great point - there are always opportunties - maybe not in your backyard - maybe someplace far more interesting!
Wed Aug 29 2007, 20:21 Web Reference: http://bayareainvestmentrealestate.blogspot.com
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I disagree that buying 1 house a year to rent out will make one wealthy no matter what. You really need to know what you are doing or have advice from an expert. There are tons of people losing their "investment properties" as we speak. Yes you can get wealthy in real estate but it needs entered into cautiously.
Wed Aug 29 2007, 20:19
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I just bought an 8-plex in Turlock and my wife and I just bought 2 properties in Tallinn, Estonia where she is from. A condo and a small ranch property. The Turlock property I couldn't pass up and the Estonia properties are still increasing in value. They are a former Soviet Republic that regained independance in 1991 and recently became members of NATO anfd the European Union and proeprty values went through the roof. One property we have owned for 4 years has trippled in value.
Wed Aug 29 2007, 20:13
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Definitely buying by the end of this year in San Francisco. Rents are going up and there is a slight softness in price that presents an opportunity. I would take this time to look at premier locations which will always be in demand. Also, a good strategy to have is like the stock market approach to dollar cost averaging - just commit to buying one house per year as a rental for the next 10 years. No matter what, that wil make you wealthy.
Wed Aug 29 2007, 20:07 Web Reference: http://bayareainvestmentrealestate.blogspot.com
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Ha, ha! I'm just trying to pay my bills! Anyhow, I'd much rather sell real estate than own it. That's just my personal taste though. Everybody has their thing. Take care, Jon
Wed Aug 29 2007, 15:05 Web Reference: http://www.bowenboston.com
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