I am searching for my next rental home right now.
The prices are right, but here are the opportunities.
Taxes are high
HOA fees are high
Insurance is not to bad.
Rental rates are down.
The renters ability to qualify are down.
Lots of folks are getting kicked out of their home and need a rental and have very bad credit.
The best bet I can see is to be in the hole each month for maybe $200 and hope that the economy gets better and the $300k house you purchased is going to increase by 10% a year and then the rental rates will increae as well. if it is a 5 year plan then the dream looks much better.
That is a tall order and that is why I am being very careful about my next purchase.
Please feel free to get in touch with me and we can swap some stories.
Do your due diligence, make sure you can cover your expenses, Being relocated into the market you invest in is good as you can have more control over your investments.
It has long been known that the best time to buy is when no one else is buying. This does not mean to buy blindly but to purchase wisely. Identify the right homes, in the right location, and buy only at the right price.
Without a doube you will be able to continue to grow your portfolio and because there are so many currently for sale does not hurt you either.
Century 21 Almar and Associates