If you were smart you would wait until after the second wave of the Real Estate crash is over.
Once interest rates rise from insane inflation being created, you will be able to buy higher up quality properties that will be much more desireable to the kind of tenants you really want.
This second wave is gaining steam and should be in full swing by spring of 2010.
Take a peek at these so called bargains now and see if this is where you want to go collect the rent in the evening. You will clearly see that the time is not right.
These are the facts.
1 setting records for unemployment velocity
2 rising job losses
3 ridiculous property insurance rates
4 foolish tax rates on property
5 property values dropping in PBC by an annualized 15% plus for 2009 continuing into 2010
6 interest rates going to rise which will decimate current values
7 hard to obtain credit..
I could go on but it would be just a waste of time.
Do what your heart tells you to do, not some broker....You know why they are called brokers dont you, because they are broker than you and I are.. Be careful who you listen to, especially when their advice leads to them getting a commission.