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jimingersoll

51 Posts
Member Since: 05/30/2005
Glen Allen, VA

Posted: 07:57 on 02-03-2007

Come take a look at Richmond-Petersburg, VA. I have been working with investors from both coasts (California to NJ) who are buying rehabs and rentals. They are especially interested in Petersburg because of the military base build up bring several thousand jobs over the next couple years. Prices are still dirt cheap and it is a great opportunity:

Jim

[ Edited by ypochris on Date 02/03/2007 ]

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ypochris

2200 Posts
Member Since: 03/22/2006
Lansing, MI

Posted: 11:07 on 02-03-2007

Just dropped in to edit the contact info out of the above post- a big no no.

I am always promoting Lansing, Michigan. Capitol of the state (lots of government jobs), big schools (Cooley Law School, Michigan State University, Lansing Community college), big industry (General Motors, Dart Container). So there is a solid economic base.
Appreciation has averaged a bit over 6% a year in the long term according to HUD, and prices (and sales)remained steady through the "downturn" last year. You can still get a three bedroom house within blocks of the Capitol, Cooley, and LCC for under $50k, and rent it easily for $650 or more.

Chris

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rehab2day

140 Posts
Member Since: 02/18/2004
Boston, MA

Posted: 11:17 on 02-03-2007

Do long distance investors find it a big issue to be so far from ones investment? Sounds like you'd incur lots of travel expense and/or managment expense? Any insight is appreciated as I've always just stayed away from the long distance stuff.
Thanks in advance.

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jimingersoll

51 Posts
Member Since: 05/30/2005
Glen Allen, VA

Posted: 14:36 on 02-03-2007

Sorry about posting my contact info and URL.

I have worked with out of state investors a lot (From NJ to California) and they are very happy with their rehab investments in Virginia. We have people lined up to make it easy to manage.

If you want information, just private message me.

Thanks

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pstabile

87 Posts
Member Since: 12/18/2004
Wake Forest, NC

Posted: 23:14 on 02-07-2007

Have you looked into N.C? Prices are still very reasonable and N.C is one of the fastest growing states in the country. Texas is another state that seems to appeal to investors.

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mritorto

41 Posts
Member Since: 05/22/2005
Hillsdale, NJ

Posted: 23:38 on 02-07-2007

yes I hear of NC do you know of any online realestate news groups.

email me any info you have at **Please See My Profile**

how about philly? or bailtimore

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WILDRYDER600

37 Posts
Member Since: 02/27/2006
City, St

Posted: 17:59 on 03-04-2007

bmore dont know anymore it seemed that between the balt city water co. and tenants u might not make any money

Quote:

On 2007-02-07 23:38, mritorto wrote:
yes I hear of NC do you know of any online realestate news groups.

email me any info you have at **Please See My Profile**

how about philly? or bailtimore

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AptGuyInCA

2 Posts
Member Since: 03/05/2007

Posted: 19:22 on 03-05-2007

I have a Realtor I've worked with in Louisville, KY (a great place to invest by the way). I'm sure he wouldn't mind me giving you his e-mail address. I'm sure he'll do you a good job.

[ Edited by ypochris on Date 03/06/2007 ]

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bradfordtm

122 Posts
Member Since: 12/28/2005
Stafford, VA

Posted: 22:05 on 03-05-2007

I own properties in the Charlotte NC and Austin TX areas. Both have been pretty good for building equity over the long haul, but we haven't seen any spikes- up or down. Just steady. I have duplexes and SFR's that appeal mostly to the middle-class range. No top of the line stuff but no slums, either. Occupancy has been very stable, rents are steady.
The difference, for me, between these two markets has been the property taxes in TX. They are extremely high, and it takes some effort to put a deal together that will produce good cash flow. For example, I pay nearly $3700 per year for a duplex with a tax value of $155000. Pretty steep, especially when you add it to the other operating expenses. But over time, the rents increase with new leases and you do start to see some decent CF.
Overall, I'd say that the term "good market" depends on what you're looking for. I am looking to survive the mortgages and grow money. Being active duty, I can't devote the time to anything labor intensive, so buy and hold is the best option for me right now. When I retire in 5 years, however, I believe that my strategy will shift to short term efforts like so many of the members are doing.

Sorry to ramble on, and good luck to all.

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cstoney04

29 Posts
Member Since: 03/15/2005
Stamford, CT

Posted: 12:55 on 03-09-2007

For me I look for areas that will return a solid leveraged dividend yield. I would almost prefer that the unit go in the hole the 1st few years so because I'm not all about increasing my tax liability. I think you should focus on areas that have solid rent growth prospects, however at the same time investing in an area with good capital appreciation history will allow you to releverage your equity sooner than if you had invested in areas with less growth prospects. I guess for me I'm less concerned with cash flow and more concerned with getting a good return on my investment. For example if my leveraged multiplier is 20, I would expect to have a negative cashflow for a while, however any growth in the unit is tremendous (ie unit costs 100k, I put 5% in and it grows by 5%) I've made 100% on my investment.

Bottom line, for the most part, you will have to sacrafice rental/capital appreciation for good cash flow. Not to be a stickler either but the person who reported lansing, MI has seen 6% appreciation year on year is off according to the latest OFHEO report. MI has since 1980 a growth factor of 221.52 --> (221.52/100) ^(1/27) = 2.99%/yr. Currently the Big 3 are going through some tough times, so I would not count on them adding to the job prospects of the state.

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ypochris

2200 Posts
Member Since: 03/22/2006
Lansing, MI

Posted: 11:28 on 03-10-2007

I was going off of HUD figures for Lansing, for the same time period, based on Fannny Mae loans for the same property sold multiple times during the period. Interesting how different agencies can be 100% apart.

Chris

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puckhead

15 Posts
Member Since: 02/10/2004
Morris, IL

Posted: 21:58 on 03-12-2007

ypochris,

I was born and raised in MI and lived in Lansing for a while in the 80's. I live and invest in Illinois now but would consider owning investment property in MI. Like others, I'm concerned about finding solid PM. Are you aware of some good PM's in Lansing?

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ypochris

2200 Posts
Member Since: 03/22/2006
Lansing, MI

Posted: 11:30 on 03-13-2007

Puckhead,

I manage my properties myself, so I have no experience with property management companies here. Eventually we will be moving out of here (I prefer a warm climate, but like the investment opportunities here) and I will have to find someone. I can get recommendations but you never know until you try them.

Chris

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Waylon

87 Posts
Member Since: 12/14/2005

Posted: 10:16 on 03-15-2007

Sunny and Warm Florida, just stay away from the Gulf Coast. I like the Melbourne/Palm Bay area right now; many, many good deals to be found and the rents are still stable and moderate-high. Insurance and property taxes are on its way down....so are the lending rates..Big Bonus. Prices have already re-adjusted from the spike of last year(s) which is also very good. Ahhh, beautiful rocket launches and nice clean beaches/water. You would like it Chris

[ Edited by Waylon on Date 03/15/2007 ]

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