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Replies (23)
- Durenda FachtmannCEC CRS GRI, "Durenda"
- Contributions:512
Lrryjrry, this article may help
http://finance.yahoo.com/real-estate/article/104278/Best-and-Worst-Places-to-Buy-a-House
- Durenda FachtmannCEC CRS GRI, "Durenda"
- Contributions:512
http://finance.yahoo.com/real-estate/article/104278/Best-and-Worst-Places-to-Buy-a-House
- Johnny Davis, "Johnny Davis"
- Contributions:44
My apologies to all...I didn't realize that zillow doesn't want self promotion. Sorry for mentioning my website.
- Mike_oxafloppin
- Contributions:2851
not to mention lake county( for the most part ) is a bad investment right now. Since I see you dont work for the villages your pretty much left out of the rest of what people are buying in that area.
- broker_GRI
- Contributions:3454
Loopnet.com CoStar.com multires, in states w/favorable tax laws, in areas w/o rent control, that cashflow w/min down
Read the reports from Money Magazine and other sources such as that
Take your time
- MindyAllen
- Contributions:68
Get a great Realtor and let them find the deals for you. That's what my investor clients have me do!
Mindy Allen, ABR, Realtor
Keller Williams Realty
- Johnny Davis, "Johnny Davis"
- Contributions:44
That's not true at all Scott. Lake County has plenty of bargains available to the right people. To say it is a bad investment, is inaccurate. Buying homes at 65% of value is a deal. You just have to ask.
- benjaminbenjamin
- Contributions:103
MindyAllen..... how do you find a great realtor that can properly indentify good investments???
- Victor Nissani, "nissanihomes"
- Contributions:58
You can get 8% cap rates here in Los Angeles - why buy anywhere else? I am currently in escrow (for my client) on a 29 unit building which proves that if you do your homework you can get good deals.
- broker_GRI
- Contributions:3454
Victor,
8% cap based on what numbers?
What VF? Management Fees? New taxes? Maintenance?
Actual or funky “pro-forma” ?
- JimSulli456
- Contributions:2850
Benjamin...have you noticed the GRI next to 2 of our names? We learned investment real estate thoroughly. Read some things about investment real estate and then start asking the Realtor about cap rate, cash on cash return, return on investment, LTV. See if they know what you're talking about...that's a start.
- benjaminbenjamin
- Contributions:103
what does the gri stand for??
- JimSulli456
- Contributions:2850
- Jim, "wealth12"
- Contributions:14
Just a little tip for those of you looking to buy and sell. Hope this helps.
You have to be a very aggressive investor meaning You have no problem making low offers for property's. I would not pay more then 50 cents on a dollar for a property now and for me that would be max. Remember this is now a buyers market and you are in control because there is a lot of product out there. You also need to do your homework for the area you want to buy in.
Also remember you want a deal with as much equity as possible because in this market I believe the prices are going to continue to go down so you want to hedge yourself against the market by buying right and have enough room in a property so you can sell it quick and make a good profit. I'm a firm believer in keep asking till you get what you want and you will get it. You do not want to lose money so walk from the deal if it does not work by your numbers. There are plenty of deals to be had in this market.
Also I have founded a site that list many bank sites for the reo's(real estate owned) and makes it easy to get to the realtor or reo dept of the bank. There is nothing to by or sign up for. This will help with searching for foreclosures.
I know this site will be a help to all looking for deals.This Site Offers Over 30 Links to REO Properties Click Here Now
- slambson
- Contributions:3
what is a cap rate? say of 8% mean?
- slambson
- Contributions:3
don't answer that question. I just learned it from the net. thanks anyway
- planetwalker2
- Contributions:305
GRI= grinding very intensively
- planetwalker2
- Contributions:305
Is your sure thing funding in place? Many of the folks who will give you a deal are motivated because of immediate cash needs. They can't take someone who can't perform to close. I am surprised at how many folks are sitting on their homes rather than give them away around here. To me that's good only because the economy is hanging on enough for them not to be completely deperate. Keep plugging away. Like job interviews, you may hear many NOs before you hear a yes. Go to your public records and see who has a lis pendens, notice of default or something similar filed against the property address. Send a letter about selling without mentioning their financial problems. You'll get deals that haven't been noticed by many and have more time to work the deal. My fav way, but some realtors can be useful once they understand what a deal really is. Too many just pawn off the crappy listings with major issues.
- Victor Nissani, "nissanihomes"
- Contributions:58
Sorry for the late reply REALTOR_GRI, but the cap rate of 8% is after management fees, vacancy, landscaping costs, insurance, property taxes, etc, and are therefore actual rates, not scheduled.
(We did just close escrow on the building by the way)
On a purchase price of $1 million an 8% cap rate would be a return of $80,000 after all expenses. With interest rates so you, your cash-on-cash return is close to 10% in year one and higher in year 2 etc.
- JimSulli456
- Contributions:2850
That's good Victor. 10% cash on cash, love it. What is the LTV?
- Victor Nissani, "nissanihomes"
- Contributions:58
You would need to speak with your mortgage broker for that, as I am you sure you know it depends on individual circumstances what your down payment would need to be - but it sure beats the stockmarket's volatility and it seems prices of property in Los Angeles doubles every 10 years so you can have your cake and eat it too.
- JimSulli456
- Contributions:2850
Sorry to confuse, but I was asking the LTV on the property you were speaking of.
- JP Ellis, "walkoffhomerun"
- Contributions:4
if you are looking for deals there are 2 major areas people are looking at over the last year:
1) the GoZone where Hurricane Katrina hit. some deals are excellent and sone deals are not
2) certain parts of tx.
both areas are experiencing large job growth, large population increases. both equate as a need for housing.
i have deals in tx. contact me if interested.
I am the second!!! haha, where and how to start looking and buy those good deals?
where and how to start looking and buy those good deals?
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