bad market?

Question

Can anyone tell me if it is worth investing in real estate in a nasty market like Cleveland? i used to live in Las Vegas and moved to Cleveland Ohio. What a difference.  Real estate barely keeps up with inflation... I know people say you can make money in any market but  this one seems very discouraging... is it possible to invest out of state? and if so, do you recommend it?

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I live in Dearborn, we are losing around 30,000 jobs. Ohio is getting toyota plants so cleveland is upo and coming market. I also beleive that if the home is purchased at the right price and sold at right price then there is a deal whether the market is poor or not. Just have to find the right Price:) Study your market know every house for sale in your neighborhood and you will be a step ahaed.

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I'm new to this but hopefully getting better. How do you buy homes with 100% cash and nothing? Are you saying a bank will give you the entire purchase price based on good credit, the value of the property or something like that? Thanks.

HBW

Ken Hicks · Answer

I purchased my personal home 4 years ago for $105,000 and now its worth $250,000 and i owe only $80,000 on the loan,So the bank is more than willing to give me a home line of credit for $72,000. I could have gotten $100,000. So i used my personal line of credit to buy the homes and once i have about 5 months of 100% rents coming in i'm going to refinance my 2 investment properties with the bank. Somtimes it's nice to have a good relationship with the bank manager. They love me there. So most likely when it comes time to refinance i will get over 100% without paying any closing cost. Try to buy properties at wholesale.

Ken Hicks · Answer

I just started to invest in realestate. I live in falling waters wv (near hagerstown MD). i have started to invest in homes 140 miles away. In a very ugly town. i bought 2 duplexes for around $57,000. each unit rents out for an average of $350 plus or minus $25-$50. high taxes and insurance but they still turn a profit. plus i could sell each home for $35,000. There are other homes there that you could rehab then sell for a profit. I invest in this area because i could buy the homes 100% cash with nothing down. If i bought in my area were the average home is $200,000. I'm not rich and i don't have 10% for a down payment of the loan. I'm looking to relocate to my run down town that i invest in. My family and friends think im' doing drugs but i know its a gold mine just waiting for me. its like anything else every place has its ups and downs.

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I am more than glad to assist you. I work as a real estate consultant in Virginia. Our Expertise is helping people such as yourself in finding investment properties, manage, fix up and furnish properties that meet your needs. We will help you with a smooth transaction. We will provide you with our research experience and expertise in this industry. We will put together a complete package for your investment. Please feel free to contact me at 571-228-5221 or e-mail me more information as to what exactly you are looking for and how far you are willing to look from you home area and please provide your contact information. We have great relationship with Brokers, and Lenders.

And we can tell you all about your Market.

Chander

Jason Barnett · Answer

You want to talk about disgusting... try the Dayton Ohio market (my market).  There are lots of ugly houses, vacant homes, and job growth isn't exactly good.  In fact unemployment around here has hovered around 7% for the past year.

But it's a good market.   :mrgreen:

The thing that you have to understand is that with the different markets you're going to need to focus on different types of properties.  Figure out what kind of demand you have in your area.  If you're in a stagnant / declining market like mine then you probably aren't going to make a fortune buying pre-construction homes.  However, there are a lot of opportunities where you can buy a home for around $12,000 do some rehab work and then resell that home for $40K - $50K.  Again, it's just a change in mindset.  Oh and I've also found that the multi-family homes do very well.  You can buy these for a very low price and earn a nice sustained ROI.

Ryan Kinley · Answer

again thanks for the prompt reply....
i think you have a point....i will keep my eyes and ears open on what my market niche is.... ofcourse i am not ready to start buying homes and trying to make a boat load, but eventually when i find the right deal i will be ready.. at least i hope.
thanks 
ryan