2% rule..is it still real?

[Rich Ramirez]

I'm in Southern CA and realize, based on the Podcasts, that the 2% rule can still be found in the Midwest or perhaps FL. Since the market has picked back up, I'm wondering if it still exists...generally? Or have other investors fought for such properties tooth and nail that the prices have gone up in such metros..effectively driving the 2% rule to more like a 1-1.5% gross monthly return. If it indeed exists, does one always have to uncover a distressed situation to acquire such a property? Or are we talking a standard MLS discovery? Inquiring minds want to know. I would also love to network with agents that can assist my wife and I with such investment property.

BTW, units and SFRs out here are around 0.5-.07% gross monthly return. Maybe even less. It's just ridiculous!

-Rich