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What to expect. 
2 posts by 2 users
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I know that this is the million dollar question. But, here it goes anyways. When the rebound comes, what is going to change? How hard is it to find houses dirt cheap in a " normal" market? I realize that all markets are local. My problem is that my experience with RE only dates back to '99. And I bought my first investment property in early 2007. So far I've seen both ends of the spectrum, so I'm not sure what to expect. Right now I'm buying houses that appraise in the low 70's for 20-30k. Is that still going to be possible? Am I going to be able to actually sell them for 70k? I haven't had any major tenant problems yet. So I guess holding them for 5 years or so won't bother me too much, I'm just wondering when this is all going to pay off. Sorry if I'm rambling, I'm bored. Bartstop |
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Edited: 06/26/2010 at 12:27PM |
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Bartstop, I know this doesn't answer much of your question but to be direct, unless you can sell those houses you bought for $70k *today*, those appraisals aren't worth anything more than the paper they are written on. Additionally, in most areas of the country, I wouldn't expect these to be worth much more in 5 years than they are today. So, in essence I suspect these properties are " paying off" via some small cash flow today but your expected gain on sale could be many, many years away. |
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Edited: 06/26/2010 at 12:29PM |
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Posted: 07/06/2008 at 04:44AM
