Locating Cash Flowing Property
Hi All,
"Locating Cash Flowing Property" is the name of the game, wouldn't you agree? My reality for the last 5 years has been that I've lived in a area that is not good for cash flowing property, and I guess I am kind of biased that there are any out there at all anymore... I have been a loan officer for three years in Bend, Oregon, and can say that I've seen a lot of real estate transactions done, and now am seeing a lot of hurting people. If you hadn't noticed, Bend was on almost every national survey representing one of the hottest real estate spots in the US. Bend is a destination area, lots of vacation homes. When people invested in Bend in the last 5-10 years, they invested to flip, rather than cashflow. With a deadening market, this strategy has failed. For example, and average SFR in Bend, 1500sq.ft., 3bed, 2bath, would be selling around 300K. The renters market would allow for about 1200/mnth for this property. Far from cashflowing.
It seems that I am going to have to travel a bit to find the properties that make sense. I'm sure there are even some in Oregon.
What is your take on the national market, is there still a lot out there for the taking? All I know is my local market...