new house construction vs. old homes
I live in a military area where we are having a new House construction boom, they are selling the new home for 139,000 to 190,000. We have plenty of housing that are just sitting in foreclosure, or up for sale because the military move in and out every 3 to 4 years. its a buy and hold market but with the houses going so cheap the military are just buying the new homes. no one wants to buy the old ones. I would love to be able to buy and rent to those who can not afford to buy a house, my problem is I do not have the kind of financing needed to buy and hold.I have my first deal of taking over a va loan with her still holding the title and me renting her place out. we have an option to buy it in two years. I'm happy with that one, I guess my question is... Is it something that is going to bite me if I buy and rent.There are many poor couples around who cant afford to pay the mortgages of the Marines that are leaving. most only make minimum wage. We have many houses around going for a deceit price. I could rent a lot of them for around 550 to 700 and still make some money. Funding is a problem too as I don't have a lot save. If there is anyone who can help me with this please advise. Thanks so much for your time. I am looking for people to connect with also.