Rental Property Investor · Venetia, PA · Member since 2015 · 107 posts · 47 votes
My wife and I are starting to research areas to move to and this is one of the spots that made the long list. Lots of foreclosures and other issues...looks like property values have actually declined. What's going on over here?
Do you want areas with foreclosures or not? Values dipped after the 2008 recession, but have stayed steady since then. There are some cheap deals, which usually need lots of work or are mobile or modular.
That is St Mary's county, part of Southern Maryland. I was born and raised there, and worked 18 years as a Navy contractor. The Navy is the primary employer, growing quickly since 1990. The growth slowed with sequestration, but employment never decreased. Many Navy families come and settle.
I flipped a single family home, which was a lot of work, but worth it. I built one home and bought a double-wide modular, both of which I still rent to tenants.
So other than sequestration there's no big change to the employment base? Most of the country has not lost value over the last year and 5 years, and the foreclosure rate seemed a bit higher than average. Sounds good based on what you're saying, I'll keep it on the list.