In this post I am inviting fellow Realtors and Colleagues from around the country to comment here (see comment fields below) and tell me your market's current best investment opportunity. What is available now in your market? If you had an investor come to you now, and wanted an immediate cash flow situation - what would you point them to?
I'm doing this as a human experiment to find out where the best investment values are. This is what I'd like in your comments (see comments fields below):
- City/State
- Beds, Baths, Size, Features
- Price and monthly projected rent
- Will it rent for 1% of purchase price, or how much down to get a positive cash flow?
- Vacancy rate - or to make it simpler - what is nearby that would make this an attractive rental?
- What is appreciation in your area?
- Make sure you include your name, website address!
Thanks! Let's see what this will offer us - I'll publish the results on my website if there is enough response!
Catherine Myers, REALTOR
San Francisco East Bay, Contra Costa County
You might want to check out www.marshallreddickseminars.com for all kinds of information on real estate markets across the country, as well as Dr. Reddick's investment strategies and people you can contact for very detailed information. I have purchased property through this network in Texas.
Posted by: Nancy Yavorsky | November 06, 2005 at 06:12 AM
City/State: Reno, NV
What: Pivotal, ground-breaking, first of its kind condo conversion project in downtown Reno. Modern, contemporary architecture, retail on the street... This is the future of downtown! SOMA, San Diego, Portland Pearl District style project near the Truckee River in downtown revitalization area. Ground floor opportunity for investors.
Beds, Baths, Size, Features: Studios from low $200s, 1 Bedrooms from the $300s, 1 Bed plus Den from $300s, 2 Bedrooms from low $400s, 3 bedroom 2 story penthouses coming soon $1-2 million with fabulous views of the Sierra Nevada/Carson Range and all of Reno.
Price and monthly projected rent: Will it rent for 1% of purchase price, or how much down to get a positive cash flow? These will take probably 50% down to cash flow. Highest best rental use would be as vacation units or luxury corporate rentals. Property management will be onsite. This is a serious appreciation play. Small deposit now, contract in Feb for 10% down, wait 18 months to 2 years to finally pay. By then I would bet serious money (given what's going on with condotels in Vegas) these will be worth a lot more that what you'll actually pay. I have reserved on myself. You must come see in person to understand!
Vacancy rate - or to make it simpler - what is nearby that would make this an attractive rental? Unknown, new project. One block from Truckee Riverwalk, one block from major casinos, walk to restaurants, movies, shopping.
What is appreciation in your area? Last two years values have nearly doubled. Market pause right now, but see it as temporary until next spring. If you are priced out of Tahoe for your second or retirement home, consider Reno. A half hour from all the delights of the lake, it is a diamond in the rough starting to transform, and you need to buy now before prices push higher given the oncoming baby boomer demand.
Only 30% investor owners allowed so act now! Units are selling quickly.
Diane Cohn, Realtor
Accredited Buyer Representative
Bay Area Escapee (But oh, how I love to visit!)
www.dianecohn.com
Posted by: Diane Cohn, Realtor | November 06, 2005 at 08:00 AM