ITS AMAZING
I SEE THAT PEOPLE LIST THESE HANDYMAN SPECIALS ON THE TCI REALTY PAGE THAT GO FOR 20K YOU PUT 10 K INTO AND MAKE A QUICK 20K,
MEAN WHILE HERE IN NY YOU GET A HANDYMAN FOR 150K PUT 20K INTO AND WALKAWAY WITH 20K NOT ALL THE TIME BUT I SEE PEOPLE DOING IT QUITE OFTEN. I COULD MAKE A KILLING DOWN SOUTH
You have to keep in mind that even if homes are selling for $100K, then you have to realize that people may not be earning as much from their jobs as up north. You can make a killing anywhere, $20K is $20K no matter how much the home is worth. As long as you're not using your money, then it's all good...
Tanya
That statement could be true of basically any major city NOT on the eastern seaboard or California coast! I've noticed literally tons of opportunity in the major cities that don't have favorable demographics (i.e. Dallas, Houston, St.Louis, Kansas City, etc.) It seems that the cities that are not very close to the coasts (where people really want to live) appreciate the slowest. However, taking the time to rehab a property in these areas can be especially profitable because they can be picked up for a song!
Anyone else have thoughts on this subject?
[addsig]
BOTH OF YOU GUYS ARE 100% RIGHT BUT IT JUSTS SO EASIER IN LIKE N.C FOR EXAMPLE YOU SPEND 20K ON A HOUSE YOU CANN MAKE 20K HERE IN NEW YORK YOU'L SPEND 300K AND MAKE 50 TO 75[ Edited by nyreinvestor on Date 05/12/2003 ]
I'm in Chicago. Unless you go into areas where you literally risk your life, I have not found any cheap deals. If you were willing to risk bodily harm (seriously) you could pick up a house for $60 - 70k. But there are few buyers who want to live there after you rehab. I think it's easier (safer?) in more rural areas where crime is not such a factor. Be glad you are not in a metropolitan area where the price to buyin is so steep!
I AM IN A METROPOLITAN AREA WHERE PRICES ARE STEEP