Sub2 In Fast Appreciating Area
Hello all, I have been doing cashflow properties in low-moderate income areas for awhile now and I'm working on getting into sub2 deals. I'm thinking that my area would be great to do sub2 deals in but I'm conflicted in that in my immediate area, Naples, the properties are appreciating pretty darn fast. Most of the areas here are appreciating at least 30% a year, a little north of here it's probably more like 20%. Soo, if someone has been in their house for more than a year or so, they probably have plenty of equity to make sub2 not that attractive. Is there a best way of targeting these type of areas? The resale house market doesn't seem to be too affected, both new and already built houses sell strong. Any ideas are appreciated.
[addsig]
One of the things you could do is get on SiteXData (or comparable) and look for 1-2 year old props or mortgages that have been refinanced to take out that equity.
I'm guessing that there are a fair number of folks that see that appreciation, see their neighbors new cigarette boat, and buy one 5 feet longer with all that equity. <g>
[addsig]
Hey Mboysen, do you pay the (I think) $99 a month for sitexdata or is there a slimmed down version that works for you?
[addsig]