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Investing in real estate in an unfamiliar area? My advice: Do your homework!
I get several calls a week from investors around the country that are attracted to our low house prices.
When you are getting about one percent interest on savings, the notion of 20-30% return on investment is pretty enticing.
Unfortunately, most of these callers are basing their interest solely on the price of the home and not any other factors. There are many reasons that a house is priced under $25K, and none of them are usually good.
And the occasional good house that slips in is gobbled up by an owner-occupant that lives in the area and is ready to move quickly.
Just because a house is priced at or below $20,000 does not necessarily mean it’s a good investment property. Our recommendations are usually foreclosure homes that are in relatively good shape in the $75-125K range that will produce good rental income and at least have a chance of future appreciation.
Before buying anything in an unfamiliar area, do your homework. Study trends and look at location, schools and amenities. The key is to purchase a home that people will want to live in and enjoy,
Because that is what determines the true intrinsic value of the house!
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