Your Best Bet to Make Money on the Housing Market: Become a Landlord in Central Virginia

Reblogger Wallace S. Gibson, CPM
Property Manager with Gibson Management Group, Ltd.

Preaching to the CHOIR with me.....I've had real estate agents with clients who want deals and are asking where and what to buy.  They are calling me and I am more than happy to point them to 4 bedroom homes in with 2-car garages in desirable school districts!

Original content by Ilyce Glink

As the housing crisis continues and home values remain stagnant, more and more people are being pushed into renting. And while this is terrible news for those who are currently enterting foreclosure proceedings, or have already lost their homes, the upward trend for the rental market creates an opportunity for those looking to purchase investment properties.

Today on my CBS Moneywatch blog, I closely examine the Top 10 Cities to Become a Landlord, according to Local Market Monitor, a North Carolina-based firm that specializes in forecast real estate prices.

Some of the criteria used in the survey include:

  • Average Home Price (2011)
  • Projected Home Price (2014)
  • Gross Rent (2011)
  • Projected Gross Rent (2014)

So what are the cities on the list? Everything from known foreclosure zones like Detroit and Las Vegas, to less expected locales like Warren, Michigan and Bakersfield, California.

Do you live in one of these landlord favorable towns? Do you want to?

For a full list of cities and the reasons why they make the cut, click here to read the complete article.

Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.



 

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Rainer
145,746
Sarasota & Manatee Counties FL
SaraMana Properties - QuickFreeMLS.com - Bradenton, FL
QuickFreeMLS.com - Listings In Paradise

This is an interesting perspective that I am sure many agree with. Thanks for sharing!

Jul 29, 2011 08:38 AM #1
Rainmaker
170,083
Wendy Hayden
Photographer, Home Stager, ePRO - Richmond, VA
Chesterfield, Richmond & Powahatan

Wallace, it sure is a great time to buy an investment property!  My husband and I just built our home and aren't in a position to buy a rental property but sure wish we could!  Who knows, maybe next year!

Jul 29, 2011 09:36 AM #2
Rainmaker
150,519
Virginia Gardner
Roy Wheeler Realty Co. - Charlottesville, VA
Realtor, Charlottesville, Serving Central Virginia

Very interesting, Wallace.  I do think that investment property will be an imprtant part of the market, but the banks need to do a better job of getting out the money....

Jul 29, 2011 01:54 PM #3
Rainmaker
418,851
Rodney Mason
Guaranteed Rate - Atlanta, GA
Licensed in AL, FL, GA, SC, & TN

There is definitely a market for renters out there still.  For those with 10-20% down, now is a great time to get into the rental market.

Jul 29, 2011 02:50 PM #4
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Wallace - Wendy sounds like a nice person but typical.  If you have no money then you have to work harder to buy an investment property.  It can be done.

Jul 30, 2011 12:00 AM #5
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