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Many people say that they are trying to buy rental properties that cash flow but they can't find the deals in there state or market.
Many people say that they are trying to buy rental properties that cash flow but they can't find the deals in there state or market. For example, many investors that I meet from California who want to build cash flow and get the tax benefits of owning rental properties just can't make the deals work there because a small peice of crap house is 200k or more and the rents they can get for the houses just don't cover there payments. Many areas where the real estate bubble burst and destroyed alot of the value do not provide the opportunities to build a rental portfolio but there are some areas in the US that were not effected as bad. Yes, most of the the country has seen some kind of affect by the recent credit crunch but there are many areas that never saw the crazy price appreciation of 50% a year or more. There are many states that just saw a steady rate of 3 to 5 percent. So when the bubble burst the drop was not near as drastic as these high appreciation areas. take these tips to heart if you are still determined to buy some rental properties. Hunt for states that were not affected by the real estate bubble on the upside. They will not have been hit as hard when everything went down. They are the states and areas that just saw moderate appreciation when everything was going strong. As you find the areas that you want to invest in talk to enough people and you will be able to find the guy that is selling a bunch of houses and there business will be based on volume. In other words for the wholesaler in the area who can expedite the process of finding you deals and save you time and money that you would spend trying to find your own deals. Once you find the wholesaler he will know the contacts that you will need. Hard money lenders, long term lenders, contractors to rehab the houses, and also property managers that you will need since you are an out of state investor. Once you meet them and check them out--- make sure they are honest. Then proceed to find the deal you want and start building your portfolio. It is not hard to do and it works. I have known many investors who told me they could not find the deals that would work in there area so they went to another state or another market. They did not listen to all the naysayers who told them they were stupid and they did not let anyone stand int there way. After a few years of doing this they were sitting pretty and they where the ones laughing all the way to the bank. The key is finding someone you trust. Buying good properties with good cashflow and staying aggressive. Once you decide to get out of your comfort zone and stop accepting excuses for not investing you will have the potential to change your future. To qoute a famous company, Just do it. You will not be the first and definitly not be the last investor to figure out that if you want to be succesful and are willing to take some calculated risk you may find yourself looking up in a few years and realizing that they have changed their financial destiny. You can find the deals just be willing to do what others won't do and you will be a success. Author: About the author: Jesse Davis is an expert wholesaler in the Jackson, Mississippi, Real Estate market. He has wholesaled over 80 properties this year alone, and he teaches a seminar on how to really be successful in today's market. Go here to learn how to find all the buyers you will ever need to build a massive monthly income in Real Estate today |
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