Posted by michaela-CA on November 19, 2008 at 07:03:36:
vandals? Not concerned. I’m buying properties that are all right next to each other. There was so much mortgage fraud in that particular neighborhood, that piece by piece every house is coming on the market as REO. When the time is right (a particular development happening right now next to this neighborhood) having 5 or 6 lots right next to each other will be worth a lot more than what I paid for.
Sure, I’m speculating, not investing. I’m aware of that. But I’m getting them cheap enough that it’s worth it to me.
Ok so I see more and more people saying they live on 1 side of the country but are buying property on the other side of the country. If you are doing this, how the heck do you handle the logistics? Can you possibly do this without having a close friend or associate in the area you invest in? I have a hard enough time finding property, looking at the property and then doing due diligence in the city I live in!
Re: investing out of your area - Posted by michaela-CA
Posted by michaela-CA on November 18, 2008 at 15:49:58:
Bill,
I think that really depends on the situation. Each one is different. Some do long distance land lording successfully, others have tons of problems. A lot depends on the management team that you may have in place, if you do have one.
I buy property in another city, but that’s a different situation. I buy sight-unseen for land value and buy cheap enough to board it up and hold on for a few years.
Others have other motivations and methods on how to handle this.
Real estate has a number of different categories on how to make profit, but it’s the variations and niches in those categories that makes the difference between doing well or just surviving.