OfflineI have almost finished reading my books and I am SERIOUSLY CONSIDERING joining the academy. BEFORE I make my decision, I want some input from people actually buying/selling props in small rural communities.
Are any of you in small rural areas?
My "country" community is small (under 6,000), very rural, income under 24K per year, many people under poverty line.
WE are fortunate with employment but, many here are not. We do not have big fancy businesses or factories.
I want to do this SOOOOOO bad but, I worry about sales here (In fact, I don't know that selling is a good option for me). We would need to do rentals or lease options. My ultimate fear is renters (especially low income) would destroy my home/s.
I really want some input from people in smaller communities who are actually doing this, successfully, and YOUR methods in tough sell areas.
I want to make a decision to do this or not and I REALLY need some encouragement because, this is a HUGE investment for our family and very scary.
~~~~~~ Praying for our dream house ~~~~~~
My area of investment is a place that used to be vacation spot and now turned into all-seasonal. I was afraid too. Matter of fact, I am afraid every time I put in an offer. However, even if you have people below poverty line, they have to live somewhere too. I would try and buy houses way below market value. If you know of any pre-foreclosures in your area, try and get them for as little as possible. You can work out a deal with the owners where they can stay in the house that they love and grown attached to so much for a nominal rent. If your mortgage payment will be 500/month, charge them 600 or 700. I found that many people would rather stay in the house that they have lived in for long rather then moving. There is also a possibility of investing in the town next to yours. It might be good area to research. Start with yours and slowly expand into next towns. Work a line of advertisement, something like "we help those in need by providing affordable housing" and "don't foreclose, let us help you".
Just a thought. Hope it helps.
Yuri
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --
There are 3 homes here in Forclosure (in two counties). One is the house WE want to buy (which is what started this whole mess and now I am hooked). Two is a condemmed fire/arson home, and three is a big $$$ home on a lake in a retirement community.
This area is just plain weird because I will not be able to CraigsList type ads. It will have to be word of mouth or local paper (or Horse Trader Magazine).
We are loaded with good ol low income country-folk and then dropped in the middle is a community on the lake of "retirees" who sell their homes up north and buy these expensive lake homes in this private community FOR CASH. There just seems to be minimal "in between".
If I can do one, I KNOW I can do more. I know it would basically be rentals or rent to own props.
I guess, I just need some encouragement from people who are in my shoes to tell me THEY can do it.
~~~~~~ Praying for our dream house ~~~~~~
Oh, and rentals here rarley exceed $400 a month. Mobile homes rent for about $200 and you can get a nice 4BR house for about $400. Occasionally higher but, it would be an out-of-towner renting temp until their lake house gets built (or a summer lake rental). Those lake house would be waaaaaaaay out of our price range. The one in pre-forclosure has a balance due of $191K and needs complete updating.
I would loooove to be able to lock up the one we are interested in. Rent my home on a lease purchase and if it works....buy, a bunch more.
~~~~~~ Praying for our dream house ~~~~~~