OfflineI found this interesting article that list their top 10 cities to buy rental properties. Some of the hardest hit cities with forclosures are on this list. If you are looking for cash flow properties some of these cities might be worth taking a look at.
http://money.cnn.com/galleries/2012/real_estate/1206/gallery.best-rental...
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Interesting article. Amazing all the opportunities in real estate right now. I was actually born and raised in Reno, NV(which made the list)and just moved to Indianapolis, IN. The market was so tight in Reno for good rental properties, multiple offers, etc etc, it was amazing to see. Best- Jacob
Las Vegas-no surprise there...
Thank you for sharing!
Valerie
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Finding the best areas for rentals can be a challenge if you are trying to do it on your own, but that is why a powerteam is going to be so important.
One interesting thing I have learned about Rental properties and/or buy and hold properties as I travel all over the country is that the PRICES of the houses in different areas can fluctuate from $50,000 for a rent ready house, to $350,000 for a rent ready house. What is even more amazing that I've seen is the amount of rent that you could collect on these same properties does not fluctuate that much at all.
For example:
Anaheim, CA: A 3 Bed 2 Bath rent ready home would sell between $250,000 and $350,000 depending on the area. The rent that you would collect would be around $1,700 per month to $2,000 per month.
In areas surrounding Michigan, for example, I purchased a property in Eastpoint, MI for $50,000 rent ready and that property is going to collect $750 - $800 per month no problem at all.
So if we look at these investments side to side.
In Anaheim, CA you would be into an investment for $300K and would get $1,700 per month.
In Eastpoint, MI you would be into an investment for $50K and would get $750 per month.
This makes me ask the question, which would be the best investment?
How many properties can I purchase in Michigan (or many other areas around the country for that matter) for the same money that I would use to purchase one property in Anaheim?
The answer is 6 properties.
If I take 6 properties and collect $750 per month on 5 of the 6 properties because of vacancy (This is conservative because these areas are very strong rental areas) I would be collecting $3,750 per month on the same $300K. If I was renting out all 6 properties, I would be collecting $4,500 per month on the same $300K.
For Cashflowing deals, or rental properties, we need to look at the return on your investment. This is one of the reasons why location is so important to look at as you are finding properties.
Happy Investing.
Matt W.
Interesting article, thanks for sharing.
Sandra
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Hi Coach thanks for that great comparision of areas for Rental properties, very thoughtful of you, Jim
jbischoff