What a mess! I have been buying and selling Real Estate for over 25 years and have been through 3 booms and busts. This one is the most dramatic with the far more properties that need to be purchased and put back in service. You can help yourself and your community by simply doing one or two projects per year for the next several years. Some of my Examples: I paid $66,200 for a 3 bedroom ½ plex, spent about $5,000 to get it ready for the Retail market and then sold it for $107,000 to a nice family that was having troubles finding a good place to live in that price range. I paid $133,000 for a well located Condominium that only needed carpet and paint and then sold it for $191,000. I have purchased over 50 properties in this Down Cycle so far and I am convinced we need more folks to help out due to the large number of Foreclosures that are sitting vacant and need new owners.
When you understand how, you can buy and sell these or buy and rent them out, either way they get put back in service and you either earn a profit now or develop cash flow for ever. In the down market of the 1990s, I purchased over 150 properties and there is far more opportunity this time around. I am convinced that with todays low interest rates, anyone who buys even just one good property per year for the next 3 to 5 years will be very glad they did later in life. Most folks are thinking negative about this Down Market due to everyone knowing someone that lost their home. But what they are missing is the positive side. Even those that lost a home will be able to buy another one at some point for likely ½ or less than what they paid before. You can be part of the Solution and help your self along the way. All you need to do is learn your market place and find properties to buy below todays already low prices. Once you have that knowledge, you can find folks with money needed to create a Win Win transaction.
I share what I have learned over the last 25 years and 1,000 transactions at my website. Anyone with desire to better their future can do these deals and help everyone win around them. So this Down Market is NOT all bad. There is an opportunity here for people to get a home if they don’t own one yet. Or how about folks that want to build a better Retirement? They could buy one good property each year and build cash flow. Or what about folks that have young children and they are concerned about the high cost of school many years from now. One property per child held for the long term may pay for college years from now. Remember, there has never been a Real Estate Crash in which the prices did not go back up and then exceed previous levels. You have time to Learn and Earn along the way. Do NOT miss this chance of a lifetime.