I lived in the Phoenix Arizona area for over 30 years and have seen the ups and downs of this local market(bought and sold over 300 homes). Most of the markets were workable, but in 2010 the market is very weak here.
Usually in a good market you buy and sell. A bad market you buy and hold. In Phoenix that is untrue. This is kinda a good market to buy and sell but not to rent. The rents are going down in Phoenix and that is why I went to a different place to buy my real estate. God forbid you have and air conditioner go out. That's $4,000 down the tubes.
We have one city Cleveland already set up ($53,000 a month in gross rent) and setting up two other cities Indianapolis, and Cincinnati, Why because we make money their. We buy homes for as low as $25,000. They cash flow over $400-$1100 a month. Their equity position ranges from $25K-$50K. That's making money.
In fact my Dad called on a city he had found and could not believe the properties he could get for so little money. He could not believe what type of housing you could get for the money. He even flirted around about even buying 7 homes to his one in Queen Creek.
All that being said remember what you invest for. You invest so you don't have to work a real job one day. You want total freedom to do what you want to do. Long weekends, day trips, Cruises anywhere you want to go.
Why not consider really affordable real estate in really nice neighborhoods that make really great cash flow? I personally have 28 and just purchased one to move into. I'm very sold out on it and know you "Can make money in different places".
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Brett young
Valley Realty
Owner/ CEO Roof Top Investment
Real Estate Investment
www.rooftopcleveland.com
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