Looking for that silver lining in the real estate downturn? It's right down the street from you, or, perhaps right next door!
The home price drops we've seen in the past two years has created real estate investment opportunities that had become previously unaffordable in the price runup that we witnessed from around 2000 thru 2006.
In that time, median home prices, at least in Orlando, had grown to past the $250,000 mark - a price which was unrealistic for most working singles, and families to afford. It also made buying real estate for investment/rental purposes economically unfeasible as well.
In Orlando now, we're seeing median home prices at around $150,000. Thus there are many homes that can now be purchased for less than $100,000 - homes that would make very attractive rental properties. At this price, even if the home is almost completely mortgaged, the rental income can now "cover" the owner's mortgage/taxes/insurance monthly cost. And in a few years, the investor has a home that is worth more than he paid for, and, is something that money can be leveraged from.
Would you like to find an investment property? Contact a real estate expert in your area!
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