WatchBecause the return in your market is mediocre? How did you choose the new market? How is it working out for you so far? What would you do differently if you could do it all over again?
Or for those investors that want to move to a different/better market, but haven't done so yet. Where do you plan on going and why? Do you have a definite plan to move?
If you like the housing market you're currently investing in, tell us why you like it.
Thx. :)
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Because I cannot be sued by a tenant nor harassed by his homies. Because the fees are low and transparent. Because the equity is very liquid and because there is reliable income. Because I can borrow against it if I wanted to (it's called a margin loan). It is boring and I am sure all the smarty pants will tell me how stupid I am, it is the Vanguard REIT.
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E-man says
I wouldn't invest in any market that I hadn't lived in several years. Had property in upstate NY and Oregon but sold because of lack of good property management and strong tenant bias in housing laws. I only own in south Tx now. Landlord friendly laws (or at least reasonably fair), very good ratio of price to rent, low housing prices, property management is very common and there are many really good property managers. Maintenance and lawn service is really cheap Downside is that property taxes are higher than some places, but I don't find them out of line with OR, WA, or NY. Right now there seems to be some glut of rentals in the middle market, but I'm in the upper end and don't have any trouble renting.
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Lafayette, CA
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Out of state property is tricky because there are things you just can't quickly handle from hundreds of miles away. I'm sure it gets even more difficult with international real estate.
Unfortunately (or fortunately depending on your perspective) the only screaming buy for houses right now seems to be in the USA. You can't get similar quality for these prices anywhere else.
I think there are some very solid investment possibilities for vacation rentals in Las Vegas. That is where I will look in the spring.
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iwog says
Sure you can, but you have to be on the ground speaking the language, not cruising the web. Wait till Spain, Italy, and Greece all pull out of the Euro. Then there will be serious bargains until (if?) they establish a solid reputation for their own currency.
http://www.holprop.com/ is one of the better international property web sites. You can cruise what's listed in English, but the usual rich gringo markup is tacked onto the prices.
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San Jose, CA
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Gentlemen,
Thanks for your responses. I'm not a fan of investing out of state for the reason you guys stated above. It seems like the property manager is the key to make or break the deal for out of state investment.
MemphisInvest has been pretty successful with their business model. However, the term turn-key investment sounds like over-priced properties to me. :)
Vegas? Or shall I settle for Rio Grande? Hmm...... :)
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iwog says
screw vegas. when you visit there, you don't want to stay at some stupid condo 20 miles from the strip. With the overbuilding of hotels on and near the strip, there will be reasonable rooms there for decades to come. Tax and insurance on a crappy vegas home would be more than enough for me to stay as many days as i could stand a year on the strip anyways...
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My brother bought a condo in hong kong in 2009, sold in 9 months for a cool 69% gain. Recently sold the parking space for. 120k USD. The bleeping parking spot is almost 1k USD per sq ft. Lol
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SFace says
And we're complaining real estate in the Bay Area is expensive. LOL!