Investing in Homes near new Casino?

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@Brian Burke I was hoping we would get some unsolicited offer.I do believe though there will be a play for a master plan type development down the line.Since its only been 20 plus years I guess we can wait a few more.. Just hope it happens in my lifetime.. If note nice legacy for the kids. !!!!

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@Daniel Morgan real estate is driven by job growth. That casino that @Jay Hinrichs mentioned? They hired 2,000 people to staff it. I started buying rental houses in that town about a year before the casino opened. Now there are 2,000 more jobs in that town and competition for homes became fierce. Rents and prices are up. Get in before the casino opens or you could be too late. If you are worried about the sustainability of the casino, wait a year or so after it opens and the supply and demand imbalance gets fully priced, then sell.

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Hey Daniel,Casinos are also being developed Schenectady, NY, which is close to me. The short answer whether to invest or not is simply to ask, is it a good deal or not? I'd say values and needs will go up for people in the area and your investment depends on your strategy. Businesses come and go in any industry, and cities fluctuate with them. C/D area + business development = opportunity...(most of the time). Are you more than likely to lose money or make money? What do the numbers say? ;o)

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Having lived in the Atlantic City area for a number of years I can tell you the faster you can strike on a property the better. A lot of speculators come in and drive prices up very quickly. On the plus side rentals are in high demand both short and long term. The strategy you want to focus on is where will workers likely live and project out the population over 10 years. The goal is to acquire an investment that will appreciate over the next 2-5 years instead of playing with the big boys so close to the new area .Good luck

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@Daniel Morgan, wondering if you took the plunge and invested in Springfield... I am now exploring the west as well.Thanks,Flavio

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@Daniel Morgan If you are in this, you have to gamble on speculation. being 5 years ahead of the curve takes insight of more than just one project. However being 5 years ahead of the curve I have bought $1000 lots and sold for 13-15k. Of course I have some I still own (luckily we paid less for those). If you can get a house and cashflow on it, then awesome, and if the value goes up better, if not it cashflows. Just my thoughts. Be greedy before everyone else so when they are greedy you can sell to them. I target 5 year growth plans, so in 5 years will there be more jobs and renters there. I dont know your market but I would assume.

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@Daniel Morgan see above in CA there is a very real outcome that will see my kids or grandkids cashing in on DAd's or Grand dads great buy !!!!!! one way or the other some one is going to make millions on this deal.. might be me, might be my kids, might be my grand kids.... that is the legacy of owning RE.. it stays the same we all turn to dust and our generations take over.

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@Jay Himrichs thats awesome!!!!! thats one hell of a flip if thats goes threw for you, hope it does.@Bob Couture i kinda figured that about the appreciation in the metro area, the reason i was concerned was because i got a lead in the downtown area in Springfield and i was trying to evaluate the numbers, seeing that the casino is gonna be built 3 blocks away i was wondering how that would play a factor with the numbers.

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@Daniel Morgan I bought a property over 20 years ago in Northern CA. Sonoma county.. Well after a 15 year fight they just built the largest Indian casino I Northern CA right across the street from me.. I have 4 acres and the city is rezoning it to mixed use resi commercial.. so like commercial on the bottom condo's on the upper stories. If it was red hot I would have had unsolicited offers to buy my property but as of now just one inquiry. So not really sure what to think of REsidental.. And in this town there is a huge shortage of housing but then again I think the employee's come from all over the county.Kind of like when Toyota built their huge facility half way from Memphis and Tupelo.. all workers need to drive 30 minutes plus to work... Its what makes RE so fun... Did you choose correctly and what will happen.. will you get caught up in the wave or not.My little 4 acres if it gets hot will be a multi million dollar property I bought in 92 for under 30k.. But it never cash flowed a day in its life.. Just sits there bare land growing tumble weeds