Small town investor

[Alec Meredith]

Hi,

I'm Alec.  My wife and I moved from a metro area to a small town in a rural area.  We rent the old house in the metro area. We love our small town where real estate is much cheaper. Are there any investors out there who are investing in small towns?  If so I'd like to hear about how and what you invest in.

[Brien OConnor]

Hello Alec.  Yes...I'm starting to invest in a small town as well, for the same reason.  We live in Austin TX.  The only homes we could see possibly buying were all $200K and above.  We bought our first house in Lampasas TX (7,000) in May.  We paid $77K for this home.  We put about $20K in remodeling and rent it for $900.  We just bought a FNMA repo in town for $93K.  We feel we can rent it for $1100.  We are going to specialize in Single Family Residences.  The unique thing about Lampasas are there are NO RENTALS available!  And it's 20 mins from Ft. Hood.  We were fortunate to have an Army Captain and family move in to the house below.  We're pretty excited about the prospects.