All Forum Posts by: Fred Conway

You could say the same for Austin and the other Texas cities, Houston and Dallas. Also, Atlanta and Charlotte have a huge population of northerners who move there for cost of living and jobs.

a correction is occurring right now, big losses the past few weeks. With greece and interest rates uncertain, looks like the rest of 2015 and early 2016 would be a bad time for stocks. Stocks are dropping after reporting big earnings. The whole market is wild. 

agree with Tom Brooks. If you're a buy and hold, it'll be a good time for you. Unless wages go up, i see house prices dropping once interest rates rise. We will never be a country like we were in the 70s in which much more people owned homes, we're a renter nation now and will stay that way for the foreseeable future. 

 Is there other reasons besides the amount of investors?

One thing i would recommend is instead of breaking things down by state, you should try more by city and metro areas. Reason being is because each city is so different from one another that you may miss something because you dont like that state as a whole. Jay mentioned charleston, which mamy people wouldnt pick south carolina. Alot of people like florida as a whole with orlando, tampa, some like ocala and vacation properties but south florida is entirely too expensive. Same type of deal with Texas, it may be hard for you to find something in Austin right now becausr of the high prices but there are other markets that do well, particularly ive heard good things about fort worth, which is just west of dallas. Also, could you email me your spreadsheet to [email protected] ? Thank

ryan raisley is a great contractor and honest guy, does mostly commercial stuff and may not have the time, hes pretty busy but may be worth it to reach out to him. Hes got a website, just google him. 

might wanna look into gulf shores or otange beach alabama. Property taxes are much cheaper than florida, beaches are just as nice and many of the same families that go to destin consider gulf shores

Warren buffet always says buy when others are scared and sell when others are buying. I dont have the testicular fortitude to invest in Detroit but id imagine you can make some money there IF you know what you're doing. I think a great strategy would be to go in and buy entire neighborhoods of those 25k houses and completely redesign the area. Turn them into MF, townhomes or nice, middle class SF. If you've got the cash, time and vision, you can make it happen. Only thing i would be leary of is long term, how many people under the age of 30 would actually consider moving to Detroit? You hear of boston, NY, San Fran, Austin, Dallas, Atlanta and a few others but you never hear about Detroit. I dont know that the economy will ever really boom out there without major help in the form of subsidies and tax breaks but thats a major gamble. So no jobs, no rent. 

So strongly considering buying a property for 125k plus closing or for 115k cash. I dont have 115k just laying around but could move some money around and make it happen. Similar property in the area rent for 1200 a month so doing the deal cash gives me a little more room for profit. This is my first deal and have never done a cash deal or bought a home in general. Initially i would be living the in unit until i move out and rent. What would you do if you were me? How exactly do i go about making a caah offer?

Ya id pass. If you said you were making $200 a month after expenses, i still might pass but you're doing a 30 yr fixed and losing money every month. By the time its paid off, you will have paid over 320k for the property. If you were doing a 15 yr fixed and breaking even, that MIGHT be worth it, but unless that place appreciates substantially, you're going to have a hard time getting your money back.