If California is number 1 in foreclosures in the U.S. and Tampa, Florida is number 2 in foreclosures;you can expect the housing markets to be similar. California offers the same type of opportunities with regards to climate and beauty.
I thought this was a very interesting article about an investor who is planning on buying property to hold on to.
Some Investors Are Gobbling Up Homes Home sales doubled in California in the fourth quarter of 2008 as investors and speculators bought foreclosed properties—cheap. “This is the buying opportunity of our lifetime,” said Bruce Norris, head of an investment group that expects to purchase at least 100 homes this year in Southern California.
Norris Investment Group prefers properties built between 1980 and 1990 that are smaller than 2,000 square feet. Norris says these homes usually don’t have too many maintenance issues and are the easiest to both rent and sell.
Typically, Norris pays somewhere around $50,000 for these properties and spends another $30,000 on repairs. He expects to rent these properties for at least $1,200 a month until the market for them turns.
He expects that time won’t be too far away. “You cannot have this (low) level of pricing be permanent because it costs too much to build a home [in California],” Norris said. “That’s how you know you’re making a logical decision when everything is falling around you.
When you can buy a finished product someone will want to live in for $55,000, that just has to make somebody pretty wealthy someday.”
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