calmloki
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Blabbed about owning some low cost rentals here before and how we bought from the mid 80s to mid 2001. Did it contary to the conventional wisdom to maximise opium - Other People's Money. Result was that we made money more slowly, but i think our risk was much lower. Now, when rents are spiking up, we are looking to sell off some of the multi units and buy a few single family to cut back on the number of tenants i'm responsible too. To that end, we've been looking at houses in SoCal and Florida, and i gotta say - these are some crazy good looking markets! I'm seeing houses that sold last year for $450k being offered at $150k.
Now i haven't done any onsite looks at them, so maybe they are what's left after the Drug Enforcement team did an entry and search of some meth labs, or the last owners were insane puppy mill owners, but my thinking is, if you can buy a house in a decent neighborhood for less than it costs to build a replacement... Granted, it will be some years before the market turns up again (IMO honobob), but big deal - a savings account. I cannot imagine building codes becoming more lax but can imagine it will get more and more expensive to build a home - that should mean existing homes will get more valuable. 'Course maybe the population will shrink - anyone want to bet on that?
Location location though - we were offered an opportunity to loan on a couple little houses in NE Oregon - think we'll pass - they are an 8 hour drive from here and i can't imagine anyone wanting to buy there - zero building permits pulled in their county last year - Google Earth Long Creek Oregon. And yet, 6 miles away there's this: Keeney Estates - Country Home Sites with Acreage in Grant County, Oregon
Maybe it's all perception and attitude - much like the current liquidity problem.
Now i haven't done any onsite looks at them, so maybe they are what's left after the Drug Enforcement team did an entry and search of some meth labs, or the last owners were insane puppy mill owners, but my thinking is, if you can buy a house in a decent neighborhood for less than it costs to build a replacement... Granted, it will be some years before the market turns up again (IMO honobob), but big deal - a savings account. I cannot imagine building codes becoming more lax but can imagine it will get more and more expensive to build a home - that should mean existing homes will get more valuable. 'Course maybe the population will shrink - anyone want to bet on that?
Location location though - we were offered an opportunity to loan on a couple little houses in NE Oregon - think we'll pass - they are an 8 hour drive from here and i can't imagine anyone wanting to buy there - zero building permits pulled in their county last year - Google Earth Long Creek Oregon. And yet, 6 miles away there's this: Keeney Estates - Country Home Sites with Acreage in Grant County, Oregon
Maybe it's all perception and attitude - much like the current liquidity problem.