Has always been good in the past . I think its a great time to be picking up some investment properties . With the down turn in the real estate market the last couple of years , if a fella has a few extra dollars to invest , He should make some very decent money . I have found that rental prices have NOT gone down but up in our area . I have people screaming for me to finish my new apartment so they can lease it .
Are you seeing this trend in your area ?
I do not rent "low end" fixer uppers . Most of my stuff is on the higher end . I lease everything with a locked in 12 month lease at minimum . I also give them a option of Lease /Buy within 12 months at a locked fixed price and I will do the financing at 2% over current Bank Rates .
I've found the same in my little microcosm of our country. I've not ever strayed into the high end stuff like you're talking about, but I stay with properties that will be out of range of Sect. 8 renters. I intend no prejudice in a racial manner by that statement, all who have caused problems have been pure white (trash) people. My prejudice is against those who pay nothing for rent from their own pocket and know they can demand almost anything and tear up almost everything with no repercussions.
I am considering my first "high end" home project. It really won't be a high end home, but more of an average price home but of new construction with high quality materials. My thought is that I have 3 more kids to go through college and we have a very good college right here in our own home town. However, part of the 'allure' of college is for kids to break away from their parents.
You see where I'm going now; build a decent 4 bedroom home on the roughly 6 acre lot and let my kids live there while they attend college and, after carefully screening them, allow them to have roommates who will have far better amenities than a dorm room, charge them less than they'd pay for their dorm room, and they'd still only be about 12 minutes from campus.
I'm not trying to hijack your thread Al, but what do you think about that? I have all of the equipment, tools and ability to build about 90% of the home and some very good connections to help me with the part I can do as well as do the part I cannot do. Most want to trade off labor rather than be paid. Being that I own enough equipment to have my own small excavating and landscaping service, they want me to do that sort of work for them in exchange for HVAC, plumbing and electrical.
They will allow me to do most of the plumbing and electrical as long as I follow their direction to abide by code and they will put the finishing touches on those parts and use their licenses and pull the permits. Think this sort of project would work?