Hi! I’m David Hancock, owner and President of Time Properties, LLC, a real estate invesment company in Burlington, N.C.
I am starting this blog to help educate beginning and intermediate investors on the ins and out of real estate investing, landlording, flipping, rehabbing, local markets, macro-economics, and just about any other topic I can think of!
Today’s topic is: Just Why the Heck Would You invest In Real Estate Now Anyways?!?! Didn’t the real estate market just crash!?!
Right now is actually the BEST time I have seen in my 15 years of investing to get cracking. Prices are sooo low right now, that they are at the lowest relative levels (heck, absolute, not relative) in 30 years or more. If I’ve heard it once, I’ve heard it 1,000 times, you make your money when you BUY real estate. What that actually means is that most of your profit will be determined by how much BELOW current market prices you can get stuff. We have bought just shy of 30 units so far in our area this year, at generally 50 cents on the dollar!!
Now, before you start getting jealous, you gotta realize that early in my career, I bought stuff at 80 cents, 90 cents, and sometimes $1 (!) on the dollar. So I am speaking from hard-won experience here! For pete’s sake, DON’T pay more than 70 cents on the dollar for ANYTHING (including) a personal home for at least the rest of 2009. There’s no reason to, when there is so much out there at such discounts.
If you can’t find anything within those parameters, you just ain’t looking hard enough.
Check with me next time and I will start giving some tips on finding some of those deals.
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