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Call for course informationOne thing that has come from the economic downturn of late is the need for viable housing options for those consumers with damaged credit and who may have recently lost their homes to foreclosure. In my market area, I see plenty of this and have been unfortunately declining many loan applications due to credit and lack of available loan programs for these types of customers.
As a real estate investor, I think this is a wonderful recipe for success. Where are all of the people going to live who were formerly candidates to buy and now are forced to continue to lease for another year, two or three depending on their situation? The segment of the market I feel is poised for growth is the rental market. If you are a landlord of residential property whether it be single or multi-family, you should be now or soon will experience a “bumper-crop” cycle of long term residents requiring your product.
The days are over where the 6-12 month tenant strolls through with your property in mind as a short term stepping stone to homeownership. The fact is, they will need to stay much longer to be able to save the money necessary for down payment and to “repair” their damaged credit.
This is the time that the savvy and patient real estate investors have waited for to add to their portfolios and build large numbers of income producing properties. Leveraging these purchases with mortgage money is still very inexpensive and the banks still want your business. With the new construction industry slumping, there are plenty of tradesmen available to make repairs to the properties too and help you in increasing the value of property.
What are your thoughts on this “down turn”? What opportunities do you see that others are missing in real estate? People often hind site is 20-20 and there were great opportunities in past down turns, well I think we are in one of those time people may look back on with regret in the future.
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