I was asked to post a reply to this thread because I have a condo high rise on the beach next to the casinos. My partner and I am splitting it up into fractional ownership.
I could show you a hundred articles and professional money managers or real estate experts who say Biloxi is going to be the next "Vegas." But I wont waste your time on that. We bought our condo pre-construction, as we do almost all our real estate investments. The tax breaks are not what drove us to Biloxi, rather the potential of the city itself. Theres Vegas in the West, Atlantic City up North, and Biloxi in the South. Legit casinos, Atlantic City and Vegas, have strips. What people want to see is lights, camera, action, so to say. Biloxi is in the midst of building their strip(Before Katrina all the casinos were on the ocean, and this is no longer allowed). Follow the money. Follow the money. Follow the money. They are also required for all new buildings to withstand Katrina like winds and storms of this nature, but there are insurance protections included in most buildings. I believe there are already 4 or 5 Casinos there on the strip, and they are in the middle of building 5 more. Americans like to gamble(One reason I wanted a place in Biloxi is to cut down on the airfare to Vegas and or Atlantic City). Once the strip is complete, I believe it will be a steady renting unit. Geographically Biloxi is the featured casino in the South. Now, cash flow is starting slow, but in all real estate you must be able to hold. Biloxi is not your type of investment if you do not have money to spend. This is one reason we are breaking up our condo and offering owner financing, because we would like to have some cash flow and limit our liability. In the same sense, we would have never bought the condo is we didnt think it would appreciate in value(which it already has - appraised for $49,000 more than our contract price). Our condo is very posh because as I said earlier, you cannot go into this area cash strapped looking for a deal(They are over populating the condo area down there anyway, that is why you have to go big). The major corporations have already snagged up most of the good real estate as well( One company from Vegas, Im not sure of the name - maybe Hard Rock, has bought up around 100 miles of coastline to develop). Follow the money. Follow the money. Follow the money. My last point I want to make is this: Almost anything on the ocean will go up in value. Now when you combine these factors, Biloxi looks to be appreciating as we type. However, this is just my opinion. Hope this helps some.
Tyler
www.cmbilt.com
I could show you a hundred articles and professional money managers or real estate experts who say Biloxi is going to be the next "Vegas." But I wont waste your time on that. We bought our condo pre-construction, as we do almost all our real estate investments. The tax breaks are not what drove us to Biloxi, rather the potential of the city itself. Theres Vegas in the West, Atlantic City up North, and Biloxi in the South. Legit casinos, Atlantic City and Vegas, have strips. What people want to see is lights, camera, action, so to say. Biloxi is in the midst of building their strip(Before Katrina all the casinos were on the ocean, and this is no longer allowed). Follow the money. Follow the money. Follow the money. They are also required for all new buildings to withstand Katrina like winds and storms of this nature, but there are insurance protections included in most buildings. I believe there are already 4 or 5 Casinos there on the strip, and they are in the middle of building 5 more. Americans like to gamble(One reason I wanted a place in Biloxi is to cut down on the airfare to Vegas and or Atlantic City). Once the strip is complete, I believe it will be a steady renting unit. Geographically Biloxi is the featured casino in the South. Now, cash flow is starting slow, but in all real estate you must be able to hold. Biloxi is not your type of investment if you do not have money to spend. This is one reason we are breaking up our condo and offering owner financing, because we would like to have some cash flow and limit our liability. In the same sense, we would have never bought the condo is we didnt think it would appreciate in value(which it already has - appraised for $49,000 more than our contract price). Our condo is very posh because as I said earlier, you cannot go into this area cash strapped looking for a deal(They are over populating the condo area down there anyway, that is why you have to go big). The major corporations have already snagged up most of the good real estate as well( One company from Vegas, Im not sure of the name - maybe Hard Rock, has bought up around 100 miles of coastline to develop). Follow the money. Follow the money. Follow the money. My last point I want to make is this: Almost anything on the ocean will go up in value. Now when you combine these factors, Biloxi looks to be appreciating as we type. However, this is just my opinion. Hope this helps some.
Tyler
www.cmbilt.com
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