Great example of MJ's lesson-distressed property ride over?

[InMotion]

This a great real world example from Mj's book. I ran across a short podcast on NPR and, if you listen between the lines, it follows MJ's advice closely relating to the story about a plumber talking about buying rental property. In this story a firefighter is buying distressed real estate and talking about how hard it has become to find good deals. When the "average joe" gets in, its time to get out. Sounds like the ride is nearing the end of the road in distressed for the majority.


NPR Media Player

 

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[Rickson9]

It is. I can't find anything and I've looked in Phoenix, Tampa and Atlanta. The good times seem to be over.

 

[roc]

Not over just have to look into different niches of real estate investing. As MJ said you want to be in a biz with a high degree of difficulty to enter.

On a side note have you looked into Memphis, hearing great things about it. Roc

 

[yahdmon]

It is not over.

But there is a wave washing across the areas which have been impacted so the good areas are pretty much covered. I am noticing that the desired areas are pretty much covered... as we move further east we are seeing available properties but they are not the most desirable because those areas were impacted greatly and seem to have a ways to go before they recover. We looked at a house being listed for $4500 today and the area is in a downward slide so we just kept moving. It is not over, but it is nearing there then in the next 2-3 years we should see prices moving upwards beginning about September this year is my guess.

Keep looking.

 

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[PopEmersen]

It is not over, I am in Atlanta and there has been some inventory opening up in the past 30 days. We just had 3 under contract, only kept 1.

Rickson, where in ATL are you looking? Are you looking at rentals or flips? Let me know, I can help.

 

[Pete799p]

I think the easy money is gone for now. I am hoping my market will loosen up in the off season or some inventory will start being dumped. There still has to be alot of forclosures in the pipe, I know a half dozen people who have not paid their mortgage in 3years and they are still living in their homes. Unless the bank no longer has any idea they own those properties these places will eventually have to hit the market.

 

[Rainy_TX]

In markets like this, sometimes you have to think a little more creatively. There is a glaring opportunity just in the fact that there are hardly any mortgage loans to be had...

Distressed properties may not be the golden ticket now, but something else can always take it's place. You just have to find it.

 

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[PopEmersen]

It is. I can't find anything and I've looked in Phoenix, Tampa and Atlanta. The good times seem to be over.

Totally agreed now. Apparently I spoke to soon up above