This is an EXCELLENT road to INVESTMENT SUCCESS - keeping the homes too long when they begin to deteriorate and components begin to fail is the road to INVESTMENT DISASTER.
the market in the near future. In our area single family rentals were not all the plentiful. The rents didn't support sales prices. There is a mad scramble for cheap, distressed single family properties. Investors are buying them and fixing them up. They plan is to keep them 3-5 years and then sell them for a huge mark up. Cash flow is not their goal. Principal appreciation is the name of their game. They plan on these properties doubling in this time period.
Excess profits breeds ruinous competition. This is a principle in real estate appraising. There are going to be a lot of "investors" who are going to lose their behind. They are buying in the wrong areas. They are renting to anyone. They have more money than brains. They are going to illustrate how to make a small fortune in real estate. They are starting with a big one.
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Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous