Gulf Coast market too fierce? Kill newbie? - Posted by Maggie
Posted by Maggie on February 21, 2000 at 22:22:19:
I live in an area on the Gulf Coast of Alabama that is extremely high priced for real estate. For instance, a 900 sq. foot house in one nice little area currently sold for $250, 000. No kidding. This poses a problem for me as I am just starting out in investing (I’m actually still cruising around this site, learning). Finding houses to rehab, which is my interest, is a joke. The millionaire investors have already beaten me to it. My question is, how can a newbie compete in such a fierce market? Is it wasteful or self-defeating to start out in such a stiff market? How far out of town is reasonable to look? I am so enthusiastic about this venture, but I can’t help but be intimidated. No joke, my hobby has been for years driving around towns looking for For Sale and For Rent signs, so the drive is there. Any suggestions would be much appreciated. By the way, I’m 23 and recently quit my $100 week part time job to concentrate on this. Talk about green but committed: that’s me.