Re: Wouldn’t you agree with me B.L. Renfrow? - Posted by B.L.Renfrow
Posted by B.L.Renfrow on June 06, 2004 at 16:03:28:
Bob’s response was tongue-in-cheek - a variation on the response that creative investing works everywhere but where you live.
Upstate NY has experienced a significant downturn in the economy over the last decade, as thousands upon thousands of manufacturing jobs have been eliminated and people have become unemployed or moved away.
Like anywhere, it has its advantages and disadvantages. The upside is that there are plenty of homes available for cheap in most areas. In my town, the mean home sale price is around $50k. In most smaller and medium sized towns, you can get a lower end two family for $20-$40k, and it won’t need to be totally gutted.
The other side of the coin is that you generally need several deals to generate the same income you can get from one deal in a higher-end area. Lots of people have trashed credit and little to no downpayment money. Buyers and tenant/buyers are fewer and less qualified than in other areas. Properties set empty longer.
It’s just a matter of finding out what works best where one lives. In upstate NY, one usually doesn’t have to worry about multiple bidders trampling over each other racing to the closing table waving their cash in hand.