As many of you are surely aware, I believe investing in different locations is key to making money in the real estate business. That’s why today, I’m going to reveal some of the biggest hotspots in the U.S. that often don’t receive as much attention as they should. If you’re quick on the trigger and smart about your purchases, you can hopefully get into these markets before the competition grows fierce. There is a lot of room for growth in these areas for property renovation. These towns are already fairly well developed and aren’t new metropolises or anything like that. They’re town’s with a long history, and you’re best bet would be to look into how much renovating you would want to tackle in order to buy properties in these cities low and be able to flip them for profit. As always, however, finding a good deal is merely half the battle. Don’t forget that these properties need to be well managed and marketed in order to sell and turn over profit.
Raleigh is a major college town and has recently been ranked as one of the fastest growing job markets in the whole country. Not only that, but several prominent American publications have also reported that it’s the number one city for business. As this news starts to spread the own is sure to begin receiving a little more attention from people all over. The town sports plenty of growth opportunities and some prime real estate locations that are up for development or purchase right now. I’d take a look around the city and see what properties are available. The average house costs range somewhere around $200,000. This gives you some breathing room for the property renovation costs if you decided to renovate the property and raise it’s value.
Bakersfield, CA is fast being recognised as one of the most affordable places throughout the state of California to live. Many people move here in search for a modest life style. The town’s house prices average between $120,000-$130,000. That certainly leaves plenty of space for property renovation costs. There’s no reason why the homes in this booming town won’t sell past as long as they’re well managed and well maintenance. Not to mention the town is in a nice location, being situated only a short drive away from the Sierra-Nevada mountains.
Tampa, FL has long been a very sought after location for its real estate. When the market took a major hit in 2008 a lot of people quickly sold their homes in distress. They put them up on the market for way below what they were worth yet people just simply weren’t buying homes at that time for obvious reasons. There are still homes up for grabs that have been for sale for years. Desperate sellers tend to continually lower the prices on their properties as well. These houses will definitely need some property renovation if there hasn’t been anyone in there for several years but with the reduced prices offered you’re sure to have plenty of space for property renovation costs in your bottom line. The real estate here has plenty of space to keep growing still as on average the real estate industry is still 38% off their bottom line and nearly 44% below the peak they hit back in August of 2006.
These three towns are just a few of the great options available for anyone looking to invest in the property management market. I would encourage all of you to at least give these three a look and if you don’t already own property in any of these towns give serious consideration to claiming some real estate before the prices begin to rise again.