With the rise in gas prices and inflation, it doesn’t take a trend theorist to come to the conclusion that the era of McMansions an hour commute or more from an urban center are all but over.
Instead of lamenting the change, Real Estate investors should be seeing dollar signs in foreclosed properties near urban centers.
Couples and young families are going to seek to mitigate their expenses by moving to an area that,
- Is closer to their jobs (saving time and gas money),
- Has ample amenities and retail outlets nearby (again, to save time and gas money),
- Meets their basic needs but remains low-cost, so they have the more cash in their wallets at the end of the month (since they are the most affected by inflation), and
- Isn’t a home. A recent AOL-AP poll indicates 60% of Americans WILL NOT buy a home in the next 24 months.
The easiest way to become a successful entrepreneur is this: Deliver a Solution to a Problem.
Good real estate investors know that the opportunity in buying foreclosed properties to refurbish into rentable units, whether a home or a multi-family dwelling, is a TOO huge to pass up.
Brett Carmen struck upon this over at Trump Blog on 7/31 in a post entitled: The Opportunity is High in Rental Properties…
Think about this…around the country, there are many areas that are experiencing a pricing downturn in home prices. Simultaneously, home loan requirements are on the rise making it more difficult for homebuyers to qualify. Add that to the millions of foreclosures causing families to be displaced looking for more affordable housing. Where are those families going?
The answer is simple.
They are moving into rental properties that are more in line with what they can now afford to pay.
Riches await those who heed and answer a need before customers are even aware of it.
Click here to check out available foreclosed properties in Philadelphia.
