In May I decided it was the right time to start buying properties again. I had been keeping my eye on the market for the last 18 months and was noticing that apartments had dropped by about 25% percent in value from 2005 levels, but further, in certain residential areas, I was seeing declines in excess of 50%. I further saw inefficiency in the market when looking at returns that could be made on the residential side compared to condo conversions or income producing apartment units.
So after many false starts & three years sitting on the sidelines, I started looking for properties. This was in May of 2009. I was spurred on by a call from a friend of mine. He mentioned that some people in his office were capitalizing on buying REO’s, fixing them and reselling for a profit. I tracked some of the deals they were doing and realized my experience base was more than enough for me to do the same kinds of deals, if not better than they were.
This led to me getting some money together for cash offers and submitting on multiple properties. The first deal I found was on Potomac St in Paradise Hills, San Diego.
(Please register before you click the link.)
For the most updated information & news on real estate & Gabhart Investments go to our Facebook & twitter pages