It's great to be out of Orange County for a few days enjoying springtime in the midwest. I've spent the last few days in Saint Paul attending the graduation ceremonies of my sisters for their masters degrees. That aside, I've had the opportunity to meet with other real esate investors and get a feel for the market.
There is an UNBELIEVEABLE opportunity to invest in the Twin Cities.
Yesterday I saw 10 properties and all were under $35,000, the least expensive being $19,000. Only two years ago most of these were sold for around $200,000. Now these properties are flying out the door. Most are bank owned and have multiple offers contigent upon a code compliance inspection.
Market rents along the University Avenue corridor are around $1000 for a 3br. Considering the market is in the process of a recovery, the cash flow and instant equity (after repair) opportunity for these properties is awesome.
My prediction is that once the light rail is completed along University Avenue in 5 years, property values will sky rocket as further gentrification and development improves the quality of these neighborhood. Coupled with rising energy costs, the demand for housing in these areas will push home values to a premium.
Happy investing!
Geoffrey & Gabe
OC Short Sale Guys
(949) 287-4483http://www.ocshortsaleguys.com
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