Last Friday we met for our Movers and Shakers 1/1/2016 at Dennys. The consensus on the Real Estate market for 2016 is that:
New listings are not coming on the market quick enough to subdue price increases and that will continue. It’s a Sellers Market.
Rentals are scarce and Landlords will continue to raise rents. This may drive renters to purchase while interest rates are still low. It’s a Landlords Market.
We analyzed a 3 family in Salem that seemed underpriced. First we used the Comps (comparable recent Sold properties similar to our Subject property and within a 1 mile radius). Next we looked at repairs and potential profit to structure a Strategy and Price. Finally we looked at Condo (Comps) similar to each of the 3 Apartments to value this deal for “Highest and Best Use”.
Not a bad deal, Good Luck Rich!
Mike Hurney is the Founder and Director of MassRealEstate.net, an Association of Contractors, Investors and Landlords. He is the Author and Coach of the popular Course "How to Become a Real Estate Investor in 12 Easy Lessons" which Trains and Guides Beginners or Sharpens and Challenges the Skill of Advanced Investors. Mike is a Successful Real Estate Investor, Rehabber and Landlord. He's also a Licensed Mortgage Broker and Construction Supervisor.