Ok the real estate market is just about to implode. One of the reason that properties are not worth as much is because we cannot get financing. I talk to a variety of bankers every day. I sell for them, I manage for them, I help them place loans, I borrow for them, two of them are on my board of directors, one is in my forum, heck my brother is even a banker. At the end of the day, banks are simply not lending.
I am of the opinion that you will see the prices for rental houses continue to erode. To the point that there will be lots more land contracts and houses going for $5,000 that need $5,000 in work and rent for $600 a month. I heard someplace that there is not a present or future there is just the past repeating itself.
There was an extended period of time where my clients and I were buying houses for $2,000 to $5,000 and renting them for $800. These days are back. Every single day I have a client or associate saying they are throwing in the towel. If I have never said this before, I will say it again. If you have the money you should be buying like crazy. Start by offering 10% of the sales price. I am sure you will get some takers.
