There is money to be made Fisherman. Although the market is still weak it's slowly getting better here in Ohio and many other states.<quoted text>
I have a gut feeling about some apts/'condos' here. Don't know all the rules/restrictions/covenants. They might only be for owner occupants and probably can not be rented out short term. But still, even as a long term rental investment, I think they would be a good deal. 1bd/1ba for $82,000. With a little down, and payments on, maybe 65-70 thousand, they might rent out for 800? which would pay the mortgage, fees and tax, or close. Since Larry Elison just bought the island, things are REALLY CHANGING! He's talking about making a third luxury resort (besides the two 4 Seasons ones) and another golf course. I'd bet if that happens, when they bring in all those workers, housing will be hard to find. That happened in 2002-2005 and prices went WAY up- more than doubled. I think that will happen again in the next 4-8 years. The places mostly need work inside and are not in a very good location- on a main road across from the school, so I doubt you'd want to live there, but I think they would be a good investment. Larry has created over 100 new jobs already. I hear the traffic like never before. It sounds like the Indianapolis 500 starting at about 4am in front of our house now (slight Fisherman exaggeration). It has NEVER even close to sounded like that the 8 years we've been here. At Christmas, the little store's shelves were empty!
Don't tell anyone, we'll keep this our little secret. I've been trying to talk the wife into trying to get one, but doubt we will.
If you're able you should go for it. I think it's an awesome adventure. And it can be an adventure with lots of ups and downs. Just make sure you're prepared for the downs ( money wise) if you do that you should be alright.
Real Estate can be like a moody woman, you never know what to expect but expect everything.
I also recommend doing alot of research before jumping in..