I bought a home in Charleston, SC, in March, 2005.  Was that a smart thing to do, investment-wise?
114207
it is a growing area ,i think it is good
549187
It took me 6 months of just going to the court house and watching the sale before I bought my house.  it is very risky, there is sooooo much information that needs to be looked at and fully understood before buying a house on the courthouse steps.  there is a lot of things on paper that affect the house than just what you see when you drive by, when you win the bidding you also win whatever encumberences that come along with that house.  bottom line do your homework first and know what your buying or it can become a huge headache.
1100645
Well, technically, you're going to get market value, no matter what.  But, if you want more square footage for less money, there are a few places I'd look: Eagle Mountain, Magna and West Valley, Heber Valley (although prices are going up), Toole, South Salt Lake, Santaquin, and the north-western parts of Weber county (even North Ogden).  \n\nWhat you end up doing is paying less for the house, but you've got more crime and a longer commute.  \n\nIf you see your home as an investment, you're going to want to avoid these places, and buy something you can afford about anywhere else.  Even West Jordan (as rough as parts of it is) may do better for you than these other places.\n\nOne way to get into some of these more expensive neighborhoods is to buy foreclosed homes or homes just "flipped" by an investor (who bought the home in a fire sale, fixed it up minimally, and sells it to you a few % points below market value).  \n\nFrom all the areas described above, Heber Valley and Kamus (North Summit County) is one of the best-kept secrets for real estate in the area.  The commute from Riverton was longer to Salt Lake than it was from Midway (I've lived in both places) because of traffic.  I spent a little more in gas (say $100 a month with today's gas prices and a daily commute), but I enjoyed my commute much more (less traffic until I got down to the valley).  Just so you can make an apple's-to-apple's comparison, $100 per month is about $17,000 difference in house price (if you can save more than $17,000 in the price of the home, you'd be better off spending the money on gas than mortgage).  \n\nThere are probably some other caveats, but that's going to get you started.  One other thought, you might want to discuss this with a good real estate agent.  I'd recommend a friend, Mike Bersie.  I don't make anything by recommending him.  He's just very focused on working with buyers only and delivers better service than others I've found that works these markets.    Also, you usually spend less on purchasing a home when you have your own agent.  His number is  (801) 427-0487.\n\nGood luck
1016486
Here is an article I wrote about today's buyers market:\n\n2006 Year of the Buyer!!\n\nLets start with some facts from year 2005. Last year, we had a strong economy and we also enjoyed very low interest rates. Interest rates were the lowest in 2003, even though they have been creeping up each year gradually, the combination of low interest rates and strong economy fueled the housing boom; which seemed to have ended in 2005.\n\nFor 2006, seller’s need to keep in mind that the party is over. If you were holding onto your property in 2005, hoping to make more money in 2006, I got news for you: “You missed the boat.” But there are many things you can do still to enjoy the profits from the sale of your home like fixing up your home, replace that old carpet, repaint the house, etc, etc.\n\nI hope my readers (sellers) don’t think that I am trying to put them into panic mode. I am just trying to make you understand that in most areas you cannot hope to sell you home for the same price you could have sold in the middle of 2005. Prices have dipped a little and they are taking longer to sell but we still have a healthy normal market, which is where we really needed to be. Last couple of years were not normal markets, it was mainly a seller’s market but it got out of control in some areas of the country where they saw too much appreciation for their own good.\n\nI am NOT telling you that the market “bubble” is going to burst but it is definitely deflating and this my friends, will give buyers a very good chance to get a good deal on a home.\n\nPurchasing a home is an excellent investment, the Government subsidizes it, we still have low interest rates and over all Real Estate is the best investment you can ever make in your life.\n\nIf your are currently thinking but have not yet decided to buy a home, you should know that by the end of the year interest rates will be close to 7%, therefore you need to be very well prepared and do your homework early.\n\nIf you are currently thinking bout selling your home, understand your local market and do the fix ups and repairs needed to entice homebuyers and remember that buyers don want to spend more money on a home after they bought it.\n\n*********************\n\nYou can also find an article about the so called "buble" in the Real Estate market I wrote back in November 2005 and still stands\nFollow this link http://jrealestate.blogspot.com/2005/11/real-estate-market-bubble-burst.html
214987
Not sure about Columbia, SC.  But in Texas, resale is significantly better for brick homes.  \n\nIf you can afford it, I would advise you to go brick.\n\nGood luck!
80273
if it was sold near then, as long as it was sold for near market value, then you will know. You can also apply the trend in your market to the house. This new website has a more information link and you can look at a chart of the value back quite a ways.\n\nYou will need comparables that sold then and what state the house was in too. It is by no means an exact science.\n\nhttp://www.zillow.com
1053287
Judging by the tone of your question, I would strongly recommend that you buy the nice house and stay out of the "slumlord" business.\n\nNow, if you want to buy a nicer duplex in a good area of Cleveland and maintain and manage it properly, you might attract better tenants. That would probably be a better investment for you. Believe me, I am speaking from experience.\n\nBTW, I am a REALTOR   in the Greater Cleveland area.
536491
The one thing I think about is when I bought a rental property, I made my offer, not knowing about negotiating tactics.  The buyer agent had me sign a dual agency agreement, and I don't think he had my best interests at heart. I offered a low price and ended up paying full price.  I was naive to the fact that he was not on my side, and also, I should have asked for closing costs or some other bargaining chip.  And I should have stood my ground on the slightly lower price, after coming up some.  Being in the investor shoes, the buyer needed me more than I needer her.  I could've walked away, but she needed to sell.  So she probably would've taken the lower price had I stopped.  Overall, I do not regret the investment, it was good, I am also lucky because I didn't order an inspection!!!  (Naive again) Lucky it was in good shape.  But it also could've been a bargaining chip.  Had I gotten a lower price, I'd of had more equity now.
190112
Only if you want to invest in that area. I hear it is one of the top places to live or visit, go for it. Good Luck
559419
You could rent for a year while you decide for sure what area you want to buy in.  That's what we did when we moved into an unfamiliar state.  Then you won't get stuck with a house in a neighborhood you end up really disliking.  Just be sure to check what the time-line is on reinvesting your capital gains on the sale of your current home.
608933
It does appear to be a risky market.  \n\nMake sure you pick a house/area where you want to spend 5 years or more.  Also if at all possible put a 20% downpayment down and get a fixed rate loan.  If you think you might only be in the house 3 or 4 years, it might be a good idea to wait until you are a little more settled.\n\nIf you are ready to buy, you can use the risky market to your advantage by making offers significantly below asking price.  If the seller won't budge from asking price, be prepared to move on.
168033
I've done some reading on this subject, and I also have a younger brother in Miami who has bought land down there, by Naples.  We discuss real estate often.\nI was reading an article that said a lot of the people who have been living in South Florida for a long time are all starting to buy places up north.  The reason is that so many people have flooded into South Florida, it has lost the "ruralness" it had 20 years ago.  So, a lot of the long timers are looking to escape the boom that has taken place in South Florida. If I were looking to invest in Florida, I'd probably look more towards the north eastern part of the state.
1079261
I've been telling my clients that if you're planning on selling you house within the next 5 years, now is probably a good time.  Not because of a big crash, per se, but just because the investment doesn't look to be better than other alternatives right now.  I think housing prices, as a whole, will simply rise with the rate of inflation for the next several years.  Of couse real estate is especially regional, there is no such thing as a national real estate market.  So your place could go way up or down.  \n\nBut the point is that if you want to leave with no debt, I don't see a compelling reason to re-fi and hold.  \n\nIf you are planning on moving back soon, however, it may make sense to hold.  Because the transaction cost of selling and then coming right back and buying again are prohibitive.  If you have no intention of moving back, then go ahead and sell and invest in a diversified portfolio that may include real estate, stocks, bonds, etc.  Of course I recommend seeing a professional you can trust to help with these decisions.\n\nFor more personal finance info please go to my podcast, www.promoneytalk.com.  It's the #1 rated personal finance podcast in the world.\n\nHope this helps,\n\nJason
1163551
Ha!  That's funny.\n\nIf you move in mid-year, you will still pay taxes in both states.  It will be prorated, but prorated on your income for the whole year, I believe.  So that wouldn't help you.\n\nThe only real solution would be to move for a whole year, I suspect, from January 1 all the way thru Dec. 31 of the same year, at least. Keeping your house and renting it out shouldn't be a problem, but if California catches wind that the move isn't 'real' (and who knows how they'd interpret that), they may come after you for tax fraud.  On the other hand, if you did move for real, then California wouldn't have any claim on your taxes any longer.  Since taxes on capital gains are not realized until the stock is sold, you should come out ok.\n\nIt wouldn't hurt to check that with a tax accountant in your proposed new state just to be sure, but I'm reasonably certain of it.
708117
Great that you are planning such a wise investment path. I started exactly the same way many years ago. And I'm doing quite well now. My advise to you is go ahead and buy that duplex building. But rent both sides out instead of living in one side. Find urself a cheaper bachelor's apartment to live in. Likely you can get more rent from one of ur duplex than it cost you to rent a bachelor's. You will make more money each month because of the difference. \nYou may say that you only make $30,000 a yr.. but don't forget that when you go to the bank with a proposition to buy and rent the entire building out.. ur yearly income as viewed by the bank is now much more coz they will factor in ur potential income from the duplexes. This allows u a greater debt/expense ratio. and allows you to buy more. \nThere are other good reasons too for not being too quick to move into one side..  income tax for example, because u are not living in the building.. the entire interest on the mortgage becomes an investment expense. Also, it's likely that where you live.. there are better tax advantages to showing u are also a renter. \nIn time, as you buy more and more buildings.. you will be able to choose a house of ur own. But for now, make the most of "all" ur money, live below ur means.. and invest invest invest. \nImportant concepts to understand, balance and use to their most potential are; Ur networth, total assets, debt service ratio and income (both present and potential) debt service ratio is usually the most common limiting factor. ( and keep a watchful eye on interest rates) and know ur local realestate trends and be ur own best forcaster of future trends. As they say, "buy low, sell high"\nCoz in the end, most of ur money will be made on capital gain rather than rental income. ( rental income simlpy facilitates debt expense requirements from lenders )\nChoose a good banking agent.\nAs a realestate investor, ur bank becomes ur greatest partner. Choose an agent that has confidence in you, is knoledgable about realestate and is not afraid to stick his/ her neck out for you.\nBest of luck to you.
1016642
Well written article.  \n\nHaving just sold a home in the town immediately north of Port Charlotte, I can tell you that the market there has gone flat.  We were able to sell because we put a realistic price on our house.  The 1/2 dozen others on OUR STREET that were for sale when we put ours on the market remain on the market today.\n\nThe woods across the street from our old house are being turned into homes that are selling for upwards of $500,000.  Mind you, the same builder was selling the same houses in another development 2 years ago for 1/3 of the price.  I wish the new owners luck in being able to afford homeowners & flood insurance.\n\nAll over the area in Sarasota & Manatee counties the market has gone flat.  Too many people trying to cash in on the post hurricane demand for existing homes.  Made everyone's property taxes go through the roof.\n\nWe moved out of Florida, to a part of the country where you can still afford to live.
457781
No.  Condos are now more expensive than they were before the crash 6 years back.  That's really telling on where the market is.  Buy low and sell high, right now is high.  Buy only if you really need a place to live and outside the metro area is always a better buy and less prone to big price swings.