A member of my dance club told me that he was considering and investment in Stockton real estate. He owns several rentals in the Bay area, and heard that there were bargains to be had there. True enough.
- Home values in Stockton have fallen 60.9 percent since the market peaked in 2006.
- In June, sales were down 12 percent year-over-year.
- The Zillow Home Value Index there fell 29.9 percent in the second quarter, compared to 32.9 percent in the first quarter.
- But foreclosures continue to be an issue, with 69.2 percent of all sales in June being foreclosure re-sales.
In the best of conditions, owning rental property so far away from home can be a problem. A reliable rental market (and reliable renters!) is essential. A top quality manager is also important. Sometimes a "bargain" is nothing but a headache for an investor in this uneven market.
1 comment:
If you think the price is fair enough, you may pay it in full price and negotiate for a lower interest or ask for a smaller down payment. Try to maximize the opportunity so that you would have a great deal of your money.
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