Are you ready to start investing in Long Beach real estate? Excited because housing prices have soften? Wisdom will help you understand what your next move should be and how to avoid mistakes that other investors have made.
3 Things Long Beach Real Estate Investors Should Avoid
1.) Buying homes that are in Excellent condition. If they are and you plan to flip them, the profit margin will be very low or non-existent
2.) Buying “tear downs” or “scrapers”. You are just buying the land value. If you are a builder or developer, this may be the way to go depending on property values in the neighborhood.
For example, in 2005, this was a trend in Downey, California. Builders were buying homes that were outdated and old. Then, they would tear them down and rebuild 5,000 square foot homes and sell them for double. There are few projects around the North east Downey area that are still going on and some that are ready to break ground.
3.) Avoid buying….condos and town homes as investments. There is a low profit in turning them over quickly.
What do you think is a good real estate investment? Post your comments below.
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