In fact just yesterday I was setting up a time to look at a home and before we got it scheduled it was under contract! YIKES!
Low interest rates and low inventory spell problems for home buyers and people wanting to lease a property.
Tenants are not getting their leases renewed because landlords want to put their home on the market to sell. These are things I hear almost on a daily basis. In Cleveland today the YesMLS new listings where 242 and the sold homes and under contract homes are over 500. That spells a disaster for home buyers and investors wanting real estate.
That is where I come in for my investors and we look at real estate daily and get homes. They are still very good deals and with property taxes, property management, and insurance the homes still net around 10%. They also have an equity position of $15,000 to $25,000, that is real money based on comparable sold homes in the area.
We pay under $100,000 and that includes a light rehab to get these homes creating great rents. Our rents average from $1100-$1400 a month. The net after expenses of property tax, insurance and property management averages $750-$850 a month.
The key is the tenants stay in the homes and we have almost no evictions in 2019-2020. During the covid we have had almost no issues with lease payments. That means we purchase quality real estate that demands great tenants.
With the residential real estate market heating up you need an agent that understands your urgency. I'm Brett at ICON Agent EXP Realty 216-703-5740 or text "information" to 1-937-500-0745
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Thank you