If you’re a property investor, you already know what we’re talking about.
The interesting part about buying as much property as you can now is that Open Door Auctions founder, Jason Hartman, has been preaching for years about how we are presently living in historic times from a real estate perspective. Never have houses been so widely available (thanks to the Foreclosure Generation), with so little down payment required, and at such low prices and interest rates. Actually, we should retract part of the list. Interest rates and prices remain low, but we’re already seeing down payment requirements increase. Hartman also has been talking about the coming rent rise tsunami, and it looks to be drawing closer.
That’s why it’s imperative you act now, and what’s the best way to buy a house quickly? Here’s a hint: not by using the old-fashioned offer/counter-offer system. That takes months and can be exquisitely frustrating. We might be biased – heck, yes, we’re biased, and with good reason – but you literally could be attending a property auction this weekend, adding to or creating for the first time a portfolio of income properties set to take advantage of the coming rent spike. A recent CNN story revealed that rent prices have increased at a rate of less than 1 percent yearly over the past decade, but a combination of low housing starts, low vacancy, and a foreclosure rate is creating the perfect storm for landlords.
Are rental rates going to jump 10 to 15 percent over the next four years? Peggy Alford, president of Rent.com, seems to think so. If she’s even partially right, property investors who invested right now are going to be the next real estate millionaires.