Most (and Least) Affordable Cities

Want to know what is going on around the country in terms of affordability? Here are the most and least affordable cities in terms of real estate price in relation to income.

• Indianapolis – median home price is $106,000, median income $68,100
• Detroit – median home price is $86,000, median income $57,100
• Dayton, Ohio – median home price is $106,400, median income $62,100
• Youngstown, Ohio – median home price is $76,000, median income $54,300
• Akron, Ohio – median home price is $100,000, median income $65,000

The least:

• New York City – median home price is $425,000, median income $64,800
• San Francisco – median home price is $625,000, median income $96,800
• Honolulu – median home price is $450,000, median income $79,300
• Santa Ana, CA – median home price is $435,000, median income $86,100
• Los Angeles – median home price is $320,000, median income $62,100

Investing in Real Estate

Looking in to investing in real estate?

Here we will look at how to determine if a property meets good investment criteria -

One of the first things to keep in mind is the condition of the property you are considering purchasing. A new roof, repairing foundation, and a new heating and/or cooling system will be your most costly repairs to do. Typically an investor should stay away from properties that need this much work. On the other hand, fresh paint, carpet, even refacing kitchen cabinets are lower cost items and are usually standard when looking at investment properties.

So, let's say you've found a property that looks promising as far as needed repairs go; what about price... How much should you pay for an investment property? A great rule of thumb that we utilize in our business is
buy low, sell low. One of the biggest mistakes made when investing is trying to sell the property at a high price. What happens? It usually just sits there, costing you more money!

Here's an example, we're looking at a property that is listed for $89,000. I already know from the comps in the neighborhood that it should be selling for $120,000. The reason the asking price is so low is it needs some major work - roof, outside A/C unit, and some minor work - updating, etc. Now we had stated we wanted to make $20,000 on our next transaction - will this property make us $20,000? Well we need to be able to do all the repairs, plus account for closing costs. Say the repairs will total about $15,000.

$120,000
-$15,000
$105,000

So, in order to make $20,000 profit on this property, we would have to purchase it for $80,000 (taking into account $5,000 for closing costs).

There's our bottom line, now if we can negotiate this with the seller, we'll have a deal!

Buy $1 million homes starting at $1,995!

I have seen many programs focusing on buying homes for little or no money. As a real estate expert, there is usually more knowledge of the real estate market invloved to succeed with them. However, the market has changed, drastically! The current marketplace allows for you to buy homes, with little or no money guaranteed.

Programs have been around for years, offering to show you the ins and outs of making money buying and selling homes. The problem was not with the programs, but the timing. The economic downturn has created the ideal environment for anyone to buy homes at so far below market value - and there's thousands upon thousands out there!

This is a really great program to start with because it shows you step-by-step what to do. It is that simple. It focuses on tax liens and teaches you how to go about "pointing-and-clicking" your way to investing in real estate for pennies on the dollar!

And the best thing about it - it works anywhere in the country! In the past, programs were really designed market-specific, so if you didn't live in Madison, Wisconsin, the program may not work for you. But this program is guaranteed to work for you, regardless of where you are located at.

Imagine buying a home across the country from you that 1) you only paid a couple hundred dollars for (yes, hundered), 2) it was simple to do with some phone calls and pointing-and-clicking, and 3) you own it outright!

Click on the link below to get started in a great cash flow business with no experience required!


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