If there is at least one positive aspect of our country's persistent economic posture, it would be that almost everything is negotiable. Car dealerships' buyer incentives continue to entice would-be purchasers with every imaginable come-on. Department stores snail mail and email endless coupons and "sales events" information, in an effort to lure a shopper to either their physical store or website. Restaurants have beefed up advertising on television, on local radio stations, as well as in the newspapers and boutique regional magazines, offering "two-fers", "early bird specials" and "points systems" for return customers. Of course, not to be overlooked, telemarketers doggedly pound the phones in an effort to make a sale. Surrounded by every imaginable product or service - presented to us in magazines, on television, in transportation hubs, on the internet, by mailed circulars, solicitous phone calls, billboards along the highway and newspapers - we all know there is just no end to it. Amazingly, though, the bottom line is that they all say the same thing, and that is "buy me". And all of these companies want the same thing, and that is your "buy". Additionally, they all know the same thing - the consumer is not buying the same way they have in the past. The customer or client is more savings-conscious than ever and will be on the lookout for the "best buy". This buyer mindset drives the constant barrage of advertising - all in a bid to make a sale.
Yes, now is clearly the time to buy, regardless of what you need or want. This unquestionably includes real estate, most especially investment properties. The great humorist and author, Samuel Langhorne Clemens (more commonly known as Mark Twain), made a very wise suggestion, in one very short sentence: "Buy land, they're not making it anymore". Land is for sale everywhere and, comparatively speaking, the "price is right"! Whether in search of a neighborhood building lot for a residence, significant acreage for keeping horses, or a suitable location for a commercial endeavor, land is considered a smart investment. But for those seeking an immediate income-producing opportunity, now is the time to consider the possibilities of a rental property. Especially suited to this effort would be a multi-family dwelling, which is defined as a house or building with two to four units. As of February 16th, 2010, there are 60 multi-family properties for sale in Middletown, in Orange County, NY through the multiple listing service, priced between $68,900 and $330,000. What this means to a potential buyer is that the owner-seller of a multi-family home has a tremendous amount of competition (since there are so many of them currently listed for sale), and competition directly points to negotiability. Furthermore, exactly half of these available properties have undergone at least one price reduction during the current listing period, and there are a significant number that have had several "price adjustments". There ultimately comes a time when the owner-seller will take what his property is worth - and the definition of what a property is worth is quite simple, and that is "what a buyer is willing to pay for it". What are you, the potential buyer, willing to pay for it?
Several factors determine the value that works for you and, of course, the most important of these would be the location and condition of the structure, and the income-producing history of the units within the house or building. Some of these above-mentioned properties are located within a business district and are therefore classified as "mixed use" - most of the time, the street level space is used for a commercial business, and the upper floor(s) would be used for rental apartments.
Usually a commercial occupancy commands more rent than an apartment, so having a business lessee, in addition to apartment renters within the same building increases the return on investment. However, regardless of whether a property is "mixed use" or not, there is income to be garnered in owing a rental property. The current monthly rent roll of these 60 available listings averages between $1500 and $3000, depending on the number of rental units, as well as the square footage and number of bedrooms in each unit. Obviously, the more units within a house or building, and the more bedrooms and living space within each unit, the more rent a landlord can command. Another important consideration is that many of these properties are located within walking distance to shopping, public transportation, schools, medical facilities, parks etc. It should also be noted that Orange County, NY is an awesome combination of cultural diversity, intriguing history, numerous recreational possibilities and countless places to visit and things to do!! An additional and substantial "investment magnet" is that there are owner-sellers who are even willing to hold paper, at reasonable interest rates, in order to make a sale!
Indeed, now is the time to buy an income-producing property; and it is also the time to consult with a licensed real estate salesperson who offers highly professional service and sound real estate guidance, so you can carve out your niche in the income-producing real estate marketplace!