Quote:
Originally Posted by HardDrive
I see these prices, and I'm way tempted to buy property, but what the hell am I going to do with it?
Can I rent that house for $350 a month?
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My neice is looking to rent in the same town as those houses. Port St. Lucie.
From what I have been told rent is down from a high of 1500-1800 a month to 600-750 a month. It almost makes sense now.
The problem is finding a tenant, this is the reason I have not jumped aboard yet. I am in no hurry and I am still waiting for the credit card companies to join the crisis then we will see deep discounts everywhere. I am guessing towards the end of this summer as kids head back to school.
Finding a tenant would be the tricky part, building houses WAS Port St. Lucie's industry it was what employed most of the people, now its the county and school district. The school district just announced it is closing 3 entire schools down. Another huge blow to this already depressed area.
I can only say this for sure, the foreclosure situation right now makes 1 year ago look good. I suspect I will say the same in 1 year from now looking back. This mess is far from over.