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re: What will the flood do to the housing market here?
Posted on 8/16/16 at 10:46 am to Rakim
Posted on 8/16/16 at 10:46 am to Rakim
quote:
I love how people come on here to boast about making a great deal on a home, but have no desire or clue on how to capitalize. You are on a business board so expect people to throw some shade.
Capitalizing is often difficult in situations like this. The other poster's situation is just like mine was. Let's say I sold my house after Katrina (or he sells after this flood). Yes, I just made the quickest $100K I'll ever make in my life. But now I need a place to live. Good luck finding rental property in an area where tens of thousands are now homeless. Buy a new house ? I can't move up to a "$100K bigger and better" house because now everything remotely close to my area is likewise overpriced. To buy a house similar to what I had at normal values and pocket the $100K profit, I need to move to a city that is at LEAST in another school district (though realistically more like 50+ miles away) - which means my kids have to change schools, find new friends, etc. And now I have a MUCH longer commute to work. Something like this that triggers a major temporary increase in home value is not always easy to capitalize on. I'd love to hear some realistic suggestions though, because a lot of people will be in this situation - and if there are realistic ways to capitalize, it's a once in a lifetime opportunity.
Posted on 8/16/16 at 1:58 pm to 911Moto
My novice common sense says the rental market will be the place to boom next. Lot's of people without flood insurance, without the means to repair and looking to sale. Buy cheap, gut, refurbish and sell at market value or rent.
Posted on 8/16/16 at 2:03 pm to 911Moto
Wouldn't one thing to do is get your home reappraised while values are high, then cash out some of that equity to purchase depressed properties, rehab them, and sell?
No one has to move in that scenario, and you'd be doing a great service as well.
I'm admittedly not all that great with property financing angles so forgive me if I made a mistake somewhere.
No one has to move in that scenario, and you'd be doing a great service as well.
I'm admittedly not all that great with property financing angles so forgive me if I made a mistake somewhere.
This post was edited on 8/16/16 at 2:05 pm
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