Landlords will be landlords

The recent events (fiasco) in the sub-prime market has now maid it more difficult in obtaining financing for those with questionable credit. Buyers, unless they have great credit are going to have to come up with some money (no more zero down payment). This is great news for landlords. You are not going to have any problems filling up those vacant units. We may actually have housing shortages in some areas.

It is natural that tenants become first time home-buyers. But now, unless they have a decent down payment, it's just not going to happen, equating to long term tenants. With so many foreclosures on the horizon, the displaced owners will require housing, increasing rental housing demands.

When supply is down, demand is up. Rents are going to begin to increase with the demand for available housing. Who knows, maybe the rents will actually begin to justify the absurd recent prices on some of the investment properties recently and currently on the market. It may not be a bad time to look into purchasing a reasonably priced investment property, if you can find one.

The recent re-development in Downtown Gables, S. Miami, Miami has created a lot of available but not so affordable housing. Lets face it folks, if these people can't afford to buy, or are coming out of a foreclosure, they are looking for rentals they can afford. With more high rise development on the way it raises the question, where is the affordable housing? In Miami, affordable rental housing can be found in the NW Section, Little Havana (the Little Havana area is gradually and steadily transforming and very soon will not be so affordable any more), or Hialeah.

If you have been contemplating the purchase of a Miami Income Property, now might be a good time to think about putting that plan into action. If you currently own Miami units and have been contemplating upgrading them, now is the time. Upgraded rental units command higher rents and are always in demand.

Do you have Miami Income Property that you would like to sell? Are your rents anywhere near today's current market? If not you might want to consider restructuring your business plan and raising your rental income to support your asking price. Income property sells based on GRM (Gross Rent Multiplier). In plain English, your rents must support your selling price or your buyer will not be granted a loan. Sure, you can wait for a buyer with a lot of cash, but you are going to wait a long time. A buyer with a lot of cash is most likely going to split that cash up and buy multiple units. If you price your property to sell, and your rents support your price, you should be able to sell. I am highly experienced in the purchase and sale of Income Properties.

For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group