Penske truck rental service recently published some insider insights regarding where people throughout the United States are moving to and they have some major commonalities. All but two in the top ten are considered Sun Belt states. Technically speaking, the Sun Belt encompasses all regions south of the 36th parallel. More concisely, it’s the states which run across the southernmost border of the United States from California through the southernmost tip of North Carolina.
This development isn’t particularly surprising because populations in the Sun Belt have been booming since the 1960s, and air conditioning is likely to thank for it. Since then, cities have built up dramatically and offer all sorts of recreational activities year-round. Although often sought out by retirees who have grown tired of snowy regions, the diverse activities and cultural hubs have made the Sun Belt states destinations for all. In short, all this means that if you apply your Colorado Hard Money Loans to homes in the Sun Belt states, you’ll have more command over the sale.
When working with Colorado Hard Money Loans, you’ll always want to have a solid exit plan before jumping in. Knowing the cities people move to most can serve as a good starting point for research. They include:
· Atlanta, Georgia; median home value of $255,100
· Phoenix, Arizona; median home value of $239,000
· Tampa, Florida; median home value of $219,500
· Orlando, Florida; median home value of $235,300
· Denver, Colorado; median home value of $424,200
· Houston, Texas; median home value of $183,000
· Las Vegas, Nevada; median home value of $273,000
· Charlotte, North Carolina; median home value of $220,700
· Austin, Texas; median home value of $73,800
· Portland; median home value of $423,200
It’s important to note that the number of people moving to a region only account for a portion of the picture. Yes, populations are growing in the Sun Belt, especially in and around the cities mentioned. However, the Penske report doesn’t actually cover the housing market. There’s no research indicating how many homes are on the market nor how long houses stay listed. In some cases, your own research could turn up that an area has a surplus of homes, in which case, it may not be the best place to flip unless you’re able to bring something to the table that other sellers can’t. Furthermore, regulations will vary from city to city, meaning some may have regulations which make it harder to buy, fix, or sell. Lastly, the availability of Colorado Hard Money Loans will vary based upon a number of factors. Most lenders prefer to work a specific geographic area because they know it well, are familiar with the laws, and have seen successful investments in the area. So, at the end of the day, you’ll need to do your homework. This list may be a good starting off point if you’re not sure which region to do your flips or holds in, but you need to evaluate each region and each opportunity on its own merit.
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Dennis Dahlberg Broker/RI/CEO
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About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
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