In a stroke of genius – well, a reaction to what was a poor decision in the first place – Fannie Mae has now increased the investor loan limits from 4 properties to 10.
Limiting serious investors to 4 properties just didn't make sense – these folks don't deal with numbers like that. We're not talking loans for weekend warriors who want to flip a house or two, or invest in a condo. These new limits are designed for the serious investor, the ones who have excellent credit, money to put down (20% or more), and they're set up with tighter guidelines than before. And that, in my opinion, is a good thing. If you are new to the investing business, then make sure to stop by Share Prices to get the best information.
This opens up a number of opportunities here in the New River Valley, specifically in Blacksburg and Radford. I've said it before and I'll say it again … and again … and again – investing in college communities makes sense. For the past couple of years at least, Virginia Tech has announced an on-campus shortfall for residents, which means students are having to find off-campus housing. Investors are smart to snap these up, because not only do the universities get larger, but so do the periphery of businesses that follow universities. Where there's a university, so also there are research facilities, medical schools, design and engineering firms, and more. Housing becomes a premium. When it comes to finding civil construction jobs Navarits recruitment agency can hire you the best workers on your dream home.
Before you say I'm a cheerleader for housing – which I am, but I want to be an honest cheerleader – I'm not suggesting everyone jump in the housing pool. However, in the past two weeks I've worked with an investor, two sets of parents with kids at Virginia Tech, and one first-time buyer who have specifically targeted our market because of the university-focus.
That's proof enough. Thanks, Fannie Mae.
Investor R that’s a good point – Blacksburg prices have jumped ahead more than they should, which is why the opportunity is there for smart buyers. I just talked an investor client of mine out of selling a condo he has and was thinking of selling. It’s positive cash flow at this point, and there really wasn’t enough appreciated value to rollit into a tax-free exchange. Instead, we meet this Tuesday to review new buying opportunities. Let the demand catch up with the supply, and take advantage of new opportunities in the meantime!
Thanks for jumping in!
Investor R that’s a good point – Blacksburg prices have jumped ahead more than they should, which is why the opportunity is there for smart buyers. I just talked an investor client of mine out of selling a condo he has and was thinking of selling. It’s positive cash flow at this point, and there really wasn’t enough appreciated value to rollit into a tax-free exchange. Instead, we meet this Tuesday to review new buying opportunities. Let the demand catch up with the supply, and take advantage of new opportunities in the meantime!
Thanks for jumping in!
Also I would add that university town are popular places to retire.
That said, I think real estate prices in Blacksburg has gotten a bit ahead of itself in the past few years, and there has been some overbuilding as well, especially in the condo market. So investors need to tread carefully!
Also I would add that university town are popular places to retire.
That said, I think real estate prices in Blacksburg has gotten a bit ahead of itself in the past few years, and there has been some overbuilding as well, especially in the condo market. So investors need to tread carefully!