The Real Deal-October 14, 2017 by Jim Turano /Broker for 38 years
Real Estate Investment Properties-If you follow the rule of purchasing a Home for investment, that is no more than 5 miles from your current residence, you will be fine.
Areas to stay away from for the next Ten years or so……… Whether to live or to invest in Properties for rental Income.
*Texas, California, Louisiana, Florida, Mexico, and Puerto Rico.*
If you currently own property in any of these places, do not spend any more money on repairing, or replacing anything. The tax incentives may be nice after Disasters, however, it is my professional opinion to move on. How many times are you going to rebuild or replace after a Disaster? How many trips must you make, how much money do you have to sacrifice, besides your time and effort. And if you wait for Insurance companies to get your money from your coverage of your home, ask the people here in New York who are still waiting after Hurricane Katrina for their settlements. Between contamination of well waters, diseases, and just total inconvenience, future buyers will stay away like the Plague.
Some may ask why is California on your list? Simple and easy to explain. Between the various Brush fires all over the State, California is overdue for a serious Earthquake’s soon. You have seen in the past 2-4 years the rapid increase in Disasters World Wide. The Weather pattern and changes in the Earths Plates shifting and adjusting will continue to cause more Earthquakes all over the World. The New era of Disasters will continue, and change the way people will live and where they will reside from now on. So as far as investing because prices are down in many parts of all the above places mentioned, stay away like there is a big Red Flag please. Do not discard this article. I have 38 years of experience and have keen insight on Real Estate. I have written more articles that are all over Google, and many other web sites for decades compared to any other Broker in the State of New York.
JIM TURANO/BROKER*DIVERSE REAL ESTATE-MIDDLE VILLAGE,NY11379