Things continue to be busy here with record high demand for rentals. When I started my rental business, the rental market here was just average. Then, at about the peak of the real estate boom, the rental business in our area was the worst it had been in over 2o years, according to the long term successful investors at my REIA. I attribute that to the huge number of unqualified buyers that bought houses during that period with gimmick loans. With the recent real estate bust has come the decline in homeownership by those unqualified people. Unqualified buyers can no longer easily buy a house and many of those that did during the boom have lost their homes to foreclosures. So, I guess in my short, 5 year real estate career, I've seen our local rental market go through an entire business cycle. Let's just hope the market gets stuck in the current high demand part of the cycle!
This extremely high demand has caused me to really put in some longer work days lately, as I'm trying to rehab all of the units we acquired earlier in the year. I had planned to slowly rehab these units over the summer, but the demand has caused me to accelerate that pace. I don't mind doing a little extra work to significantly increase my income. The good news is that once the rehabs are done, I'll have a lot of free time to play.
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