As mentioned before Long Beach is known for its beaches, beautiful weather, varied activities and property of all shapes and sizes. However… I’m not sure it is thought of as a real estate investors dream spot. But stop and think…
Wherever you are in Long Beach you are not far from the beach, which is an advantage the low- priced, inland areas don’t have! They always say … Location, Location, Location! Would you rather cool down by taking a walk, biking or driving the short distance to the beach, especially in the hot weather we are currently having, or swelter in other, less fortunate locations? Long Beach is having HOT weather in the 80′s (with a nice breeze) whereas more inland areas are suffering with temperatures pushing 100 degrees!
With the recent decline in housing values, in all segments of the housing market, it is time for investors to consider Long Beach when shopping for rental property.
For example, a client wanted to invest in income property and asked me to check out what was currently on the market, and inexpensive. I looked and found studio condos downtown, near the beach for $40-50,000 and up. The next question was what are the rents like? It appears that for a studio condo they are running around $700+ per month. Not a bad return. You would have it paid for in no time AND if you pay cash you would have a nice monthly income!
Compare that to socking your money away in a savings account where you will be lucky to end up with anything. I spoke with some clients this week who mentioned they had put a couple thousand dollars in the bank and after 11 years have earned a total interest of $300!!! Yes it might be safe, but with inflation you are going backwards, not moving ahead!
Why not consider Long Beach for your next Real Estate Investment!