What is one effective tactic you’ve taken in response to the recession?

[#1]

Part of the problem with the housing market is the abundance of supply and lack of demand, which makes it extremely difficult to sell (and easy to buy).

If you want to take advantage of the buyer's market, without having to sell your existing house, sign a rental agreement on it instead of trying to sell it. You'll ride out the bad market, and in a year or two when home values are higher again you'll be in a much better position to sell.

And, you'll know that you're contributing to the solution and not the problem, by contributing to demand instead of the over-abundant supply on the market.

Here's a site with state-specific rental agreement forms if you need them, being a landlord does require some initial investment of work on your part, but the reward of monthly cash flow and flexibility in selling is worth the effort. 

Best of luck navigating the recession and the housing slump, and best of luck with your business!

_____________________

Brian

Top 5 Landlord Mistakes

Message Edited by NicoleD on 10-15-2009 09:03 AM

[#2]

Most people I know who have been able to retire comfortably have done so by aquiring an extra property or two.  Ten years from now the price of real estate today will seem like the good old days.

Dr. Lorrie Klein 

Message Edited by ZanetaB on 10-30-2009 11:46 AM