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Is it TOO LATE to “make bank” in the NEW SILICON VALLEY? | Episode 49

Are you missing out on the opportunity to invest in a NEW SILICON VALLEY? I’ve got the details on this hot market (and how much higher it might go) in today’s episode. I’m Carole Ellis. This is Episode 49.

 

Did you miss the boat on investing in the nation’s “New” Silicon Valley? Welll, let’s just say if you’re not equipped to take out a jumbo mortgage on an investment property, then you might have to get a little creative to participate. I’ll give you all the details – including the location – in just a minute, but first, I’ve got an exciting announcement: REI Today is now on Twitter! Get updates, pictures, fun and sometimes weird real estate facts and MORE ACCESS to my guests by heading over there right now (www.REI.Today/Twitter) and following me! And you know I’ll follow you right back, so let’s build your real estate network together. Remember, your net worth directly correlates to your NETWORK, so take this easy step right now. That’s www.REI.Today/Twitter. You’ll love it.

Now, back to the New Silicon Valley…

We all know the west coast is hot, but usually when we think of boiling real estate prices we tend to think about San Francisco, Los Angeles, San Diego, all of those California mega-hot markets that are always in the news. However, there is another seriously hot market out west, and it’s a bit farther north than the rest. The cooler temperatures aren’t affecting the real estate market, though, and some experts are actually suggesting that the metro Seattle area could be the next Silicon Valley. They’re actually calling it Silicon Seattle. Here’s why:

  • Technology workers and companies are moving to Seattle in droves. While the market is definitely hot (prices rose 9.5 percent last year alone), it’s still far less expensive than other western markets like San Francisco, but it’s on the right coast, and that’s enough for a lot of companies and their workers.
  • Jumbo lending in the area is on the rise. One of the best ways to identify a potentially hot tech market is to watch the volume of jumbo mortgages being applied for an approved. IT workers make good money, and lenders tend to like to approve their home loans for their huge houses when they follow their companies to new locations. Last year, Bank of America reported a 20 percent jump in jumbo lending volume in Seattle, with most applicants citing tech companies as their employers.
  • There has been an influx of highly qualified international IT workers on work visas into the area. Frequently a sign of rapidly growing technology market.

So how can investors in this type of market compete when housing is already in such high demand? Well, if you don’t have $20,000 to pay off a buyer with an accepted offer so that they’ll walk away from the deal you want and leave you to buy it, OR the funds to up your earnest money to, say, 15 percent of the home’s total value (yes, these things are really happening!) there are other ways to get good deals on properties in this hot market.

Probably the best way is to take your deal search off-market (meaning find sellers who are in an unusual situation where they’d like to just sell fast and for a discount, even if the market is hot), using a variety of tools employed successfully by real estate investors in every single market in the country. Want a list of these off-market methods? You know I’ve got it locked up tight for you in the REI Today Vault! Check it out right now at www.REI.Today/Vault, and if you’re not a member yet, just text REITODAY no spaces no periods to 33444 and I’ll immediately  ALSO provide you with fast, immediate access to all sorts of great trainings, news coverage, interviews, and lot more timely information that will help make your investing safer, faster, and more profitable.

And remember, when you do that, you’ll also be able to GROW YOUR NETWORK by interacting with me and your fellow listeners to REI Today… so stop by to ask questions, make comments and network with other investors across the country. Text REITODAY no spaces no periods to 33444 or head over to www.REI.Today/Vault right now.

REI Nation, thanks for listening in and always remember this:

Your best investment is your own education.

About the Author

Carole Ellis is the host of Real Estate Investing Today, a popular 9-minute daily podcast focused on educating real estate investors about the important topics that will make their investing SAFER, FASTER, and MORE PROFITABLE. She's also the editor of the Bryan Ellis Investing Letter. She has more than a decade's worth of experience in and reporting on the real estate industry and, additionally, has written dozens of courses on the topic. Carole lives in Kennesaw with her husband, Bryan, and four children. She believes wholeheartedly that your best investment is always your OWN education.

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