Investors Boost Real Estate

A strong housing market has created more than record sales and scores of new subdivisions. It's also led to a surge in buyers hoping to acquire residences that they never intend to call home.

According to the National Association of Realtors, a record 1.8 million homes were sold in the United States for investment purposes last year, a 14.4 percent increase compared with 2003. Overall, more than one-third of all real estate transactions were purchased either by investors who plan to fix up properties for resale or rentals or to use them as vacation homes.

One example: Five years ago, membership in the Real Estate Investors of Nashville totaled about 150 people. Today, more than 750 members belong to the group.

Property managers also report an increase in business from customers looking for help with homes they have purchased as rental properties.

"People are looking for an outlet to help them find a tenant and handle maintenance issues, which a lot of people don't have time to deal with," said Jennifer Hardy, a residential property manager for Crye-Leike Realtors in Nashville.

More investors seem ready to jump into the mix. Hal Wilson is a longtime real estate investor who teaches two real estate investment classes at Nashville State Community College. This past semester, all 90 available seats were snapped up shortly after registration began.

"The interest is just tremendous," said Wilson, who estimates having bought and sold roughly 500 homes in Middle Tennessee since becoming a full-time investor 18 years ago.

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Real Estate Hint: Arizona and Nevada are hot areas.  In Arizona, west phoenix is booming and in Nevada, south of the strip shows signs of growth.

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