To Redbrick Partners, slow real estate markets mean a fast path to profits by acquiring cheap homes and turning them into rental properties.
By Paul Sloan, Business 2.0 Magazine editor-at-large
October 26 2006: 10:56 AM EDT
By Paul Sloan, Business 2.0 Magazine editor-at-large
October 26 2006: 10:56 AM EDT
(Business 2.0 Magazine) -- Jonas Lee spends most days driving slowly through unfamiliar neighborhoods. He may look lost - constantly leaning out the window, craning his head in contorted ways - but don't be fooled. He's doing the most critical part of his job: scoping out homes for his Washington, D.C., investment firm, Redbrick Partners, to add to its growing stable of rental properties.
Lee is doing more drive-bys than ever these days. A handful of housing markets, such as southern Florida and certain neighborhoods of Washington, D.C., are wildly overbuilt. Prices are dropping. And developers who raced to build new houses and condos during the boom are likely to soon be begging for buyers. "There's going to be blood in the water," Lee says. "A big pileup."
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