One of the strongest segments of the real estate market last year was the purchase of houses for investment purposes and accounted for 1 out of 5 home sales for 2008. This was still down several points from the housing boom in 2005.

Investors are keeping pretty close to their home area by following a long-standing rule that states invest in the local market that you know. Of property purchase for investments, 54% were located within 20 miles of an investor’s home and about 2 out of 3 were within 50 miles of the investors’ home.

This means that Minnesota homes for rent were purchased by investors in Minnesota. This means that if you rent in Minnesota you could be living next door to the owner of the property even though your payment goes to one of many property management companies in the area.

More investors were purchasing houses in distress situations like foreclosure or trustee sales. This is really no surprise, given the number of REO and auctions that have dominated many real estate markets today. Moreover, prices were down. The price of a rental unit in 2008 was $108,000 according to one Realtors study. Investors also seem to be buying units at a higher price. There is no mystery here, because interest rates are getting lower

Even with interest rates being so low, many investors seem to avoid banks or other lenders altogether. Many investors paid cash for their purchases instead of worrying about a mortgage. Of course, an investor is in it for the money where a primary residence buyer is trying to buy a home.

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