More Photos (2):

Other articles by Gillian Drummond:

Little troupers spread cheer Natural look is taking off Two lofts, one fascinating space Cooking places become showcases A grand place for grandchildren Leather can weather all sorts of ill-treatment Your trash is their treasure Small space, big impact Surviving a home remodel Bless this house

General
.
MYSTERY SHOPPERS General
Maintenance Technician Trades/Construction
Best Paving
Asphalt Finish Roller Operators Production and Manufacturing
QUALITY MANAGER General
VALLEY PROTECTIVE SERVICES
SECURITY OFFICERS Technical
Unitek USA
Satellite Installers Technical
Dynamics Information Technology
Systems Engineer

OK, so the dollar signs aren't exactly flashing in front of you, and the days of "flipping" properties — fixing them up and selling for a quick profit — are gone. But serious property investors say the time's ripe for buying again.

There's a glut of properties on the market, foreclosures aplenty, fewer people buying and lots more desperate to sell.

"If the market's low, it's a horrible time to sell. This is the time to buy and stock up," says Bob Zachmeier, a Tucson property investor and real estate agent.

Not so quick, though.

Remember that one of the hangover symptoms from the pricing boom-then-fall and the mortgage crisis is that banks are now wary.

Zachmeier, with 20 properties to his name and a reputation as one of the city's property investment gurus, admits he has so many loans he can't get any more from the bank. And for those just beginning to build up a portfolio — or thinking about it — it's even more difficult to get a mortgage. Banks are asking for larger down payments, and there are no longer the pick-and-mix mortgage products that existed a year or two ago.

Real estate agent Linda Lou Duddeck of Long Realty says those investors with the most cash available have "the best opportunity in this market."

Zachmeier teaches evening classes in property investment (his classes are now full, he says, after a period in which he had to cancel due to lack of interest). He has always preached long-term investment, even back in the boom times, when flippers were making the equivalent of an annual salary in a matter of months. "Selling should be an option; it should never be a part of your plan."

For Terry Sprouse, today's property market is a boon. He and his family live in one of their properties, rent out their former home, and rent out another they fixed up here in Tucson. He also co-owns two rental houses in Sierra Vista with his brother.

"For me, (the market) plays right into our strong points," says Sprouse. Prices are lower so there's less competition when buying. And fewer buyers mean more renters, which benefits him, too.

"It's the perfect time to have a rental property. Every time I replace a renter I raise the rent."

Sprouse, who works in water research at the University of Arizona, got into property investing in 2002 to boost his retirement funds. He is now author of a self-published book on starting a rental business in your spare time.

But what about those of us who don't have the cash or the will for serious investing? Writer Tami Koenig and massage therapist Mark Groseclose of Marana managed to turn the property market to their advantage with some smart decisions and a little compromise.

When prices were high, they downsized their home — moving from a three-bedroom with pool in Continental Ranch to a two-bedroom almost half the size just around the corner — which enabled them to pay off a chunk of their mortgage.

They then spent $25,000 extending the patio area, adding French doors and repainting inside.

They weren't planning to move until they spotted a bargain in Dove Mountain last summer: a large spec home in a new subdivision with $110,000 knocked off the price.

When they came to sell, their home was under contract within days — despite the already flagging market. Koenig believes their remodeling efforts helped hugely. The couple didn't recoup their $25,000, but they broke even on the sale price. Still, Koenig says that, in hindsight, and given the direction of the property market, the smarter move would have been to rent rather than buy that middle home.

The economy may ebb and flow, but Zachmeier offers this sage advice: "The reasons that make people buy a house are marriage or divorce, promotion or transfer, or families getting larger or smaller. Out of these things, there's not a single one that's stopped happening."