Originally Posted by
Mac4Lyfe
I have always bought property where the money was. When I was 15, I purchased a lot in Ohio on a canal. How many places in Ohio have a water channel that you can dock your boat? I didn't even think about it, I paid $6k for it in cash. 8 months later it was worth $17k and I cashed out. 2 years later however it was worth $38k. I bought my first home in Florida when the northerners was buying up like crazy, sold that home 5 years later for almost double. Bought a duplex in Atlanta Ga near Ga Tech that had positive cash flow in 5 months of the year. Sold that about 10 years ago for about double. Moved to California right as that market was booming. Beachfront property for $300k. Sold it for $800k in 7 years because I wanted to move to the valley. Huge mistake. That property skyrocketed to $3.5 million 5 years later and today is worth $5 million (I'm still kicking myself on that one). But I made good money selling my house in Woodland Hills (down the street from Dr Dre) several years later as I foresaw the California market drought. Moved to Houston 10 years ago and this market is becoming the new California. Houses here do not stay on the market more than a couple of weeks. A neighbor just sold their home for $100k over the asking price. Another neighbor had a sign put out on a Friday and had 3 offers the next day before noon all bidded over asking. My house has almost doubled in value in the last 4 years. The tax assessments have all gone up a whole bunch but Houston's energy corridor is freaking unreal. You don't have to be smart purchasing in areas of growth. For every piece of property I've bought, I've kicked myself on one's I didn't buy.
My dad always said... "they don't make anymore land". Property has always been the way to get wealthy in America. Just make sure you buy in the right location. It doesn't take a rocket scientist to know where to buy. Texas is booming. Companies are moving here in droves. 5,000 new people a month are moving into Houston. They have to live somewhere. Austin, San Antonio, Dallas, Houston are no brainers. 7 of the top 15 fastest growing cities are in Texas. Areas out west like Seattle, cities in Utah, Az and the Dakota's are all growing. On the East coast, DC, Charlotte area steadily growing. If the city is growing, throw a rock and buy something.