Mandelon
Coffee makes me poop.
- Joined
- Sep 24, 2007
- Messages
- 13,963
- Reaction score
- 18,524
I bought this little shack 22 years ago for $32,000 from an investor. We had to kick out the homeless bums, haul away actual buckets of shit, and make it a decent little place. I remodeled it and sold it for $80,000 in 1999.
I was on Zillow today, and checked on it. Current value is now over $400,000! A few blocks away I bought another little house for $55K, and sold it for $99K, again, back in the late 1990's, it is now $470,000.
If you can buy and hold for the right 20 year period, holy hell that's easy money. Nowadays places are so expensive it is hard to make deals work unless you're already fat with cash. Homes in better neighborhoods have had a million dollars of appreciation over 20 years. Should have kept all these places and let the tenants pay them off.
I was on Zillow today, and checked on it. Current value is now over $400,000! A few blocks away I bought another little house for $55K, and sold it for $99K, again, back in the late 1990's, it is now $470,000.
If you can buy and hold for the right 20 year period, holy hell that's easy money. Nowadays places are so expensive it is hard to make deals work unless you're already fat with cash. Homes in better neighborhoods have had a million dollars of appreciation over 20 years. Should have kept all these places and let the tenants pay them off.