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Originally Posted by Alex From San Diego
I just picked up this shithole yesterday for a cool 469k in a neighborhood where homes are 800k+
My home is just up the hill. I'll dump 150k into this dump and make it a 2 story home with killer views of the bay and bingo can turn around and sell it for 750k without a problem. People have been telling me about this bubble since 01. I'm glad I didn't listen to them. You can't buy to just buy. You need to buy right. |
Well said!!! The smart man is the man willing to invest in a property not just buy it and have it sit there.
My pop taught me when I was 12. He would buy land and design and build his houses. He let me design our first. It was fun and I've never forgotten.
Me, I'll be retiring officially by end of this year and from there I can just work when I want to and have fun doing it. Two things I'll be doing is getting pepped up on my architectural skills and start designing new homes. In the old days it was 'location' and still is to some degree, but with advanced technologies you can 'make' your location
You've got the traditional 'home flipping' which is still a fast way to make great money. Done right you could be a millionaire in a few years. Problem is most people either are too lazy or don't know how to upgrade a property.
I'm from the old school, buy your land and build from scratch. My brother in law does it and he can't get a house 1/3 built before someone wants to buy it for double and triple of if it was finished!
A smart thing to do is take some time at a vocational school or course and take carpentry, wiring, plumbing, painting, landscaping, masonry. They don't take that long to learn the fundamentals and you will make contacts with pros and up and commers who you can always rely on.