what say you said:
FJ43 said:
irish pete ag06 said:
Wish I had more powder available for real estate in the next few years. New job may help with that.
I'll never forget one of the statements my mentor made to me regarding real estate wealth.
"Son…you dont make money the day you sell it, you make it the day you buy it."
What does this actually mean? What if the deal goes horribly bad and you lose your a**?
It means a keen eye for a good deal when you purchase it leads to large gains.
For example, here in hill country, and older house was for sale on Verde Creek in Center Point on 14 acres for $679,000. Real shltty house with an unworkable floor plan.
BUT……
The house sits on 3, count them three, already platted, subdivided lots on Verde Creek. Great water that flows into the Guadalupe about 250 yards away.
2.5 acres vacant
5 acres with house
6.5 acres vacant
An investor bought it, did a little deferred maintenance, and now they will sell each property separately and net about $1.1 million.
Investor didn't make that money when he sold it, he made that money when he bought it, knowing what he could do.