Considering purchasing a rental income property (or two) in College Station...
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From a lending perspective on non owner occupied the rate will be just a bit better with 25% down but you can get away with as little as 15% for single family properties.
Also, sometimes new investors are surprised but the rate on investment properties are higher then they would be for an owner occupied property. They start about .375% higher to about .625% with the better rates for down.
Even with the recent uptick still very cheap money all things considered but thought I would point that out. And assuming good credit etc you can still get 30 year fixed and 30 year amortization on investment properties.
I would be happy to put together some numbers for you to get an idea of the cost/rate etc.
Also, sometimes new investors are surprised but the rate on investment properties are higher then they would be for an owner occupied property. They start about .375% higher to about .625% with the better rates for down.
Even with the recent uptick still very cheap money all things considered but thought I would point that out. And assuming good credit etc you can still get 30 year fixed and 30 year amortization on investment properties.
I would be happy to put together some numbers for you to get an idea of the cost/rate etc.
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I've been investing in CS real estate for 6 years and it's been great. The prices are a lot higher now with returns not being quite as good but I think it's still better than having your money sit on the sidelines.
Feel free to drop me a note if you'd like to discuss my experiences. ryang 09 at gmail
Feel free to drop me a note if you'd like to discuss my experiences. ryang 09 at gmail
BCS Real Estate Investor Club: https://www.meetup.com/Brazos-Real-Estate-Investors-Club-BRIC
Worth checking out for anyone looking to invest/network with like minded folks here in town.
Worth checking out for anyone looking to invest/network with like minded folks here in town.
Abitaholic - Im in a situation quite similar to yourself. I've picked up a few investment properties in CS over the past 5-6 years. I have had good success with single family homes in South College Station. However, prices have gone up (quite significantly) from when I first started buying in 2010. With the amount of cash you are willing to put up, you will still be able to snag 2 nice single family homes that should return in the range of $1,400 - $1,600 each per month. It's becoming harder to find that benchmark 1% (+) return, but there are still good deals to be found if patient. I'd be happy to share my experiences and discuss different real estate folks and property management companies I have liked working with.
We are about to place our townhome on the market. Its in Ridgeway Townhomes which is off of Copperfield behind Momentum Bank Tower. Its a very quiet neighborhood. Built in 2013 3/3.5 if interested pm.
If you can, find fixer uppers and pay cash then refinance or get short term rehab loans with small banks or hard money.
In other words, try and make your "money" or profit the day you buy. I would put enough down to make them cash flow on 15 year notes.
In other words, try and make your "money" or profit the day you buy. I would put enough down to make them cash flow on 15 year notes.
You are right where I was back in 2002. I had one child attending A&M and one to follow 3 years later. I bought my first investment property in 2002. It was a duplex and it is the best investment decision I could have made. I still own it today. I recommend a duplex over a single family home, townhome or condo. I too have a traditional pension but low income investment property has no equal. Although there is a lot of apartment/luxury dorms going up everywhere, it is hard to compete with a well priced duplex. Two incomes beat one, 50% vacancy beats 100% vacancy, and searching for a $800-1200 renters trumps looking for $1500-2000 renters all day long. Since 2002, the light bulb came on and I realize that investment property income is the best solution for achieving financial freedom. I now own 8 multi-family properties totaling 17 doors. Buy a duplex, better values are in Bryan. Good luck.Abitaholic said:
Cross post from Business / Investing and Aggieland board.
Anyone care to shed light on the experience if you've pulled the proverbial trigger? I have $100,000 to invest. I'm considering two properties in the $200,000 ballpark which I'll put down 20% on each. This will leave me $20,000 in cash for immediate repairs (if needed). Why CS? I have three kids and I assume one (if not all) will attend A&M so eventually so investing in property now will provide them living accommodations when they get to Aggieland.
I've worked for the same oil major for 15 years (still employed with them). I have a traditional pension plan, receive annual stock options and continue to max out my 401K (e.g.I'm not robbing myself, if you will). This investment money is sitting on the sidelines and I'm thinking physical assets may be a good mix with my current stock portfolio.
Thanks...
we have 3 properties.
What I recommend is paying cash for each, not financing. Although we've never been vacant, if we were, we wouldn't worry. Also, you build up cash much faster, in order to purchase another property.
Heck, if you have 100K, you are almost half way there to purchasing your first, debt free.
It's one thing to go into debt for your homestead, but, IMO, completely different for an investment.
Just my opinion.
What I recommend is paying cash for each, not financing. Although we've never been vacant, if we were, we wouldn't worry. Also, you build up cash much faster, in order to purchase another property.
Heck, if you have 100K, you are almost half way there to purchasing your first, debt free.
It's one thing to go into debt for your homestead, but, IMO, completely different for an investment.
Just my opinion.
That's interesting. I'm in a similar position but with about $200k to play with. Anyone else have an opinion on this? Buying free and clear vs. spreading across multiple properties? And looking specifically at BCS market.
A lot of folks have differing opinions on this (Pay cash vs. Finance). In my opinion, if you want to really build a portfolio of investment properties and develop long term passive income worth talking about, my opinion is that you're more likely to achieve that by using (OPM) - Other peoples money... (and you get there faster by doing so...)
Its great to own the properties free and clear, but depending on your individual financial situation, it takes a while to build up the savings to drop $150-200K to buy the house...however, you put down the investment DP of 20% with that same $150-200K and obtain 3-4 properties...My intention is always to have others pay off the majority of the equity on these notes across the lifespan of the mortgage. Of course there is more risk associated with this, because you are carrying multiple notes on these properties on top of your primary residence. My occupancy rates have been stellar on the properties I have in CS and i have rarely had to cover notes out of pocket, but i understand this risk exists. Just be financially responsible and don't over extend yourself...
Buy/save/buy/save.. (while always maintaining operating expenses and enough cash to cover the notes on a few of the properties + misc. expenses/repairs/etc.. for ~ 6 months time)
Its great to own the properties free and clear, but depending on your individual financial situation, it takes a while to build up the savings to drop $150-200K to buy the house...however, you put down the investment DP of 20% with that same $150-200K and obtain 3-4 properties...My intention is always to have others pay off the majority of the equity on these notes across the lifespan of the mortgage. Of course there is more risk associated with this, because you are carrying multiple notes on these properties on top of your primary residence. My occupancy rates have been stellar on the properties I have in CS and i have rarely had to cover notes out of pocket, but i understand this risk exists. Just be financially responsible and don't over extend yourself...
Buy/save/buy/save.. (while always maintaining operating expenses and enough cash to cover the notes on a few of the properties + misc. expenses/repairs/etc.. for ~ 6 months time)
In the end, whether you pay cash, without going into debt, or finance, you are still using OPM for purchases. You just get more passive income up front to pay debt service if you finance, whereas the money you receive from one purchased property that has no debt is yours. You can save this quicker to purchase another property. It is still other folks' money. You just aren't paying a bank interest to use their money. In reality, long-term, it is cheaper to not borrow. Now, with today's interest rates, probably not a huge deal, but most folks don't pay down their mortgage on investment properties like they do on their homestead.JRGAGG12 said:
A lot of folks have differing opinions on this (Pay cash vs. Finance). In my opinion, if you want to really build a portfolio of investment properties and develop long term passive income worth talking about, my opinion is that you're more likely to achieve that by using (OPM) - Other peoples money... (and you get there faster by doing so...)
Its great to own the properties free and clear, but depending on your individual financial situation, it takes a while to build up the savings to drop $150-200K to buy the house...however, you put down the investment DP of 20% with that same $150-200K and obtain 3-4 properties...My intention is always to have others pay off the majority of the equity on these notes across the lifespan of the mortgage. Of course there is more risk associated with this, because you are carrying multiple notes on these properties on top of your primary residence. My occupancy rates have been stellar on the properties I have in CS and i have rarely had to cover notes out of pocket, but i understand this risk exists. Just be financially responsible and don't over extend yourself...
Buy/save/buy/save.. (while always maintaining operating expenses and enough cash to cover the notes on a few of the properties + misc. expenses/repairs/etc.. for ~ 6 months time)
Also, having one property allows the newby to understand what being a landlord is about, the responsibilities involved, etc..., while only having to deal with just one home.
But, you are missing out on the appreciation of multiple properties. In a healthy market like CS, the advantages of holding more properties is huge over time. AND, if you are buying each property with equity already in it, you are missing out on those large equity grabs from each additional buy.harrierdoc said:
in reality, long-term, it is cheaper to not borrow.
Also, having one property allows the newby to understand what being a landlord is about, the responsibilities involved, etc..., while only having to deal with just one home.
I agree on starting out slow regardless of strategy but am a firm believer in financing for max return. Assuming you are ok with the additional work.
I operate my rentals as two separate businesses. The first is a group of five free and clear properties. All of the income gets spent. That portfolio has gone up about 40-50% in 7-8 years. This has taken very little work and very little worry.
The second is 20 financed properties that have been squeezed for maximum leverage in to more buys. The income is very similar and it too gets spent. That portfolio started off as a single down payment and is now 7 figures over a 9 year period. This has taken constant work, added stress, etc.
Nothing wrong with doing it either way but the results can be drastically different.
CS, the local market has moved up quite a bit over the last six years right? I know that strategy makes sense assuming the appreciation. I'm just not sure I want to bet on it either.
Maybe I'll just target greater than 25% down payments. If the market gets oversaturated and rents come down, then I still cover my obligations with other folks money and without sweating.
Maybe I'll just target greater than 25% down payments. If the market gets oversaturated and rents come down, then I still cover my obligations with other folks money and without sweating.
An assumption that appreciation will continue. Just increases risk exposure. If you have the stomach for risk, then the increased reward is there as well. Works with day traders and the like, but if you are in this particular business for Long term growth and future income, then I just can't see putting yourself at higher risk and cost than necessary
harrierdoc said:
An assumption that appreciation will continue. Just increases risk exposure. If you have the stomach for risk, then the increased reward is there as well. Works with day traders and the like, but if you are in this particular business for Long term growth and future income, then I just can't see putting yourself at higher risk and cost than necessary
True, true on not investing for appreciation. That's just lagniappe. But it is pretty dam consistent compared to most investment markets.
My primary goal was monthly net so the wife can stay home with the kids, I could quit my W2 if I wanted, etc, etc. The fastest way to get there for a peon like me is more properties.
Most wealth gains have come from equity grabs from additional purchases and rehabs. Not from appreciation. More properties also adds in more principal pay down.
Comparing a 60-80% LTV rental home in a good location to day trading though? Fear much?
(Rough numbers for discussion purposes)
You buy a rental for $125,000 and it leases for $1350
Option 1: 20% down plus closing cost= $30k out of pocket
P&I is $515
Tax/Ins is $385
Cash flow is $5,400 a year
Cash on cash return is $5,400/$30,000= 18%
Option 2: 100% down plus closing cost= $129k out of pocket
P&I is $0
Tax/Ins is $385
Cash flow is $11,580 a year
Cash on cash return is $11,580/$129,000= 9%
Wouldn't Option 1 be better? You could do it 4 times and cash flow $21,600 a year. What is the advantage in paying cash for a house?
You buy a rental for $125,000 and it leases for $1350
Option 1: 20% down plus closing cost= $30k out of pocket
P&I is $515
Tax/Ins is $385
Cash flow is $5,400 a year
Cash on cash return is $5,400/$30,000= 18%
Option 2: 100% down plus closing cost= $129k out of pocket
P&I is $0
Tax/Ins is $385
Cash flow is $11,580 a year
Cash on cash return is $11,580/$129,000= 9%
Wouldn't Option 1 be better? You could do it 4 times and cash flow $21,600 a year. What is the advantage in paying cash for a house?
That looks like a no brainer. Otoh, I don't know that I'll clear that much per unit. And if BCS gets overbuilt, then rents come down. I want a safe bet to cover the monthly nut even if the market starts to suck.
So that's my thinking at least. Putting more down rather than spreading too thin across multiple units. I think CS is hedging across his companies in a different fashion.
So that's my thinking at least. Putting more down rather than spreading too thin across multiple units. I think CS is hedging across his companies in a different fashion.
A lot of folks are on the CS bandwagon, because it has been a steady, sustainable market (with great growth) over the past 5-10+ yrs. I started with only properties in CS, but as this growth continued and home prices inflated, the deals started making less and less sense...and I had to force fit the numbers to make sense and accept less return.
The other advice I would give to the folks looking to start out with their first property is to look around other cities. There is still significant growth in the Dallas area (heading East/North East), North Houston is stable as well (Spring/Woodlands/Mont/Conroe). When you start to compare purchase price to value, you will likely start to see that you get more for your dollar outside of CS. Rental prices are likely a bit lower than your standard "By bedroom" numbers you benchmark in CS, but again...if its long term portfolio growth you want with better homes, I would venture out.
Also - Network.... Lurk around on this board, find networking groups, meet realtors and other property investment folks to try and find off market deals, flips, rehabs, foreclosures, etc..
The other advice I would give to the folks looking to start out with their first property is to look around other cities. There is still significant growth in the Dallas area (heading East/North East), North Houston is stable as well (Spring/Woodlands/Mont/Conroe). When you start to compare purchase price to value, you will likely start to see that you get more for your dollar outside of CS. Rental prices are likely a bit lower than your standard "By bedroom" numbers you benchmark in CS, but again...if its long term portfolio growth you want with better homes, I would venture out.
Also - Network.... Lurk around on this board, find networking groups, meet realtors and other property investment folks to try and find off market deals, flips, rehabs, foreclosures, etc..
Zap, you my friend, is absolutely CORRECT! Profit margin is so much better putting 20% down vs 100%. I would only consider putting 100% if I absolutely needed maximum cash flow. Say you inherit a lot of money and you are 75 years old and don't want to wait for property to get paid off. Ok then buy cash.zap said:
(Rough numbers for discussion purposes)
You buy a rental for $125,000 and it leases for $1350
Option 1: 20% down plus closing cost= $30k out of pocket
P&I is $515
Tax/Ins is $385
Cash flow is $5,400 a year
Cash on cash return is $5,400/$30,000= 18%
Option 2: 100% down plus closing cost= $129k out of pocket
P&I is $0
Tax/Ins is $385
Cash flow is $11,580 a year
Cash on cash return is $11,580/$129,000= 9%
Wouldn't Option 1 be better? You could do it 4 times and cash flow $21,600 a year. What is the advantage in paying cash for a house?
But, if your trying to BUILD wealth, have a steady job and income, then absolutely do the cookie cutter approach and put 20% down and buy five times the property that 100% down does.
For those of you worried about rents declining, are you out of your mind! Here is the strategy to consider: Stay in the low income rental space (I arbitrarily define it as rents at or below $1200 a month). Duplexes work wonderfully here. We have all heard of housing dropping for whatever reason by 40-50% in bad times. Ok, when have you heard of rents dropping by 40-50% in your lifetime......NEVER (if you are staying in the lower income space). You see, people renting $1200 and below don't know a Stock Market exist. They work at McDonalds etc, when have you seen fast food stores close in abundance during a down turn...........I'm waiting..........still waiting.........How about in TEXAS never! Be smart, buy right, don't get greedy! Oh, and then repeat process!
Don't take advice from someone who has no experience of what they talk about. I invest in real estate for only one reason.......CASH FLOW. I could careless of appreciation, however all of my properties have appreciated. I began collecting duplexes in 2002 (first one in Bryan) and I have never sold one. I have 17 doors and about half are paid off with OPM (others peoples monies). I bought a duplex last January and a 4 plex three months ago and they will be paid off in three years with my CASH FLOWING portfolio. Generally when I advertise for an upcoming vacancy, I fill it in 3 days (demand is crazy). My goal for the last 3 years is not to have even 1 day empty even between tenants. Tenant moves out, next day tenant moves in.....easy peasy in this market. Some day it will revert back to normal and you should plan on a 30 day turn around.
Don't get me wrong, the buying of duplexes is actually the easiest. Being a great landlord takes a little time and experience. You have to embrace being a landlord (even if you want to push that responsibility to a property manager, you should do it for a few years yourself, just so you know if your PM is ripping you off). I manage all my properties. I live in Austin and manage property from Ft. Worth, to Bryan to Round Rock to Georgetown and Austin.
I only say all this you Ags because it is hard to build wealth. It is hard to stay employed for 35 continuous years. It is hard for most to live below their means. Buying low end, positive cash flow properties will help you get through tough years ahead. If you have the moxie to deal with tenants, then I challenge you to buy just one duplex. Once you buy one you will have to have another.
BTW CS, great example of the 2 different ways. It really does depend on your risk tolerance and willingness to work.
Just to re-iterate what others have said, it's a no brainer to do Option #1. This calculation is a good rough estimate to show that Option #1 gives you $21,600 cash flow vs. $11,580 for the same money down, but there are some other key reasons as well.zap said:
(Rough numbers for discussion purposes)
You buy a rental for $125,000 and it leases for $1350
Option 1: 20% down plus closing cost= $30k out of pocket
P&I is $515
Tax/Ins is $385
Cash flow is $5,400 a year
Cash on cash return is $5,400/$30,000= 18%
Option 2: 100% down plus closing cost= $129k out of pocket
P&I is $0
Tax/Ins is $385
Cash flow is $11,580 a year
Cash on cash return is $11,580/$129,000= 9%
Wouldn't Option 1 be better? You could do it 4 times and cash flow $21,600 a year. What is the advantage in paying cash for a house?
Even with no appreciation - you gain equity with Option #1
With Option #2, you gain no equity if your house stays the same value. With Option #1, you are using OPM (rent payments) to pay down 4 mortgages. Rough estimate gives you $500/mo equity gain for 4 properties and that value increases over time.
If home appreciates, you gain exponential equity
Say you want to sell your homes after 5 years and homes have gone up 20%:
Option #1: $100,000 appreciation gain
Option #2: $25,000 appreciation gain
Tax Benefits
Option #1 helps limit tax liability because P&I is considered a business expense. When you combine that cost with the depreciation cost, investors will often end up with tax free income (since depreciation is a paper expense). You'll pay more in taxes with Option #2 because your expenses will be substantially lower.
There are other reasons as well. You would be better able to scale your business through 1031 exchanges or cash-out re-financing with 4 properties vs. 1 property. I would also argue that having 4 properties mitigates risk vs. only having 1 property because if something goes wrong with that 1 property, you don't have other properties to help bolster you up. Of course, the 4 properties could work against you more if everything crashes, but if you buy right in the beginning with a property that easily cash flows, I wouldn't be too concerned with that risk because you should be able to wait out the storm.
I agree that financing, especially with rates below 5-6%, is the way to go. Also realize that you can very easily purchase Property #1, go a year with it and see if you enjoy it, then go and purchase the next 3.
If you really worry about financing, establish what the break even rent is on your property. I know that I can get my places rented out fairly quickly at that rate so don't worry about them going unrented too often as I know how far I can drop the rent if **** meets the fan.
Real Estate is a lot of unique stress for investing. Losses are typically cash directly out of your pocket instead of just some balance you won't touch till your 65. This can be a hard mental game to play so to do it I expect a higher return than stocks and wont' invest in a property I can't see making more than 12-15% in at the minimum.
If you really worry about financing, establish what the break even rent is on your property. I know that I can get my places rented out fairly quickly at that rate so don't worry about them going unrented too often as I know how far I can drop the rent if **** meets the fan.
Real Estate is a lot of unique stress for investing. Losses are typically cash directly out of your pocket instead of just some balance you won't touch till your 65. This can be a hard mental game to play so to do it I expect a higher return than stocks and wont' invest in a property I can't see making more than 12-15% in at the minimum.
Great point about the break even rental rate.
In B/CS less than 2 miles from campus, we have 2 empty lots zoned residential, and no debt on the lots. Looking to build rentals on the lots. Would you recommend building 2 4-br student homes, or some type of other duplex or single family home? What is the best way to finance the project?
Or would we be better off just purchasing somewhere else instead of building?
Or would we be better off just purchasing somewhere else instead of building?
Are your lots in Bryan or CS? I'm pretty sure CS doesn't have a 'residential' zoning. They have general suburban or restricted suburban for single family and a specific 'duplex' zoning where duplexes are allowed. Bryan is a little less 'strict' and would probably allow 1-4 family (single family, duplex, tri-plex, four-plex) on whatever lot in a 'residential' zoning area.
We've financed a few construction projects through Extraco Banks and have one in the works through Prosperity.
If you decide to sell...I might have interest...shoot me a PM or email if that's something you might consider.
We've financed a few construction projects through Extraco Banks and have one in the works through Prosperity.
If you decide to sell...I might have interest...shoot me a PM or email if that's something you might consider.
Thanks for the post. I'm not local and I don't know the market. So I'm being cautious as I move forward. But I can't disagree with what you're saying. Frankly, I'm considering it a blessing to be in a position to grow my passive income this way.
I am the opposite
Use debt to leverage your money into more investment properties
Use debt to leverage your money into more investment properties
With such a high percentage of student renters, is there a market for renting out depreciating/disposable housing, i.e. manufactured homes and trailers?
For sure, IF you have the land to put them. There are a few parks in town that are nice enough for students but rentals aren't allowed in them.94chem said:
With such a high percentage of student renters, is there a market for renting out depreciating/disposable housing, i.e. manufactured homes and trailers?
In the last 30 years I can think of two different periods where the leverage more properties folks really had a tough time weathering the storm. Both were only for a few years while supply and demand stabilized. I know for some of you talking about the last 8-12 years this seems like fiction but consider everyone and their brother having to offer the first 3 months of the lease free to get people in their units! At the time I saw people talking out the side of their mouth saying "rents haven't come down".......well on paper, yes.....but cash flow really came down when you don't collect that 3 months rent to deposit. It seemed like nobody built any new rental stuff for about 3 years around that last time period because things got so overbuilt.
I see Park West going up and think about the rental market IF A&M decides all freshman are going to live on campus. I see all the For Lease signs still up on Holleman this fall and winter and in some of the duplex neighborhoods like Navarro from Wellborn to Welsh, etc. I see both local ISD heads on the TV saying local housing prices appear to have really slowed growth and their population projections for the new schools on the books are looking to be overly aggressive if housing costs, particularly rents stay where they are. Still doesn't mean I'm not actively looking.
As others have mentioned that rule of thumb 1% or more really requires some legwork to find those properties in the BCS market today. In reality, RE investors are competing with Aggie Parent investors who know Jr has to have a place to live anyway and if Jr's roomates can pick up the bulk of the note, then overpaying a little up front for a good property isn't all that big of a risk short term.
I see Park West going up and think about the rental market IF A&M decides all freshman are going to live on campus. I see all the For Lease signs still up on Holleman this fall and winter and in some of the duplex neighborhoods like Navarro from Wellborn to Welsh, etc. I see both local ISD heads on the TV saying local housing prices appear to have really slowed growth and their population projections for the new schools on the books are looking to be overly aggressive if housing costs, particularly rents stay where they are. Still doesn't mean I'm not actively looking.
As others have mentioned that rule of thumb 1% or more really requires some legwork to find those properties in the BCS market today. In reality, RE investors are competing with Aggie Parent investors who know Jr has to have a place to live anyway and if Jr's roomates can pick up the bulk of the note, then overpaying a little up front for a good property isn't all that big of a risk short term.
Can you tell us more on this? Was this in CS? When? I know there was a huge building boom here around 1980-1983 when the town and enrollment was still relatively small. Seems half of our town was built in those few years. Was this one of these times? Ive wondered how the rental market was here during and after that but haven't been able to find anyone with experience.Lone Stranger said:
In the last 30 years I can think of two different periods where the leverage more properties folks really had a tough time weathering the storm. Both were only for a few years while supply and demand stabilized. I know for some of you talking about the last 8-12 years this seems like fiction but consider everyone and their brother having to offer the first 3 months of the lease free to get people in their units! It seemed like nobody built any new rental stuff for about 3 years around that last time period because things got so overbuilt.
Your concerns are dern sure valid and have me worried. I'm hoping that the none student rentals aren't as susceptible to the overbuilding of student apartments. And also hoping student single family homes are sheltered some too. But no doubt it will have some trickle down effect for sure.
CS78 said:Can you tell us more on this? Was this in CS? When? I know there was a huge building boom here around 1980-1983 when the town and enrollment was still relatively small. Seems half of our town was built in those few years. Was this one of these times? Ive wondered how the rental market was here during and after that but haven't been able to find anyone with experience.Lone Stranger said:
In the last 30 years I can think of two different periods where the leverage more properties folks really had a tough time weathering the storm. Both were only for a few years while supply and demand stabilized. I know for some of you talking about the last 8-12 years this seems like fiction but consider everyone and their brother having to offer the first 3 months of the lease free to get people in their units! It seemed like nobody built any new rental stuff for about 3 years around that last time period because things got so overbuilt.
Your concerns are dern sure valid and have me worried. I'm hoping that the none student rentals aren't as susceptible to the overbuilding of student apartments. And also hoping student single family homes are sheltered some too. But no doubt it will have some trickle down effect for sure.
1985-86
1990-1991
The housing appreciation I have witnessed local in the past 8 years is unlike anything I've seen in my lifetime. Quite a few big out of state players and funds have been involved in the mini bubble.
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