This was a long time coming as I hear some news from a person who owned a few rooms from this pretty old condo building. It costed most people like maybe $150,000 per room. The whole area had new condos being built and it looked like the old buildings were being bought out to make room for them. So it was only a matter of time until this place would get the same treatment. Sure enough, today I heard news that a buyer came in and wanted to buy each room for about $400,000. That is a crazy return of investment for just a few short years and as you can imagine a lot of people were quick to accept the offer.
How many of us simply look at these “dump” looking properties as simply an undesirably living place. Like in this case it can easily be an investment that sure makes you look like a super smart person where your bank account will be thanking you for at the end of the day. At the same time is real estate just simply intimating where because the investment is so high that we tend to be scared off by it? In many ways I don’t see it to be much different than investing like thousands of dollars into the stock market. There may be even less risk if you were actually treating it like your main living area as you are essentially staying in the “undesirable” looking place until the offer comes in where you can then buy the place you want.
It’s not really a thought I was ever taught personally. It was usually you rent a place or you save up to buy a permanent home of some sort. Rarely have I ever heard of trying to find properties where you can perfectly live in for a while where you are anticipating that someone will come buy and buy it for so much more type of mindset. It’s better than playing the lottery in many ways with this example too.