Now that the days of cheap rates and significant property/rent appreciation are over, I’m interested in knowing what your best deal to date has been. Did you use all of your equity to pay out? Were you able to obtain significant cash flow and refinance at a cheaper rate?
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Around 2020, I purchased my first condo for 110k with 3.4% interest;4 years later, it was worth $350k. FHA loan, approximately $4k in total. then a small makeover and a few thousand dollars for new appliances. after which they moved out, and they currently make $800 a month. absurdly simple to keep up. extremely fortunate; I couldn’t do that.
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So I purchased a home that belonged to an elderly Asian lady who had died, and her family was all living outside the United States. I went to check it out, and it was in far worse condition than I thought.
They had concealed $25,000 cash in a wall compartment (which was difficult to locate). So I took it and wholetailed it for $55k profits in under a month. Solid victory.
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My husband and I purchased around 43 acres in a relatively undeveloped location, but we were aware that TXDoT planned to build a major roadway in the future years. They accomplished just that, so we brought utilities on-site and worked with the local MUD to have bonds issued to cover our expenditures.
We bought the land for roughly $3.50/sf and sold it for an average of $22/sf when big box shops moved in.
We purchased about 43 acres in an area that wasn’t heavily developed at the time, but we knew that TXDoT was planning to extend a major highway there in the coming years. Once that happened, we brought utilities to the site and collaborated with the local MUD to secure bonds for reimbursement of our expenses. We originally bought the land for around $3.50 per square foot and later sold it for an average of $22 per square foot when big box retailers moved in.