Well now I’m curious. Were you just buying a cheap houses? Or is there an avenue there that I am missing.
I bought older homes that needed TLC and fixed them up. One I paid $35,000 cash for, put about 10-15K into it and rented it out. Still own the home 15+ years later. Came really close to flooding during Harvey, about 3" more and it would have been in the house (located next to Brazos River). I would say this house is worth at least $120K today. I did do a major remodel on the house ~5 years ago.
The 2nd house I paid about $36-38 for ( can't remember exactly). Same deal as before.
3rd house is my crown jewel of the fleet. paid about $55K. It was a foreclosure, we were the third contract put down but we won out because we didn't need any kind of inspection or messing with banks. We just went straight to the title company, paid all closing costs. Not near as much TLC needed on this house, just painting, a new AC, some tile. I'd say we put less than $20K in this house, it's probably worth almost $200K now.
Bought in 2015 before the effects of the shale gas really hit our area. We're a major chemical manufacturing hub on the Tx Coast, shale gas totally transformed our outlook here. I'd conservatively estimate about $20 billion has been poured into Brazoria county since that time. Housing has went way up as well. There are still some jewels out there but you've got to have cash and be ready to move and do work after closing. I thought real hard about buying up some riverfront property after Harvey for cheap but just couldn't pull the trigger. Now I'm kicking myself.
Of course I know in some areas of the country you can't buy an old shack for less than $300K, but that would buy you a really nice modern house in my area. Pricing is still ticking up, and houses for sale usually go in a few days if not the same day.
