Posted by Mike on March 29, 2002 at 11:53:25:
I have been a property investor for years, and the house I am In I love dearly. This has not always been the case, but I always seem to make due with the things that are wrong with it. With every property I buy I have an exit planned and written out before I move in. I bought the place for $160,000. cash it appraised this year for $399,000. the previous year $350,000.00 the year before that $325,000. When it hits $500,000 to $550.000 i will sell it, My rock bottom price is $460,000. As soon as someone offers me that I will take it regardless of how I feel about it. My Point is this, overall the house has worked for me, but if you are buying the home as an investment then have it be just an investment. You buy the investment based off of the numbers it will generate for you. The emotional states or feelings that you are gettign are really irrelevant. Now as anticeptic as it seems this is how you buy an investment. Now if you are going to live in it then and you like the house all of these issues become clouded, and suddenly your payign more than you should, and spending money you will never recover, to to have your dream house. My dream house will come along and when it does I will have the cash to buy it and I won’t even care. Bu tuntil that time that I am ready to retire maybe in a few years I buy straight for investment not emotion.