Last week I sold my boat and delivered it to the new owner in Winchester. Conveniently for me, my daughter and her family live nearby so I arranged to meet them for lunch and spend some quality time with my sweet little granddaughter. Over our lunch, my daughter asked if I got a good price for the boat and I told her that I have owned 5 of them and made a profit on every one. She was amazed but I told her that the secret is in the timing. I always buy a boat in winter and sell it in the summer and this method has worked for 13 years.
This same plan also works for real estate, buy when the market is down and sell when prices rise. Today's market is probably the best buying opportunity since The Great Depression and the bold investors in that market made fortunes. The truth is that our area is growing and sooner or later, that growth translates to housing demands which will raise prices. We have tried to make wise purchases of rental property and hold on to it until we need to cash in our chips for some other objective but, over the long term, values keep rising.
For 35 years, we have bought, sold and rented property and the income from those ventures will help us through our golden years. For that same 35 years, we have invested in stocks and funds. Over that span of time, we gave our money to 5 different brokers and they all lost money, our money. So you can understand why I have become one of those geezers who tell young folks to buy real estate and hold on, because it is the best investment of all.
Jim
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