Well, I DO think that intelligence played at least some part in my success! I DID spend months researching zip codes, neighborhoods, etc. Things were booming and there was pretty limited condo inventory at that point (hard to believe, eh?)
But I made a list of what I wanted: within 3 miles of a beach, fireplace, double garage, patio(s), dual masters, a little bit of a fixer, and a stable, desirable area, good schools. I found an unloved, 3-level end-unit with an oversized garage, overlooking a lovely greenbelt. The place felt more like SFR than condo. Needed new kitchen counters, new carpet and a few other relatively minor fixes.
Two of my friends – successful 20+ year real estate investors – assured me that boom/bust cycles in real estate ARE a reality – despite those who thought the boom would go on forever. I’ve recently looked at the place on zillow and on the low-end of the value range it’s $285K. I’m so happy I got out when I did….
