Looking for advice on next investment
Hey guys my Name is Hayden I am currently in the Utah sanpete county area seeking advice in what to invest in next, i have one unit right now and an ok cash position, just looking for the next deal whether it’s buy-and-hold rentals, note investing, land flipping, anything really I would appreciate any advice I can get thanks.
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Landon gave good advice. I prefer the Buy and Hold strategy. However; learn from my mistake. I purchased some nice single family rentals in Tucson, Az. in early 2006. Tucson had been appreciating at a healthy double digit appreciation rate and I wanted to take advantage of that. Unfortunately, the market began to turn the other way within 6 months and eventually slid into a multi-year decline where it bottomed out at close to 1/2 of what I paid for the homes.
My first thought was to abandon ship. However; these were nice homes in good neighborhoods with great schools. I knew that with time, the market would turn around. I decided to hang in there and It took well over a decade to get anywhere close to what I paid for them back. I am now finally enjoying a good equity position with healthy positive cash flow.
Lesson learned...Don’t buy on speculation expecting appreciation to make your investment a winner. Instead, buy for cash flow in affordable growth areas where both the economic base and population are increasing. You will find good cash flow along with a fair amount of appreciation. Combine the two and you’ll have a Winner !
Good luck. 😊🏡