Hello All,
Just pondering if anyone has any tips or thoughts on the current Bubble in the Bay Area, CA and how to or not to get started in it with limited resources. The obvious answer is, you can't! Which is the idea that has held me back for so long, but in an attempt to to play devils advocate I was just wondering in anyone here has any ideas or thoughts that may not have been brought up yet on BP podcast.
I understand traveling 1-2 hours opens up almost infinite options, but CA just seems like such an endless variable/huge risk ratio.
Examples;
About 2 hours north you can buy a 1-2 acre parcel with lake views, for as little as $7K. Say I, myself could build a house in there for 70K in 1 year, that would now list and be valued at $120K. Seems like a decent profit, but last year with the drought fires raged and burned a lot of the houses down, also the drought threatens the lake (and the property values around the lake I would assume?).
3 blocks from my current place where I rent a 2 bed apt. at fair market value for $2,350 with my partner a vacant house sits owned by a church that was sold for $7K in 1978. Currently the average price of homes on the block is $800K. Now there is a chance that if somehow you could get it from the Church at a good price, that if you were to build there you could uncover a HAZMAT situation sending construction costs into a potential project killing situation.
With only enough savings to survive for 6 months if I had to stop working, and a credit history that is not great after starting my business in 2008 on my own at the age of 24, it took some time to calibrate.
I can't seem to ever not be just treading water financially. I have become disenfranchised by books like Rich Dad Poor Dad, but also feel that if I had HAD a 10 year goal when I was 20 I'd be in a very different spot, so I am not trying to shirk ownership for my decisions in my life. I guess I am simply finding myself struggling to free mental space to believe it's actually possible to become "financially independent" , and not just another pyramid scheme, book or, no offense intended "social networking site" etc.
Sometimes it just all seems impossible to go from where you are to where you would like to be and to loose hope, when coping with the stress that full time employment can create.
The things and sacrifices I have seen other people make to "get there" are simply not part of my make up/what I am willing to do. I feel like sometimes only the people who are cut through, back stabbing, unethical and basically crooked get "hooked up" in this business.
Any advice or thoughts appreciated and I apologize is this post seems really negative. I understand the importance of examining negative thought patterns and beliefs and hope that no one is offended or put off by this I feel that I am struggling to overcome a part mental part real problem, and hope that it is clear that I don't want to come across as saying I think all real-estate people are crooks etc.
