Thread: Real Estate
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      08-12-2019, 04:02 AM   #8
Rmtt
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Drives: 2011 BMW 128i, 2008 LS3 C6
Join Date: Jan 2019
Location: South Carolina

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I bought some undeveloped land not too far from where I live (Upstate SC) years ago right after everyone was buying property/land to flip when it was the "in" thing to do.

Once the "bubble popped", I grabbed up a few things. I remember buying 4 acres outside a popular area and held it for 6 years or more. It wasn't expensive (about $1K per year) in taxes.

Guy that originally bought it was going to split it into 6 lots. I think he paid about $85K as it was right outside a development and not far from the lake. Well he had to firesale everything as he got in over his head when things went downhill. I picked it up for about 1/2 if what he paid.

Well about 2 years ago, they built a Golf Course Community in that direction and I ended up dividing and selling each lot for between $20K-$25K apiece.

I paid my current house off with it.

Also my wife and I (well she does) own land and a house not far from Boone NC. It's were she is from, and her parents had 61 acres. They will give 30 to her, 30 to her brother. We will probably retire there.

Only problem up there is that they are building these huge expensive vacation homes, and property taxes are going crazy.

To me, I feel it's their way of "weeding" out the people who've owned large tracts of land there for generations. They build these new homes, raise taxes, and a lot of people can't afford it.
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Last edited by Rmtt; 10-21-2019 at 09:26 AM..
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