In buying property for the long haul (if you see this property as a serious investment it has to be Location, location, location. Because if you don't do this it isn't really an investment even if it is paid off.
I didn't think to much about this when I first bought 2 1/2 acres as a 32 year old father of 3 in 1980 for $8000. Why did I buy property that was only worth $8000?
Because in 1980 and 1981 there was 10% unemployment nationwide. So, I wanted to save money on rent (which I did by saving about 60,000 to 80,000 dollars in rent over the next 5 years time. So, while others were having a hell of a time because of the recession with 10% unemployment, my family was home schooling our children 10 miles from the nearest gas station at 4000 feet with a beautiful view of Mt. Shasta.
Why was this beautiful property only 8000 dollars?
Because it was remote, often got 7 feet of snow at one time in this location during the 1970s and 1980s during the winter, no electrical power lines, no natural gas lines, no phone lines.
So, what did it have?
A natural Spring of water coming out of the ground.
An incredible view of Mt. Shasta.
The land had Cedar Trees, oak trees, Pine Trees and fir trees and a little manzanita.
And for 8000 dollars we just bought ourselves a place for me build an A-Frame where we didn't have to pay any rent at all and only had to pay property taxes. We kept this land from 1980 to 1989 when we moved to Hawaii for a few years. And we lived there from the summer of 1980 to 1985.
Was it practical forever? For us, no. But during the time we were there we loved it and it was heaven for my wife and I. For our kids after 5 years the oldest was 12 and wanted to go back to a regular school. So, we pulled up stakes and moved to the San Francisco Area and bought a business in late 1985.
But, if you are buying a place as a long term investment that will be worth more to your children than even to yourself, you need to think location, location, location even if it is only blank property without a home built on it yet.
It is all what you are going for. If it is beautiful and you like it there and you plan on NEVER
selling the land or house then the location location location motto might mean nothing at all to you.
Because is it a place you want you and your kids to own for the next 500 years? or is this a beautiful place you are buying as an investment? Most places are not all of these things at the same time.
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