Quote:
Originally Posted by tcxr750
I’m thinking the best chance at becoming a millionaire is buying a half million dollar starter home in California. Once the valuation reaches a million, cash out and retire to The Villages.
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Buying and holding coastal residential real estate in SoCal has worked for me. The home I purchased there in 1996 is currently worth about five times what I paid for it in 1996. Although I have used it as a personal residence I could have rented it out and bought other properties I suppose.
The best story I have heard is about an Air Force Academy grad who as a first lieutenant back in the late 1960's - early 1970's was stationed at SAMSO (now known as SMC). He bought a home for about $40k, refinanced it the next year to buy another house to rent out as it was then worth $70K. He kept going in this manner until he owned 21 rental homes in the Torrance/Palos Verdes area. He retired after 12 years seeing no point in continuing to work anymore. Those homes today have to be worth at least $1.5M each. I don't know if he still owns them...