Monday, May 27, 2013

Moving to Texas

Guest post written by my buddy Aldo Mays

Moving here was the best decision I ever made when it comes to flipping houses for profit. Texas was really just ripe for the picking when it came for real estate deals and there were so many contractors and laborers down here just waiting for a job that when I came down and started doing property it was unbelievable how much money I made at first. I finally got into the market I wanted to be in last year – luxury homes. They take a little longer to get done and you have to make them much nicer than you would have to make any of my other flip properties. Anyway, the most recent house I did was in a residential neighborhood out by a lake just outside of Dallas. I spent a lot of time making it environmentally friendly and using recycled materials to build it. I went to to make sure our energy rates were low and I also spent a lot of time worrying about whether or not the skylights would help insulate or just let out more heat than they kept in. I don’t understand why some people will pay hundreds of thousands of dollars more for a house they know is more eco-conscious but you know, I guess I’m always willing to build them that way if I make more money out of it in the long run! Texas is the place to be if you’re into property development like I am – there are few states in the country (except maybe California) that have better bang for your buck what with all the foreclosures and short sales and things like that. It’s amazing how one year you can be down and out in the real estate game and the next you’re back where you were before the bubble burst. I’m glad my income is more stable now but you know, there are no guarantees and there’s no way to know what next year will be like.

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