Undecided about investing in Real Estate: You'll be surprised how much you can make.
Here is an advertisement publish in the Miami Herald dated November, 13 1959
According to the ad, the price of the new home was between $18,000 and $21,000.
Property cost .................................$21,000.00
Closing costs..................................$ 0.00
Area Median price NOW...............$427,000.00
Profit of.............................................$406,000
I don't think there is a need to breakdown th3e numbers any further, to see the tremendous capital gain derived from the investment.
The advertising also notes that an income of $8000.00 a year or more was required to qualify. Having been in Miami since 1959 I can tell you that at that time the minimum wage was about $1.00 an hour, so to meet the qualifying requirements the buyer need it to make at least $3.88 per hour.
The bottom line is if you can afford to buy now, what seems very expensive now will be cheap a couple of years from now.
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