Jason brought up an interesting point on episode #155 of The Creating Wealth Show. The phrase “location, location, location” has traditionally been the mantra in assessing the value of a property. Perhaps they should say “patience, patience, patience” instead. Eventually, every market will be a good value again. The trick is to realize that all markets are not a good deal all the time. Don’t get hung up on a particular area, thinking factors like proximity to the beach will make it eternally valuable.
Las Vegas? Terrible right now.
San Diego? We wouldn’t wish property ownership there on our worst enemies.
We call this being Area Agnostic. We monitor nearly 40 geographically diverse markets around the country but that doesn’t mean we suggest all of them are open for business right now. Some, such as Las Vegas and San Diego, are definitely off limits.
This is when a real estate investor needs to cultivate the prized quality of patience, patience, patience. Chances are the market you’ve fallen in love with will come back around to the profitable side of things sooner or later. Don’t make the mistake of buying before it recovers. Visit us at www.JasonHartman.com and we’ll be glad to fill you in on the markets around the country that make sense right now.
The Creating Wealth Team
