Could Ranch Country, in Hockley Texas, provide an investment opportunity for you? It has worked for others and it may be that opportunity is knocking again. This is now a tried and true investment.
In the mid 1980s Ranch Country was a subdivision wayyyyy out from Houston. There was a recession (read; oil bust) going on, not that different from the one we are experiencing now. Interest rates had spiraled up to 17.5%. The adjustable rate mortgage was a fairly new product. People failed to understand that although the monthly rates started out low, they would suddenly go up, up, and away out of sight of the original projected budgets.
The interest rates did just that and soon people in Ranch Country bailed out and left their fairly new homes unceremoniously. In a very short time, the area was foreclosure driven. Houses were selling for as little as $4,000. Did you say, "Four thousand dollars?" Yes! (now remember, this is back in the late 1980s) How many would you like to own? Investors snapped up these little gems and turned them into next eggs for the future and college plans for their little ones.
In the meantime, civilization moved out to Ranch Country. There are now convenience stores conveniently placed right on HWY 290., a large master planned community, and an Outlet Mall within just a few miles.
The schools that service the area have been biggered and bettered and a new stadium has been added to improve the educational facilities. The best part is that these cute once inexpensive homes now sell for as much as $100,000 in some sections.
So, here it is beginning to be foreclosure time again. It appears that the mortgage game got a bit out of hand again. Sadly a lot of folks were allowed to borrow more money than they could repay. It seems as though that seems to happen a lot when jobs get scarce.
The good news is that the area is continuing to grow. It may make sense to snap up one or more of these foreclosures for your investment portfolio. Ranch Country homes are a proven commodity. How often can you say that about an investment? These are historically tried and true!