Did you know… there are new real estate millionaires being minted every single day?
And these people are no different than you.
If you’re a long time reader of this Real Estate Riches column, you probably know more about real estate than they do…
But there is one difference: they knew where, what, and when.
I’ve divulged a lot of real estate secrets over the years, but I don’t know if I’ve written about one as incredible as this.
This could be the move that makes YOU the next real estate millionaire…
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Why am I so confident you could be in that next group?
One of the most basic facts of real estate is that there is a cycle to buying and selling that can make you a fortune—but only if you know where to look.
But I’ve already done that for you, and I can tell you exactly where you should be buying.
Whether you’re new to real estate or already in the game, if you follow my advice, you’ll see returns beyond your wildest dreams, with breaks on property tax and an opportunity for resale at up to 5 times your original investment.
Everyone has heard of Savannah, GA. Known for its lovely green spaces, historic buildings, and haunted history, Savannah is the eclectic belle of the south.
With its rows of mansions and reputation for class, you would expect real estate prices to be through the roof, right?
Home ownership in Savannah actually costs 33% less than the national average, with the median home priced around $270,000.
Just to give you a benchmark, that’s 1/3 of the median home price of New York City, not to mention the difference in square footage between the two cities.
There is an added benefit to the historic side of Savannah housing as well, and it comes in the form of federal and state tax credit for the ownership of a historic building.
Thanks to the Historic Savannah Foundation, any owner of a historic home is offered a 20% federal tax credit for “rehabilitation expenditures,” which translates to the general maintenance of the home.
Granted, some of the best deals—for example a $175,000, 3,301 square foot home—are slight fixer-uppers, but with tax credits in play, it’s worth it.
Because on top of the federal tax credit, the state offers up to 25% in deductions on property tax and a complete freeze on taxes for 8 years.
This gives you an opportunity far too incredible to pass up.
If you want to turn the home into a rental, you have 8 years of leasing with no property tax to cushion your income. If you plan to flip the house, you have 8 years to turn the property for a profit without losing a percentage to taxes.
And restored properties have the potential to sell for up to 5 times their original cost.
For that $175,000 home, that’s a profit of $700,000!
But how do I know the house will sell? How do I know that there will be names on the lease if you choose to keep the property?
First, because Savannah is one of the top destinations in the U.S.
It’s listed amongst the top 10 vacation spots in the country and has double the draw with its combined history and proximity to the coast.
It’s a popular destination for snowbirds in the winter, which means guaranteed interest in short term leases. It’s also a hub for the creative younger generation, as Savannah is home to one of the best arts colleges in the country, teaching innovative designers and architects—all of whom are in need of yearly housing.
The average one bedroom vacation rental goes for about $150 per night in the historic district, and the average lease starts around $1,300 per month for a one bedroom.
For a two or three bedroom home (like that $175,000 home), you could charge upwards of $250 per night or $3,000 per month.
Plus, with the growing desire of the masses to live in or near cities, Savannah’s appealingly affordable cost of living is likely to bring hoards of people looking to buy and rent in the next few years.
So, whether you hope to hold on to your investment or sell for a profit, Savannah is the perfect opportunity to earn your real estate fortune.