# Real Estate Values going nuts--anybody take advantage of them?



## bad luck (Apr 9, 2009)

I know in nearly all the country, but especially in various select markets, the price has (pardon the pun)...went through the roof.

Have some family that have been on both sides of this boom, both from being able to take advantage of the sellers market as well as, IMO, overpaying, for their new homes....It's a great time if you have extra property/houses/real estate to sell...little tougher for those buying their first homes....


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## privateer (Apr 26, 2012)

well when the government GIVES a family of 4, making in excess of $100k another $5k to piss away - all toys and upgrades will increase in cost due to demand and the knowledge that folks have FREE $ burning a hole in their pocket... look for high prices in everything to stick around until the crash occurs...


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## Bvil (Sep 28, 2019)

That reminds me. I have a motorcycle and a tractor that I need to get posted before everyone spends their free money.

My son bought his first house right before the market took off. After minor repairs, paint, garage roof and a new furnace he has $45k in it. Appraised for $74k 18 months ago. I would guess he could get around $90k in today's market.

BIL flipped a similar house but had a little more invested. Hired most of the major work. Sold two days after listing and pocketed over $40k.


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## bountyhunter (Apr 28, 2004)

agreed


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## Tree_Beard (Jan 13, 2021)

I bought a distressed house in my neighborhood in 2019 to rehab. I had it just about finished and ready to sell when the COVID shutdowns hit. I was sweating bad because I was all in on the investment. The market was still good, I got it listed and under contract in 24 hrs. I made the money I wanted. If I had held the property another few months, I’d have made more. I don’t regret selling when I did; no one knew where the pandemic was going, or the housing market. I’ve tried to roll it into a new property, but competition and prices are at fever pitch, and there don’t seem to be too many “deals” out there.

A friend of mine has his own business, works hard for his family, and has a preapproval on a VA loan. He can’t find a house at all, everything in his price range gets bid up 20k over asking, waiving inspections, or get bought for cash. VA loans don’t stand a chance right now.


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## TheKing (Apr 15, 2004)

I wouldn't say that the prices have gone through the roof. I would agree that the market is hot for those that did not lose out on the pandemic. Prices have indeed recovered from the housing market crash of 2008 - but just barely. The boon is the mortgage interest rate situation. We just re-financed at 2.25%. That was the going rate for a 15 year mortgage two months ago when we locked in. It seems to be hanging in there for now. Taking a bit more of a dip right now.


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## bountyhunter (Apr 28, 2004)

house up the road 2018 $85k ,sold friday for $190k. theres not a house for sale in my area.


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## ironman172 (Apr 12, 2009)

Property tax sure has increased (especially the cabin due to land price so they said)
And have virtually no services like in the city


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## HeaVyMeTaLFiSHinGFiEnD (Oct 2, 2010)

My business is tied very closely real estate work. Better get on them interest rates cause they are starting to go back up.


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## HeaVyMeTaLFiSHinGFiEnD (Oct 2, 2010)

Tree_Beard said:


> I bought a distressed house in my neighborhood in 2019 to rehab. I had it just about finished and ready to sell when the COVID shutdowns hit. I was sweating bad because I was all in on the investment. The market was still good, I got it listed and under contract in 24 hrs. I made the money I wanted. If I had held the property another few months, I’d have made more. I don’t regret selling when I did; no one knew where the pandemic was going, or the housing market. I’ve tried to roll it into a new property, but competition and prices are at fever pitch, and there don’t seem to be too many “deals” out there.
> 
> A friend of mine has his own business, works hard for his family, and has a preapproval on a VA loan. He can’t find a house at all, everything in his price range gets bid up 20k over asking, waiving inspections, or get bought for cash. VA loans don’t stand a chance right now.


Yea man. I started a business last year doing mold and radon work. 90% of my business comes from real estate transactions. Everyone thinks I'd be doing so well right now with all the houses being sold, but almost all buyers are waiving home inspections. No inspections, no business.


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## Misdirection (Jul 16, 2012)

TheKing said:


> I wouldn't say that the prices have gone through the roof. I would agree that the market is hot for those that did not lose out on the pandemic. Prices have indeed recovered from the housing market crash of 2008 - but just barely. The boon is the mortgage interest rate situation. We just re-financed at 2.25%. That was the going rate for a 15 year mortgage two months ago when we locked in. It seems to be hanging in there for now. Taking a bit more of a dip right now.


I also refinanced a few months ago. I'll break even in just under 4 years, but I was shocked at what the appraisal came back at. It was significantly higher that what I expected. And that is based upon what houses sold for in my neck of the woods.

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## matticito (Jul 17, 2012)

bountyhunter said:


> house up the road 2018 $85k ,sold friday for $190k. theres not a house for sale in my area.


Damn. Dont think Parma heights is like that. But it's all good. 20 years or so before I move. I hope 🤞


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## justbobber (Oct 13, 2008)

Youngest brother passed last year from Cancer. I ended being executor. Hoping to sell the house in Parma and put a significant amount of money into his wife’s pocket. Need the market to stay strong for another 3-4 months


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## matticito (Jul 17, 2012)

I'm sure it will sell. But I dont think house gone up from the 134k that they were on my street.


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## matticito (Jul 17, 2012)

Parents have a getaway in Canada and a house down the road they knew the original owner, well that house had a 2 week bidding war. All the city people up there looking for summer homes.


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## DUCKHEAD (Apr 28, 2007)

People like to see their houses going up in value but it's a double edge sword. If you sell your personal property and make alot great, but then you have to buy another home and pay to much for that one. I just paid a bill off and thought I'd be getting an extra 150 a month but then I get a notice it's been 3 years and property values went up so there goes 120 of that 150. If your flippin great but I was always told you make your money when you buy a home and just collect when you sell. Gotta buy right and that's hard to find right now.


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## Bluegillin' (Jan 28, 2009)

I hope I am wrong but I suspect a crash will come. With all of the money printing, inflation will come at a staggering level at some point. People will be strapped to pay normal living expenses, and mortgages will start to default. All these expensive houses will be back on the market as banked owned at a much lower price. Just my opinion


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## crappiedude (Mar 12, 2006)

I don't think you're going to see a crash coming anytime soon and certainly nothing like 2008 which was created by mortgages being given to anyone and everyone. Banks are much stricter now. The market may slow down a little but even at that I doubt it will loose much if any value.
We started looking for a new home last year, we don't have to moved. We'd just like to. Simply put, there is no inventory out there. After several months of looking and not seeing what we wanted we decided to look into building. I guess I could find something in a subdivision where one house is built on top of one another but finding a decent 3-5 acre building lot is next to impossible. With all the good building lots gone, now even the junk lots are almost all gone.
I guess we'll just stay here.


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## ya13ya03 (Sep 21, 2010)

I was able to take advantage of the situation. Bought off family at a great price and got the 15 year loan at 2.25%. House is probably worth double what I'm paying but we won't sell it ever. It'll be one of my three kids places in the future.


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## crittergitter (Jun 9, 2005)

Yeah, I bought my house in 2018 and my rate was 4.3. I thought that was pretty good, but I just did a refi at 3.21% and lowered my mortgage payment by $100!


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## ress (Jan 1, 2008)

If you want to keep paying that extra 100. Best in the long run. We refi couple yrs ago at 3.25%. wife insist we keep paying the old amount to pay off sooner.

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## HookSet Harvey (Aug 12, 2010)

We are almost closed on our refi. 15y 2.5% with good chunk of cash in my pocket, and my house payment stays where its at or maybe a few bucks lower. 
It was a no brainer


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## Drm50 (Dec 26, 2014)

It’s not the real estate is going up so much as the value of the dollar coming down. We are going to have some shaky times ahead. They are going to kill the value of the dollar and only way to save your fortune is to put it into something solid. Real estate, precious metals, hi end collector pieces. My area was devastated by mill and mines folding. Real estate was down. Nothing left in the county and to far to go to stores and doctors ect. Then Fracking came along and pumped money into local economy. Proposed Cracker Plant was jacking up real estate. People rented to oil workers and started to remodel properties. COVID and politics have wiped everyone out again. We are in for at least 4 yrs of doom.


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## TheKing (Apr 15, 2004)

Drm50 said:


> It’s not the real estate is going up so much as the value of the dollar coming down. We are going to have some shaky times ahead. They are going to kill the value of the dollar and only way to save your fortune is to put it into something solid. Real estate, precious metals, hi end collector pieces. My area was devastated by mill and mines folding. Real estate was down. Nothing left in the county and to far to go to stores and doctors ect. Then Fracking came along and pumped money into local economy. Proposed Cracker Plant was jacking up real estate. People rented to oil workers and started to remodel properties. COVID and politics have wiped everyone out again. We are in for at least 4 yrs of doom.


You are staring at the roaring 20's in the eyes, you know the months/years after the last lockdown world pandemic crisis . And the stock market crashed 8 years later.


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## Misdirection (Jul 16, 2012)

TheKing said:


> You are staring at the roaring 20's in the eyes, you know the months/years after the last lockdown world pandemic crisis . And the stock market crashed 8 years later.


If that crash happens, Ill be doing one huge Roth IRA conversion!

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## bdawg (Apr 14, 2009)

We tried to take advantage of the market and sell a house we were renting out. On the market for 4 months last year and the highest offer we got was $52k! We were hoping to get $70k for it. The house has tenents in it now and will need a new roof and furnace in the next 5 years. Could use some new flooring and cabinents in the kitchen too. I guess we will keep it for now and keep collecting the rent. 

Another house we bought in 2018 to fix and flip ended up costing $10k more to fix than we thought. There went the profits! We ended up renting that one out too because we weren't sure what was going on with Covid. We will get our money back eventually. Never really planned to be landlords, but here were are.

I don't see another big crash coming. Prices will stagnate though as interest rates rise. I plan on refinancing my own house in the next month or so to lock in a low rate on a 15 year loan. We refied 5 years ago and thought we had a great deal then. Can't beleive how much lower the rates went!


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## PBsQuest (May 26, 2013)

I'm a realtor and it's still crazy due to limited inventory that has been a consistent theme the last few years. Unfortunately my Dad passed, actually a year ago today. I ended up selling his house to my oldest one. I sold it to him at a very good price, nowhere near what I could have sold it for on the open market. Houses on his street in Parma were selling at crazy prices. The house appraised at $170k in August. In the last few months 2 of his neighbors who were within 5 houses of him sold for over $200k. Those are crazy numbers for that street. Rates are creeping up but if you have a house to sell, now is the time. 

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## DavidRK (Feb 21, 2020)

My neighbor just sold their camper 20 minutes after posting it online. For the exact same price thy bought it for five years ago. Sight unseen, just off the photos.


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## bad luck (Apr 9, 2009)

Good week to sell stuff , stimmy checks hit this week


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## BuckeyeFishinNut (Feb 8, 2005)

We bought a cabin out at Piedmont Lake in Nov. Stuff out there gets scooped up in a matter of days. We got lucky, jumped on it as soon as we saw it, and the guy wanted to get out of it because he had another place on another lake. Got financed at 2.7%, felt like it was stealing money for a getaway house.


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## OlivesFree (May 26, 2021)

*A lot of people took advantage of those prices. One of my customers is an investor. He has invested an incredible amount of money in real estate, and as soon as the prices had gone through the roof, he started to sell. He has actually earned a fortune back in February and March.*


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## Drm50 (Dec 26, 2014)

There is always a few people who profit in any situation. Most average Americans are in for a beating. 
This time it’s a shame, it was purely brought on by politics. 9 months ago things were roses. Jobs and wages increasing , energy prices down. Everything in this country hinges on energy costs. Energy is up about 50% from 2020, and still rising. Average American will spend more for everyday staples and be taxed at a higher rate. We will be lucky if we can stall out most things until 2022 elections. Then it’s a toss up to see if we can have elections that aren’t fixed. 
The people feeding good times, America is Back- BS are the ones that should be tried in a court of law and executed for what they have done to this country the last 9 months. We shouldn’t forget to extend credit to those individuals who have worked extra hard to destroy our country since 2008. 
I hope the guys that make rope are called back to work. If we get justice for what a relatively small group of people have done to the country we will need lots of rope. It might even ease the immigrant situation. After we hang those responsible we will have more employment opportunities for those wanting to go into politics. Those might end up being the jobs Americans won’t do.


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## bobk (Apr 30, 2004)

Drm50 said:


> There is always a few people who profit in any situation. Most average Americans are in for a beating.
> This time it’s a shame, it was purely brought on by politics. 9 months ago things were roses. Jobs and wages increasing , energy prices down. Everything in this country hinges on energy costs. Energy is up about 50% from 2020, and still rising. Average American will spend more for everyday staples and be taxed at a higher rate. We will be lucky if we can stall out most things until 2022 elections. Then it’s a toss up to see if we can have elections that aren’t fixed.
> The people feeding good times, America is Back- BS are the ones that should be tried in a court of law and executed for what they have done to this country the last 9 months. We shouldn’t forget to extend credit to those individuals who have worked extra hard to destroy our country since 2008.
> I hope the guys that make rope are called back to work. If we get justice for what a relatively small group of people have done to the country we will need lots of rope. It might even ease the immigrant situation. After we hang those responsible we will have more employment opportunities for those wanting to go into politics. Those might end up being the jobs Americans won’t do.


I’ll help tie the knots.


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## bobberbucket (Mar 30, 2008)

bobk said:


> I’ll help tie the knots.


I’ll slap the horses a$$ when the time comes! 


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## Drm50 (Dec 26, 2014)

Do you realize how fast we could solve the countries problems if every one got on same page. In a short time we have guys back to work in rope factory. People willing to tie the knots and another who will slap the horses. That’s progress. We just need warrants and volunteers to drag them in. Juries that will do what needs done. A few guys to dig holes and say a few words over them. I would say 30 days if everyone would put their shoulders to it.


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## Muddy (May 7, 2017)

No words need to be said over the holes.


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## Muddy (May 7, 2017)

Back to real estate values-my strategy is to finish paying everything off and hold onto it for now. I could make money selling now, but then I’d just have to spend all the profits to buy another house and farm. And it would be a major inconvenience. I would gain nothing when it’s all said and done. Our farm ground is paid off and the house will be paid off by the end of this year. My 2007 truck was paid off long ago. My wife still owes a couple years on her vehicle. I don’t like more stress than I have to have, and owing money stresses me out. I am already worried about the future as it is. That’s my strategy for now. It will change some day when I am ready to retire and move far away.


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## Agent47 (Jun 27, 2006)

Unfortunately this can cause hardships. Rental owners are selling also which puts people on the streets with a fixed income as the new buyers increase rent and looking elsewhere 
is also at a point of unaffordability. Im not a fan and am seeing the side effects in the homelessness that it has caused. I hope it comes to a cap.....


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## Muddy (May 7, 2017)

Yes, the inflation is going to hurt us from all angles. The top % of the income earners may not feel it, but everyone else will.


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## Drm50 (Dec 26, 2014)

This chaotic economy is the product of big money taking to much and trying to cover there tracks. They financed this mess for that purpose, not to turn country Marxist. If that’s what happens they don’t care. You can’t believe how much these people don’t care. The older generation moguls had some bit of loyalty to the flag, not so with this hi tech generation. They got their money without sweat.
They are making money at a accelerated rate every day. They don’t want to be regulated but they want to regulate everyone else. Makes no difference if economy goes up or down big money will cash in either way and leave average Americans holding the bag. The poor may be better off if the Dems come through with their free stuff. The Middle Class is who will pay.


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## jbo (Apr 24, 2014)

Agent47 said:


> Unfortunately this can cause hardships. Rental owners are selling also which puts people on the streets with a fixed income as the new buyers increase rent and looking elsewhere
> is also at a point of unaffordability. Im not a fan and am seeing the side effects in the homelessness that it has caused. I hope it comes to a cap.....


That's, why there is so much homeless in San Francisco, las Vegas and Hawaii property values went thru the roof and locals can't afford rent.


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## aquaholic2 (Feb 17, 2010)

Bought 135 acres in Perry county in 1991 for 28k....this summer same property with two cabins on separate lakes selling combined for over 900k...crazy market


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## Fish-N-Fool (Apr 12, 2004)

We didn't sell to take advantage of the market, but the timing worked out well for us. We went on the market the first week of July and the home sold within 48 hours for full ask plus an escalation clause, and they asked for nothing not even appraisals. We bought the home in September of 2015 and I did remodel all 3 baths in the last 24 months, paint the entire interior, new entry way flooring,
opened up the kitchen and installed a hammered copper island vent hood, freshly stained the wrap around deck, and generally maintained it well. The home sold for more than we would have ever listed it and we profited over $80k NET after realtor fees, etc. on the investment in 6 years......much more than we would have expected. And I to be clear the $80k was not cleared money that was the net appreciation we made on the home that was a piece of what was cleared. We honestly expected to make about zero before the craze...we expected to get the money we spent on remodeling and upgrades back and that was it.
And because we found a place with the land, house and garages we wanted off market the price was more than right even in "typical" times. We basically sold high and bought low.

My philosophy on debt - have none on your toys, vehicles and depreciating assets. I don't mind debt on capital assets when the rates are right. So in this environment, we had saved and paid the minimum 20% down on the new farm out of our savings and borrowed the rest at 2.5% annual for 15 years fixed. That is free money in any time and for the next couple years the bank is paying me because inflation is certainly higher than 2.5%. We took all the proceeds from the sale of the other home and invested. No plans on touching that money ever and it should double every 7-10 years serving as one retirement egg down the road, or we could always choose to pay off the new place at any time. We also held back a fair amount in a separate savings account for future property improvements on the new place. No plans of early retirement, but figure at worst I don't stress over the debt - when bought under market value and the fixed rate is at or below historic average inflation rates. We didn't do it for the money, but it worked out really well for us financially with everything that occurred. It honestly may help us achieve retirement a few years earlier as we have no plans on touching the money and realize we were blessed. Don't want to count your chickens though we all know how tough life is.


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## Sallymayorz (Jun 8, 2021)

OlivesFree said:


> A lot of people took advantage of those prices. One of my customers is an investor. He has invested an incredible amount of money in real estate, and as soon as the prices had gone through the roof, he started to sell. He has actually earned a fortune back in February and March. However, he has had some significant issues with one house. The buyer even wanted to sue my customer. Thankfully, he is using the services of Entreprenadjuridik för byggarbetare - Advokatbyrå. They helped me avoid the trial. I still don't know what the issue was, as he didn't want to tell me.


Sure thing, it's normal to take advantage of this kind of situations!


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## Thomostak (11 mo ago)

Overpopulation of the planet contributes to real estate prices in economically developed steel countries are growing. People need to live somewhere, and they will spend their money to have the opportunity to live in comfortable conditions. I realized this a long time ago and started investing in real estate. But I did it rather haphazardly and did not get good profits. Then I read an article about investing on Real Estate Syndication: What Is It And How Can You Profit? - Financial Freedom Countdown and realized that it is possible to invest in non-mobility in other ways. Now I'm trying new investment methods.


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## Whitley (Sep 10, 2010)

bad luck said:


> I know in nearly all the country, but especially in various select markets, the price has (pardon the pun)...went through the roof.
> 
> Have some family that have been on both sides of this boom, both from being able to take advantage of the sellers market as well as, IMO, overpaying, for their new homes....It's a great time if you have extra property/houses/real estate to sell...little tougher for those buying their first homes....


My son tried buying a house recently, even overbid by about 15K, but was outbid by 30K on a 200K house. Company buying up houses is a conglomerate that buys houses, rehabs them and then rents them out.


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## bdawg (Apr 14, 2009)

Lots of people buying up houses because rents are going up and the stock market is going down. I think a lot of big money has gotten into the real estate game with those real estate investment funds. This is not good for the common homeowner or tenant. 

We just sold a house 2 weeks ago that we have owned for 22 years. It was our 1st house that we lived in for 12 years. Then turned it into a rental. When we decided to rent it out, we owed $75k and it was worth $52k according to the county! We just sold it for $100k. Still owed $47k and put $25k into it before selling so we didn't make a lot of profit on the sale, but did better than if we had given it back to the bank and taken a big credit hit 10 years ago! 

Tried to sell this house a year ago when tenants were still living there and it wasn't fixed up, and the best offer we got was $$65k. 

With rates rising fast, home values will start going down fast. Glad I got out when I did!


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## Morrowtucky Mike (May 2, 2018)

Buddy built a house in my area last year to solely sell. Had $125,000 in it and posted for $250,000. Finalized at $345,000. Crazy stupid but he’s not complaining.


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## Muddy (May 7, 2017)

I would love to sell the house and farm and move to Eastern Kentucky, but my wife and kids like it here. I could sell off some building lots and make a bunch of money right now. My long term goal in life is to live in a modular home in Appalachia on a reclaimed strip mine.


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## bad luck (Apr 9, 2009)

You can live in a modular home in eastern Appalachia for nothing, I can guarantee you there’s hundreds of people that would make you a quick trade right now for that!


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