回複：在德州投資的思考

Curious about your timing.  when did you bought those 5 houses in TX? (around 2005/2006 if I remembered correct)

You are right about TX real estate.  It is good for cash flow, not for value appreciation.  It is like buying a high yield bond. 

In most other states with high value appreciation, down turn hits also really bad.  It like a high-tech stock which can fly high and drop low.  Risk is higher than high yield bond, but with high reward/return.