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Old 03-01-2011, 09:33 AM
 
278 posts, read 622,979 times
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Quote:
Originally Posted by Potential_Landlord View Post
There is a Lebanese-American billionaire in Michigan who bought up 600 parcels in Detroit (probably more now), among them in the really blighted areas there. Guess what - he buys for pennies on the dollar while the middle class sells out or stays on the sidelines. I would start selling real estate when he does - but accumulate now.
One thing I learned from any market is - always do what nobody else does and run away (or go short) when everybody talks about it or does it.
I especially love the last part about what you learned..."always do what nobody else does." My husband and I did lose a lot of money on an apartment complex in KC in the hood several years ago. Fortunately we were able to sell. (It's still sitting empty...I think it's cursed!) Anyway, I remember a long, long time ago my father wanted to buy some property in Spfld Il and my mother totally discouraged him. If he would have ignored her and bought the property, he would have been a multi-millionaire. And so it goes.........

Last edited by annie7; 03-01-2011 at 09:35 AM.. Reason: left out some words
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