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If you obtained fixed rate/term “bubble era” financing to rehab properties purchased at pre-bubble pricing, and your intent was to hold for income and long-term appreciation, the bubble was a great time to be a real estate investor - 5.65% fixed thirty year refinancing to rehab existing rental property.

That's around 4.25% after the interest deduction.

I've got Countrywide calling or writing weekly, pretty much begging me to refinance - never gonna’ happen, I just sit there, collect the rent, and watch inflation reduce the ratio of rental income to financing cost.

But I was investing, not speculating.

In my area prices on existing property still have a long way to drop (around another 20%) before the numbers again make sense (if they ever will) to me as a rental property owner.