I have a buddy here in Vegas that I rent a house from.
He bought it in 1999 for cash, it is now worth 40-50k less than what he paid for it.
You might want to re think your post.....just sayin.
Now if you sold at the right time, that would be a whole different scenario.
“Now if you sold at the right time, that would be a whole different scenario.”
Bingo.
Flippers were moving houses so quick that they generally saw what was happening and got out.
I’m a slumlord and I am in it for the long haul so it doesn’t matter again. Unless your landlord is in need of cash tomorrow, he is fine if he paid cash. Even if he didn’t, interest rates were so low that it was still a good deal. It will keep itself afloat just as it did in good times.
I assumed the guy I was commenting to father in law was in sales, but either way, losing the income from between ‘02 and ‘07 is crazy and bad business. Being chicken little is no way to live. You may as well become a Wall Mart greeter and move into studio apartment with your 3 cats.
The gains made in the good years offset the loss we took at the end deleveraging and taking cover. The problem now is what to do, but I am glad to have kept riding the train till it got to the station.