Posted by Spook on October 15, 2010 at 20:00:48 from (75.45.88.53):
In Reply to: Re: OT- HUD home posted by gun guru on October 15, 2010 at 15:08:48:
I had a friend of mine that bought 17 homes in Detroit in the 70's. Figured that he would fix them up, rent them out, and when the real estate market came back, sell them at a profit. But 2 things happened:
1) The population of Michigan pretty much stagnated - it grew very slowly.
2) The population of Detroit continued to decline. It stated declining in the 50's. Nobody knew that it would go from 1.6M in the mid 50's to under 1/2 M today.
Bottom line, houses never appreciated much. The section 8 rents are based on value. So the rents never went up much. My friend sold out in the 90's, lost a bunch of money.
Another thing: This was a guy that told me that "you never lose money on real estate"... Sound familar?
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