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I ran the numbers for the house I'm renting--the current landlord bought it in April 2005 when the Case-Schiller Housing Index for LA was around 233. That same index is now at 169. So this property that he paid $1.35M for is now worth approximately $945k... I just did the math, and figured out he's losing over $8k per month in equity.
Not a good investment.
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