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During the housing slump in the early 1990's in the UK I got a apartment straight off the bank after someone defaulted, I offered them 20k, the mortgage was less than 100 a month, I rented it to the council for social housing they paid me 380 a month.
I sold it 15 years later for 50k, so 30k (150%) profit and 16% yearly return on investment.
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