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I just had a conversation with my dad over the weekend about real estate. He owns properties (rentals in various forms, houses, condos, apartments, etc) and stocks and other shit.
His idea is that it is going to be just like in 1989-1991. People will leave the keys on the kitchen table and walk away. Especially the interest only idiots. At that point he is telling me it is time for me to finally buy some real estate, doing it at rock bottom prices. I think I will take his advice and wait another 1 or 2 years to buy a house.
He was a working stiff until 1988. When the stock market crashed and the real estate did over the next 3 years, he took money from his other investments and bought up a shitload of real estate for almost nothing down. He is confident it is coming around again.
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