Replies to post #108815 on Zeev's Turnips Patch-No Politics (ZEEV)

[punkle]

Newly, this is a great idea. I think you may only have around 6 months to make up your mind however depending upon where you live because the high priced stuff will get hit hardest.

I would not be buying ANY investment real estate right now. Maybe a Class B apartment building surrounded by Class A's and renovate it and up the rents but that's about all I'd consider (outside of your primary residence of course).

[Smart_Money]

I lived through the Houston Real Estate crash in the mid 80's. I had friends who owned large apartment complexes FREE and CLEAR and could not pay their property taxes and up keep. So many just boarded them up and waited. I learned just because a property is free and clear does not mean it's "paid for". The buyers came from California, New York and cleaned up.

[south louisiana]

Newly - it seems impossible, but when the real estate bust hit this area in the early 80's I knew people who bought 2500 sq. ft. new homes for under $5,000 on credit cards. Never say never, and I think the debt free strategy is good IMWO.