Nobody better at losing money in America than the Japanese.
On another note, have you looked at R/E listings in Detroit?? Good golly, you can buy a mansion there for 150k. I’m actually contemplating some sort of r/e investment plan for the area. Buy now, sit on/rent out, then cash in say 5-10 yrs later? NY was just as bad as Detroit not too many years ago, folks made a killing there.
“Buy now, sit on/rent out, then cash in say 5-10 yrs later? NY was
just as bad as Detroit not too many years ago, folks made a killing there.”
As a speculative move, it could be tempting.
BUT do first consider (RE: Detroit area):
1. Lost money from being stiffed by renters
2. Lost money from the months it usually takes to evict problem/non-paying rentors
3. Lost money as Gov. Granholm (and G-d-Only-Knows even someone worse
after her) decides that Michigan landlords are the next “deep-pockets”
to keep Michigan on economic life-support.
4. Lost money when some “neighbor” in Detroit decides to torch a
building (maybe yours) on Halloween or when some Detroit-area professional
sports teams wins the league championship.
Or loses the league championship series.
Many motivated, talented people left Michigan/Detroit during the
late 1970s-early 1980s “oil boom” to find a life below the Mason-Dixon line.
I suspect that more will do the same even just to get to the Sun Belt
as Michigan/Detroit tries to squeeze more and more from fewer and fewer
productive, tax-paying slaves.