How Did Real Estate Investors Stay Profitable in the 70's - 80s?

[Jeff G.]

During the stagflation era (1973-1982) when interest rates were sky high, prices were rising due to a weaker and weaker dollar, and and wages weren't rising to match, how did investors make money? What strategies did they use to compete? What previously successful strategies tended to fail in that environment? What can that era tell us about the present and near-term future? What, if anything, will likely be different this time? Will it last as long as it did last time?