The days of a guy with a part time job at Burger King and a 450 credit score are over.I read that before the Great Depression, you were required to put 50% down and loan terms were for five years.

In contrast, a note started in 2009-2011 is perfect as the market was depressed down after the bubble burst and values were not artificially and manipulatively inflated, thus I am more comfortable with the valuation at the time.Today's value of course takes precedence, so make sure you have the ability to evaluate true market value.

There are good teams and good properties in depressed markets like Detroit (sorry Detroit), but that increased your long term risk and exposure in the carry costs of that property.You need to me Market Agnostic (my 5th rule of successful real estate investing).

Stock market investors who remembered the 1932-1938 depression were unable to take advantage of the boom markets that followed.

What I usually encounter is a section 8 tenant who has 4plus kids, 2 of which collect SSDI for depression on ADHD.

Of course at that time inflation was a given since property had not dropped in value since the depression (pre 1980 downturn).

I experienced one major depressed market during the President Carter days when the interest rates rose to 21 percent and stayed there for what seem like an eternity.21 percent interest rates - could you survive this?

I'd be curious to know his reasoning as he's a really smart guy.In my area, unemployment actually went UP; now, with the micro monitoring of credit worthy homeowners, this could avoid the problem.But in the grand scheme of things, is 7-8% unemployment really a depression?

Im very anxious to start leveraging the equity i've developed (about 160K) b/c I know that this historic window of depressed prices and rates is waning.

But the thing is, I have severe depression, to the point that it's interfering with my personal and professional life, and so I made the decision to just leave my program, for the sake of my mental health.