It's why several billionaires are doing redevelopment in Detroit.  

No billionaires own 0 stocks. : )I should also add to my post, I do own an E-Commerce business as well that is on the side of my day job, so maybe that would be considered stock as I bought the company.

It depends on:- what the comps say- estimate how much repair is needed since it's an "as-is" deal- estimate the income after verifying all revenue and expenses data- determine if given all the risks associated with this property, it still performs better than other investment opportunities I may have available (i.e. stock market, bond funds, gold, bitcoin, etc.)Cheers...

Heck, this might even explain the earth quakes.When you have a situation where in some areas in CA, they technically have no buildable land and have to tear down a structure to build anything new, factor in just based on population there is likely to be more millionaires and billionaires in CA than in say North Dakota or Vermont... prices will have a way of going up.You have a scarce resource (land) in a 'free market' where the primary method of determining who gets what is the price mechanism.

Especially for residential lock in low financing with less down and leave more cash for reserves and more property.Tilman Ferttita a billionaire mentioned in a video that one of the best pieces of advice he ever received was to take favorable long term financing while the markets are good and capital is flowing freely so when a downturn happens you have lots of cash built up to take advantage of the cycle.When a downturn happens the credit markets tighten up and LTV loan amounts go lower as lenders get more conservative.

I have GC's millionaire handbook with me at all times...the other two haven't even heard of them, looked on Google and they are both older billionaires...I prefer someone closer to my age that has relevant experience like GC over those who are from older generation and money, but following anyone that has become super successful, you cant go wrong following or using their strategies, which are somewhat timeless.

I remember when it was $4, I even made a bitcoin wallet.

No legitimate lender is going to ask you to wire funds via Western Union or Bitcoin. 

And all that money you sink into paying off the mortgage is an opportunity cost, because you may have invested in another house, bitcoins, Trump bobbleheads, or something else. 

Lots of digital automation is on the way before bitcoin I believe