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A person who bought an investment property with negative cash flow is speculating. A person who buys a home with monthly costs far greater than the cost to rent a similiar home, is speculating. A person who buys a home with a risky adjustable rate mortgage, or negative amortization mortgage is more than likely, speculating. Any investor buying pre-construction housing is speculating. Speculation is not evil, but it does have risks. In the past few years, these risks have been minimized or ignored, but in a free market, risks are rarely eliminated.