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Buddy lost his backside investing in Detroit:(
I've got a good friend from college. We go long stretches when we don't talk, but it doesn't matter, were friends for life, you know?
Years ago, when we just got out of college, he tried to get me to invest in some duplexes in Detroit. I said no, and that I thought D-town was a terrible place to invest. Detroit was already a Mad Max hell hole 20 years ago, and it certainly wasn't headed in the right direction. But he bought anyway. I don't know the extent of the investments, but I know he paid $105k for one building in particular. Last night he revealed to me that its worth $17k today. He's poured not only money, but countless amounts of sweat equity into it. The guy has made close to $100k a year for the past 20 years, and he's living in an apartment.
This is the same friend who married a stripper......*sigh*
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