I’m with 4plexowner on this. Risk taking and hard-work in order to improve one’s life is one thing. But buying overpriced properties with the sense of entitlement that one “deserves” the profit is plain stupid. It’s like buying a house in Temecula for $800k expecting it to increase to $1 million in a couple of years. That’s asking for trouble. Plenty of people have been living in that lala land. It’s time for a correction so that the real hard-work is rewarded.

Nothing wrong with refurbishing a house and reselling it for profit. But you have to add value and create a product that buyers want. The real work is not in the upgrade (anyone can do that) but finding the right house at the right price at the right time.