You did well with the appreciation gamble. 

The only time they ever make the news is when some old lady from up north walks her tiny dog near the water and it gets eaten by a gator.

I could have  bought a 2 or 3 million dollar building made 100 k net a year instead of spending it .. but never have a potential 30 mil upside.. so yes speculation and gambling thats what we do.. but we also use our noggin to buy the right properties.. not just some rental house and hope for the best.

It's also the reason that investing in rentals does not make financial sense in Seattle unless gambling on appreciation.Lubbock seems to look worse every time I visit because there are few incentives to fix up older properties.

Listen to @Gino Barbaro He and his partner have consistently demonstrated they know how to buy multifamily properties at one "grade" - improve both the properties and tenants - then refinance "profitably" You should reach out to @Sarah Gamble who is also active in Ft City

However, I see more listings with price drops lately as flippers investing in suspect areas are not winning that gamble.

Of course, if you are so wealthy that shelling out cash each and every month on a property doesn't bother you then go ahead and gamble with the appreciation game but realize its nothing more than chance whether or not the property will appreciate in the short term.

It's not impossible to do this but it would be like a very high form of gambling.

When you are asked how many sqft are in one acre, just remember, 4 old ladies going 35 in a 60.

I have a lady I can refer you too.