After 10 years in the Army I got out and worked as a DoD contractor for the next 16 years. My first rental was a duplex in Lawton, OK that I bought when I was stationed there, only to get orders for Alaska a month after closing. I kept the house through the ups and downs for 10 years until the market was back high enough in the area to sell it with no gain. I bought a condo in Maryland after I got out of the Army, a house with a friend in Baltimore at the top of the bubble, and a 4-unit in Buffalo to retire my Dad and move him into. When the bubble burst it was one leg of the misfortune trifecta with the other two being a bad marriage and a bad loan product offered to me by BoA for the 4 unit that ultimately led to bankruptcy and forclosure only keeping the home that I was living in. In a couple of months it will be 7 years and it should fall off my credit. I'm looking to get back into the real estate game, but with a strong plan first.
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