Quote:
Originally Posted by kr4l
although I agree with you regarding the tax issue, he took and good gamble and won. you and I both could of did the same thing and would be laughing about it now, but we didn't. that's why people don't like the "system".
in the end, if you were in his shoes, you'd be a happy man not having to pay the tax
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This is basically my opinion on the matter. In this current environment with so few restrictions on all sorts of investment id rather see local business doing well than foreign investors building equity over buying vacant properties.
It takes a hell of a lot of work to tear down and build a new home, and the work involved far surpasses the efforts most put in to build wealth. Regardless of your cash flow and net worth, it's a true investment to buy into million dollar + homes and risk a huge chunk of liquidity in order to turn a profit.