If this is something you're interested in, this is prolly a once-in a-lifetime opportunity. I did that in the 80s in that economic crisis. I bought 'distressed' properties for pennies on the dollar. For an example, I bought a duplex for $17,000. Put maybe $4000. into repairs, rented it out for two years, then sold it for $51,000. It's worth triple that now. The reason I sold, was so I could buy another property. - A trailer park. I now own two trailer parks, and I've recently been buying condos and houses in Las Vegas, and Florida. I started out with 3 duplexes in Austin that I paid a little more than $60,000. for all three.
Unfortunately a lot of people are losing money like the in laws of the other post. I feel terrible for them and wouldn't wish it on anyone, but while some are losing, others are making.
at 1:24 PM on Jan. 2, 2010