Anyone who has been living well within their means is likely to have the wherewithal to acquire some pretty reasonably priced assets when..................
Anyone who has been living well within their means is likely to have the wherewithal to acquire some pretty reasonably priced assets when..................
Yeah...that's the Great White Hope for the "Great White Elephant" ;) Do you know where the term "white elephant" came from? Mansions being sold for a dollar in the depths of the Great Depression, because the property taxes & upkeep costs were too damn high. It's was America's "Idle Acres:" it was like the U.K. after WW1 when a vicious deflation saw landed estates come onto the market for a song.
A few people lived well within their means, and did not speculate on real estate or invest in anything other than the bluest chip stocks, all during the "Roaring Twenties". Most other people were partying like it was 1999! They then bought income properties during the Dirty Thirties literally for pennies on the dollar. Fortunes were made during the Great Depression!
Yes, they were.
But just a tip: pennies-on-the-dollar doesn't work very well with modest homes or properties. Back the the Great Depression, some speculators tried that in farm country at repossession or tax sales. The locals made it very clear that such speculators were not welcome. Sometimes, physically.
These days, the "dollar house" likely has a back load of back taxes that have to be paid before you can get a building permit (even to renovate a crumbling structure.) This is the case in Detroit.
That noted, there's nothing wrong with your plan. It would just be prudent to buy a pennies-on-the-dollar place to live on rather than speculate with.