property purchases speculating not investing

if a borrower borrows 100% (say he has other security) pays 7% receoives a nett return of 4% he/she is losing 3%.
There is no gurantee of capital growth, so its speculating not investing.
I think all the rules have changed in the investment world, 1 year is a long term investment now, because things change so quickly, we saw how quick rates went down, they could go up as quick, no-one knows, oil price same it was up, now less than half, there are no more absolutes in investing and sitting and forgeting, you need to be alert, not alarmed and vigilent to what the world economy is doing