I didn’t succumb to “cash out” during the “bubble” because I’ve seen this whole RE cycle thing occur twice before in my life (actually 3x but I was in college during the 1st one) and I didn’t buy during those “bubbles” either. I was also fortunate initially get into the RE market BEFORE the long “exorbitant-interest-rate-crash” and also fortunate to buy again near the bottom of “Gen-Dyn-leaving-SD-bust.” I was taught about RE cycles many, many years ago in “RE Principles class.”
Being “well-educated” in subjects that are not related to RE will NOT HELP an agent or principal in navigating the street and the players on it. A college degree will NOT TEACH you what to do to successfully consummate RE deals. ONLY intimate product knowledge combined with a good RE education and more importantly, experience on the street will enable an agent/principal to get a “lay of the land” enough to know what they are doing. If a new agent is fortunate enough to mentor with or assist a very experienced agent for the first year or so …. all the better.
edit: Also bought during the “Gulf war crisis malaise” and that turned out to be a good investment as well. IMO, the trick to remaining solvent with above-water properties is to refrain from extracting equity, esp large amts.
