California - where we are in the cycle and strategies

[Ray Lai]

Hey everyone, I've seen quite a few discussions on where we are in Cali in the real estate cycle (Bay area and SoCal) and there is a wide variety of opinions.

Assuming we are late in the cycle, how have you guys adapted your strategies?

How do you flip when a market is super hot and you don't know when we'll hit the top? 

Does anyone have lessons learned from the last time we peaked in the California cycle?

The typical real estate cycle according to economists is 18 years, however in California it peaked in 10. We are known as a boom bust market. Anyone have some data to back up their thesis on where we currently are in the cycle?

Investors who have been commenting on deals getting harder to find, have you adapted or moved to other markets?