What would you think of this property manager?

[Mark Fitzpatrick]

I once had a property manager (we no longer use him) who had been a real estate investor (he owned quite a few properties, but was a bit of a slumlord) and property manager for many years. He once told me that if I wanted more cash flow on future properties, I just needed to put down a larger down payment. He said "you can make anything cash flow with a large enough down payment". What would you say to this guy?