More investors ready to capitalizing on a dip then prior booms?

[Eric Bilderback]

I have been listening to people around me and even places like the bigger pockets podcast say we are nearing the top of the market.  Here is the question I have; the only dip I recall experiencing was the last one, but that one seems more extreme then most to me.  I was invested before the downturn and lost as did people I knew.  However I rode through the crash (unfortunately was not in a great position to take advantage).  I don't recall people talking about being ready to take advantage of a crash like I hear them saying today.  Maybe I was not plugged in enough.  My feeling is that when the market eventually does dip there will be a lot of investors ready to jump in which will stop the market from dropping to dramatically.  Just because I am curious what do you guys think?  I know there is no way to know what will happen but in prior booms have we had so many people ready to pounce on a dip before? 

Last question I do think we are probably going to have some sort of dip in the not to distant future.  To prepare I keep 3 months of reserves and on top of that all my properties will still pencil if the rents drop 20%.  Do you guys think that is conservative enough? 

Thanks for the discussion,