BRRRR-.. Why such a rage now? BEWARE!

[Wendy Patton]

Okay, I am hearing some fairly experienced (but maybe experienced since the last downturn) saying that they are loading up right now on BRRRR deals. Sorry, but I don't get it right now. So i would love some explanation or insight from those doing this right now. I sold most of my single family rentals in the last 2 years. I am holding cash and waiting for an opportunity. Yes, I am still buying if the deal is right (ie great for subject tos right now with old 2-3% interest rates - great holds) but to buy at the top of the market, top of interest rates in the last 20 years, layoffs happening everywhere (especially high tech and mortgage/title companies), the market starting to turn down, plus i am sure I am forgetting a few more items. What am I missing, or why are some of you doing this and pursing this right now? Again, subject tos with old interest rates I understand, but to refinance them to higher rates, I don't. A drop in the market values (which are coming now), or a decline in rental values (which are happening now), or tenants that can't pay or won't pay (will happen if unemployed). Would love some thoughts on this.