Or is there is a sudden crash of over 50% in real estate then I would be in the hunt right away.

He is headed for a crash if he does not get his finances under control.

They still personally own a lot of the funky loans from before the market crash, such as stated income loans, as Fannie Mae and Freddie Mac will not purchase them.Like Ed said, if you're providing full loan documentation and a solid downpayment.. your loan most likely fits Fannie Mae/Freddie Mac standards, and will eventually get sold to them.

You mean you expect another crash, essentially?

If you're in the rat race paying for stuff, if you lose your job, money stops, and everything goes crashing down around you.

A 23 cap deal is even unreasonable for deals that were purchased after the crash for a bargain in 2009 and have now rebounded.If you truly have a deal on your hands my best advice for you is to partner with someone successful in the industry.

A good place to start is actually by taking a "crash course" for real estate license.

I should premise this by saying I do have 2 condos I bought in the crash and I do have them rented out.

Did we not learn from the 2008 crash the importance of honesty?

Purchased a SFR with savings and followed up by using the FHA program for a duplex I live in now.Went in for some sweet equity and took half the walls down to the lathes on one side (old plaster home) and like many... got a crash course in DIY.