This year, real estate investing has really spiked my interest.

I'd ask to see a breakout of costs and try and see where the costs have "suddenly" spiked. 

It's probably one business that just only sees some massive spikes, and almost no lows but rather steadiness.

Electricity can also spike in the summer with A/C.

But this could change if the default rate spikes and there is a major downturn in the market.   

Maybe let him cool his heels for six months to a year or so and see if he has any 'coming to Jesus revelations? 

Then years later forget about it leading to you or lender spiking your escrow charge for a year costing you a couple thousand then you ask why and it's because of that then you redeem it after feeling the burn. 

For example, during the pandemic some materials costs spiked wildly, as a result of supply chain issues and shortages, but have since come back to reality.

So many simply tire of trying to find the unicorn deal all the while the  Nice " man in the Blue Suit has gotten rich on your dreams" One of my favorite lines from Stevie Winwood and the Low Spark of the HIgh heels boys.

Electricity can also spike in the summer with A/C.