Samuel:Let's draw the distinction between "people still buying real estate" and "people are still able afford real estate".  

Both of the asset categories have distinct investment cycles.  

This gives them a distinct advantage in business whether it be real estate or any other venture. 

The quote tries to make a distinction between earned income and passive income. 

For me, that can mean multiple distinct units like my duplex, or if it is within walking/biking distance of TCC or UW:Tacoma, at least 3 bedrooms or potential to have 3Bds.I am not interested in SFRs at all unless the meet the aforementioned criteria, so I can't really comment on inventory status.

To me, a mentor is a person who has vast experience who wants to give back his knowledge to novices and people looking to enter a certain vocation.These are pretty clear distinctions.  

Thought I would share a few nuggets that I’ve gleaned…The central premise of the book is that every real estate market is cyclical and follows a predictable sequence in 3 distinct phases: boom (rapid appreciation, mania), slump (lower prices/difficult financing) and recovery (transition); all of which have their own qualifications as far as appreciation, vacancy, market confidence and so on.

This is an important distinction that needs to be understood.

If so, I agree and think the distinction is an important one to make explicit. 

Every single piece of silicon on this planet is tested prior to it ending up in a F22 fighter, your car, Ipad or printer, and what I have seen in the past tech down turn was a distinct decline in orders prior to the over all market going down.