To expand on that, I think the next 6-24 months in the RE cycle, and especially multifamily where I'm focused, is going to be about 2 important factors: buying right, and conservative leverage.The bridge debt world exploded about 12-18 months ago and have been offering very aggressive terms on value-add properties that I could see coming back to bite people in the *** in a few years times if cap rates have any substantial movement.

The 2% rule was never relevant except on milk cartons...and it's still relevant there

For the bank, there's also a "velocity of money" play going on, they can recycle that same chunk of $500k a half dozen times a year.

I’m an architect/developer at heart, so the dream would be to eventually do a lead a development deal of my own either by myself or with partners.I am not personally high on my local market in the next RE cycle, and am looking to get connected and invested in an area (or areas) that forecast strong population and job growth, but are also relatively close to my home base in NYC.I am looking to get started in the Raleigh area, and would like to have my first investment made this year (SFR, duplex, also open to partnering on a larger MF deal).

Great returns and ability to continually recycle my capital based on cap rates in the area How did you find this deal and how did you negotiate it?

, RE cycle.

Since then, I’ve leveraged those two properties to scale up to 17 rentals by recycling that equity to scale up with refinancing and taking on loans.

Also, why not just have a line of credit that you can recycle over and over again?

And if we are out of milk, its just 2 minutes away. 

I believe in the Dollar Milk shake theory put forward by Brent Johnson.