I totally agree about diversification.

Personally, I’d use it as a down payment to expand my rental portfolio, tapping into financing to acquire multiple properties for better diversification and cash flow.

This is truly passive for me and it's a very smart and important strategy and diversification for me now that I am over 50.

A balanced approach—leaving some 401(k) funds for diversification while allocating after-tax dollars to real estate—can optimize tax efficiency and meet retirement goals.This post does not create a CPA-Client relationship.

And as for Jamie Dimon prices have doubled since he made his proclamation and his own traders are trading bitcoin futures so I wouldn't put too much stock in what he says.As to why buy real estate at all its for diversification.

Use census and trend data to evaluate overall markets - population growth, age, job growth, industry diversification etc.

International diversification (I went deeper on that in my previous reply above);5.

The transaction allows investors to increase the liquidity and diversification of their real estate investments while deferring costly capital gains and depreciation recapture taxes that may result from the sale of a property.Benefits: REITs also can provide the same ongoing benefits of real estate ownership including income, depreciation tax shelter, principal pay down, and appreciation.

The same level of diversification would be near impossible with only active holdings because we cannot be a expert on all things.I have my active investments which virtually always are off market purchased value adds (my hobby that pays well) and am an LP in some syndications (passive investments that also pay well).  

I will do that diversification myself by giving my money to those who I perceive to be experts in specific asset classes, and do not a single sponsor to do that. - Sponsor is transparent and realistic.