There's a reason the US government doesn't let the average Joe invest in these types of funds.Everything you invest in, there is a certain probability that the investment will be wiped out in its entirety.

But that is just a personal opinion based on personal experience with government tenants in California.

To add: you have a historically strong and consistent tourism presence, limited land/STR allowable areas, highly liquid property compared to selling a cabin in the woods, all 9 classes of visitors in the STR sector, and appreciation.  

There has been significant growth in the last 3-5 years, with booming business and real estate sectors.

As long as the bank sector is healthy, no credit event in 2024 and there's no collapse like 2008 for residential, that's what matters.So we see market crash in some sectors but for most people we are just fine...The fact that RRP has reduced a lot is also indication that bank sector is more liquid these days.......

Multifamily is the only CRE asset class where the government actively subsidizes the cost of capital via "the agencies" (Freddie / Fannie / HUD). 

The government takes more than I spend on myself every year. 

This is a good punch-list that all investors should use, not just new or inexperienced.New Western is a wholesale mill for sure, but they also use licensed agents to complete their transactions, who are governed by state license law. 

@Tom Gimer  heck of a stretch of an argument…regulating commerce which IS specifically mentioned in the constitution as a government function doesn’t fall under any of those categories. 

If it were that out of line with reality, the government wouldn't back loans on this basis.