Instead, they look at a stat or chart, see last year values appreciated 10% and therefore each of the next 5 years will do as well and they'll be rich, because prices can only go up!

I'd tell him the truth and draw him a chart.

I'd like to see how you setup your chart of accounts, how are transactions from the property managers handled, etc.? 

I'm not one to split hairs over a couple of hundred of dollars, but this amount seems high, but I also don't know if this is the cost of doing business for a loan amount as low as mine as not all lenders can/will lend at my mortgage amount (or so I'm told). 

I would research the BP 4 Square Chart. 

Splitting hairs a bit.

Is the local RE market as hair-on-fire crazy as Greater Seattle?

@Curtis Bowery, not to split hairs, but I would consider 6 years medium term.

.- Increasing Demand Across Age Cohorts: Boomers downsizing coupled with a growing number of Americans who can no longer afford to rent or own traditional housing continues to drive demand for MHC - see chart below.- Limited Supply: Only 10 new MHC sites have been approved in the U.S. over the last two decades - see chart below.- Downcycle Outperformance: MHC is the least sensitive property type to negative changes in GDP.

For those newer to the space make sure to do plenty of die diligence on assets as over the past several months there has been an above average amount of assets out there that have a lot of hair which I would not recommend and some even hold negative value.There are still decent assets out there as well, but make sure you pick through the bad to find the good.