“You need to understand cash flow. What's going to be your income and expenses on your property? You need good entrepreneurial skills. You need to have six months of reserves in case things don't work out the way you think it will.”
“We've never had a streak like this. We think we've come to an end for setting a record each year, but we're projecting this is a new plateau because of population growth and household formation.”
“It's not like all of the buyers fell off a cliff. There are still people in the market during this time, just fewer. Some people think it's a great time to buy or sell.”
“We've not seen anything like this previously. There have been hurricane disruptions, like Andrew, which was a temporary thing and the market bounced back, followed by a return of a red-hot housing market with housing prices hitting new highs in 2004.”
