Anyone remember subprime? Or maybe how many deals you did in 2008? Well strap in cause we haven’t learned a damn thing. When the feds clamped down on banks lending to less than able home buyers the market just came up with alternative lenders that are willing to shoulder the risk.
This should serve as a good reminder to always underwrite prospective deals conservatively. If they work in bad times they’ll work really well in good times and not leave you high and dry in bad times.