I am not a property investor, but am simply trying to learn as much about property as i can before i commit to a huge purchase, but i think that--if i were a property investor--the above statement would be hitting home very hard.
anyone can make money in a rising tide, it is when the tide goes out--as buffett says--that you find out who isn't wearing any clothes. it is gratifying to think that one has made piles o money based solely on one's own merits, courage, intiative and that may well be the truth. however keeping that money might require different skills--caution, foresight, risk management.
my 2.5 cents.
Your stealing my thunder Now is a great time to be learning about real estate because you are going to see a lot of red ink in the Streets.
The nonsense that you can't lose with property long term is about to be severely tested. A ten year period for most SS formites would qualify as long term being that the average boom to bust cycle is 7 years.
We have just lived through a 16 year purple patch and the next ten are going to be tough.
As for Buffet Andrew he is always cash flow positive and is in another Universe as per investing. He is the JP Morgan of the 21st century.