Jim,
I do think the property cycle is over-emphasised. Prices may be falling but they won't be falling everywhere at the same time... and in some areas they'll probably be rising.
Like stocks, some go up and some go down.
If you find the right property it's always worth buying no matter what point the economic cycle is supposed to be at. There's always a suburb that's growing in value. Even in the worst recession there's always some area producing good rent... you just have to find it. What I mean is that I don't believe the economic cycle is a true enough indicator of when you should or should not invest.
Most people don't realise that the vast majority of the world's fortunes are not made in good times, but when times are bad. Anyone can make money in good times; people who make fortunes do it in the bad. They achieve this through research, by knowing what's growing. On the other hand, most other investors do their investing ad hoc.
The truly wealthy people do all the research that is required. Truly wealthy people might seem lazy on one level - enjoying their wealth and doing what pleases them - but they're never lazy with their money.
You have to do your research. Remember, you do the work not the market. How often do you go through days not looking for opportnities? Opportunity is everywhere. You just have to start looking for them.
"There are three types of people - those who make things happen, those who watch things happen, and those who wonder "what happened"?
