Michael Terpin

I think that for the foreseeable future, they'll still be 50% or higher.

The other two things that I wrote about in the book was I wanted to explain the cycles because most traditional investors understand the cycles in their asset class.

If you're a real estate investor, you understand the cycles, right?

You wouldn't have gone and FOMOed and bought real estate in Las Vegas in 2007, right?

Because you could see that the bubble was about to pop.

Whereas tons of people like went in and like, you know, mortgaged.

I mean, they just went, you know, easy money and people were making money and then they got wrecked, right?

Because they had these programs where you could go in and do anything.

I mean, Vegas particularly got really harmed by this.

People with no income would do these no-doc loans, and they would say, oh, yeah, I'm a cocktail waitress, but I'm going to buy a $5 million home because there's no money down.

And my realtor said, well, when the bill comes due, it'll be worth double as much, and you just cash out or refinance it.

And of course that ruined, you know, I mean, at one point 70 something percent of all the home sales in Vegas were foreclosures.

Holy crap.

Yeah.

I was in Vegas.

I was in 08.

No, it was after that was when the, it was when the wreckage happened.

There was like 2011 and 2012.

Oh my gosh.

Yeah.