Core concepts
Tighten underwriting
Raise required DSCR, lower max LTV, increase reserves.
Harvest opportunistically
Sell late-cycle peaks; redeploy in recovery markets.
Operational fortify
Lock leases longer, build cash, defer non-essential capex.
Examples
- 2022 sell-down of Phoenix peak SFRs; 2024 redeployment into Midwest recovery.
Practical applications
- Multi-cycle operators.
- Late-cycle portfolio audits.
Common mistakes
- Reacting after the data is obvious.
- Confusing national headlines with local cycle.
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