Totally agree with Nil. This is the time when I actually realize that by "NOT" following the rule, actually hurts...For many of us(new investors) who have invested prior to 2007, our mistakes by not following the system were covered by the market. I have one negative cashflow property, paid more than current market price, and I can feel the pain if anyone is in the situtation like this. Good thing for me is my total positive cashflow is more than my negative...This is the time when I feel how important that I need to follow the system.
I got tired of timing the market now, as I realized "cashflow" is the way more important in creating real estate wealth, not capital appreciation. After many years of looking for "get rich quick", I finally gave up..
I love the idea of getting paid every month without working, mortgage free after 25-35 years. All I know is the world need fuel and food, which canada (alberta) provides...and when compareing with all other places in the world, I feel comfortable investing in Alberta, rather than investing in a totally new places...
So....as long as it cashflows, I don`t really care if the market goes up or down..I will just be more cautious when i buy my next property. Great lesson learned this time.