Is it bad that I am kind of hoping for a recession to help filter out some of the poor performers, and in some cases, bad actors in real estate investing? I've grown really tired the 5 years of the :

• 1) "Investors" who think they are geniuses because they have done well in an extended up cycle. Not at all giving credit to market timing.
• 2) AirBnB/Short term rentals rule the world crowd
• 3) Realtors who think they run the show in some markets, and also think they "too good" to hustle for some clients because they have had some success in an extended sellers market
• 4) Contractors that don't return calls or deliver on time/on budget (I will give some slack here because demand has been crushing and skilled labor has been short, but I'm looking forward to a balanced market)

While I don't personally wish financial misfortune on anyone, I am looking forward to watching housing that belongs to overextended short term operators go back on the market at a discount because the "investors" underwrote it to only perform at optimal short term rates/occupancy. I'm looking forward to subpar "investor friendly" realtors washing out of the field. I'm looking forward to "investors" who have insufficient reserves, over extended credit, and poor PM, realizing they aren't the geniuses they thought they were.

Yes, the prices of my portfolio in Denver and Boise may take a hit, but I think it will be a paper hit, and since I'm in this for the long haul, and I'm in it in a position of financial strength, I'll take the short term turbulence if it means less of all the above.