Taking advantage of Option ARMs and housing bubbles

I read this article today and I think it makes a lot of sense. I think you can especially profit from it if you can lock in loan rates before the July 1 interest rate hike by the fed:

http://www.1stmillionat33.com/2006/06/a-strategic-trade-in-this-housing-market/

I know some of you are quite risk adverse, but all signs point to interest rates climbing for a long time to come. If you also belive that rents will rise in the near term (I do) then this is really the time to start refinancing properties and expanding your rental base.