Hi Gregory,
I agree with you for the most part. Except "millions in interest" is a bit extravagant don't ya think? It would be around $1.2mm which is still a ton of money!!! The option arms are great if you know what you're doing. You also have to know to watch the indexes on which these rates operate off of. The California areas, I'm not too keen on. I don't believe there's too much appreciation left in most areas there. Where was the last new build??? Where's the new commercial property??? Are the lower income areas the next target for development??? CA's overrated. I've done loans there, it was fun, made a lot of money. Have to say it's almost more trouble than it's worth anymore.
Cheers
Harrison