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As certain as tides rise, cycles are inevitable. The biggest paydays in real estate are making the most of them. Each is its own opportunity. When markets are down, preserving capital is the game. Repositioning assets in ways not possible in up markets, like restructuring loans and killing debt -- you'd be surprised how reasonable bankers can be when the lights go out. Then, bank REPOs -- our favorite food group in downtimes. Some of Heatley Capital's best performers came from the 2008 crash. When markets are up, sell like crazy and look for products that can weather the storm when the market turns again. The most needful of products in 2018 are medical, assisted living, memory care and independent senior housing.