> Investment properties are like stocks, except that retail investors are much more likely to be leveraged and much less likely to be diversified. If by retail

> Investment properties are like stocks, except that retail investors are much more likely to be leveraged and much less likely to be diversified. If by retail investor you mean the person holding stocks, I disagree. Most countries allow comically high levels of leverage when it comes to real estate. 5X is normal, 20X is not rare, and even infinity (e.g. no money down) was possible. On top of that I can use a mortgaged property as collateral for another mortgage to another property. It's leverage backed by leverage in the most hazardous way possible. Compared to other markets, the average real estate "investor" is so leveraged it would make even the most degenerate of WallStreetBets poster blush.