Fundamentally this is correct but there are less bad times to do it. In the UK for example, if you have reasonable capital in the bank, high interest rates and

Fundamentally this is correct but there are less bad times to do it. In the UK for example, if you have reasonable capital in the bank, high interest rates and collapsing BTL market then buying something immediately is crack smoking insanity which will lose you £50k in the first year you do it with little to no equity return. You foot all the risk immediately.