Tonight, on "Mad Money", Jim Cramer said "cash is king". I know it's not the first time he's made this pronouncement and he was talking about stock portfolios.
He says that if you have only 5% cash in your portfolio, you are maxed out. He recommended keeping at 10% cash portfolio with a strategy of taking some gains off of the table (he calls it "schnitzel"), even if that means you raise your cash position to 40%.
He talked about making this mistake himself in the past.
I think this applies to real estate also. I know I've made this mistake before and I'll bet most real estate investors have too.
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