Real Wealth Show: Real Estate Investing Podcast How to Survive Real Estate Cycles: Fixed Rates, Non-Recourse Loans & Buy-and-Hold Investing with Dwight Dunton
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Mar 3, 2026 Dwight Dunton, a 25-year multifamily investor who weathers major market cycles, shares hard-earned strategies. He discusses matching assets with long-term fixed-rate debt. He explains how non-recourse loans act as insurance. He contrasts value-add buy-and-hold approaches with speculative flips and points to markets and plays that may offer opportunity now.
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Lock Long Fixed Debt To Avoid Being Margin Called
- Do finance long-term assets with long-term fixed-rate debt to match asset duration and avoid interest-rate rollover risk.
- Dwight locked 35-year fixed loans at ~2% during low-rate years to avoid being margin-called when markets turned.
Avoid Short-Term Loans For Long-Hold Rentals
- Avoid short-term commercial loans when holding long-term rental assets because refinancing risk can hit during downturns.
- Dwight explains five-year loans save a little interest but force roll at inopportune cycle bottoms when credit vanishes.
Pay For Non-Recourse To Protect Personal Capital
- Do pay up for true non-recourse loans as insurance to protect personal assets and improve leverage in workouts.
- Dwight notes non-recourse costs more but removes personal guaranty bullets so banks negotiate rather than pursue personal assets.