You’re shorting the dollar essentially so as long as you leave enough dry powder as a reserve to add collateral in case of a price tank, and you’re willing to wait out several years and be under water when the $ price remains under the price that you loaned at, it’s fairly sound.

I believe that’s what most property developers have done to acquire their big stack of real estate, except at better interest rates.

Things I would watch out for is assuming CAGR remains at 50% or so, and interest rates for dollar debt remains at 12%