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\nThe catalyst for this blog is a comment from a viewer of my YouTube channel.<\/span><\/p>\n “… older video says you did not lose playing reit. need your help man. it is starting to feel a bit strange already.”<\/i><\/span><\/p>\n “I made a lot of money investing in REITs but that was during the 15 years when interest rates were almost zero. Things different already.”<\/i><\/span><\/p>\n We must realize that things have changed.<\/span><\/p>\n I blogged about how I made more than $2 million investing for income and that was from passive income received alone.<\/span><\/p>\n It did not include any capital gains made over the years.<\/span><\/p>\n I can safely say that more than half of that $2 million in passive income was from REITs.<\/span><\/p>\n If we take into account capital gains from voluntary and involuntary sale of REITs in those 15 years, I have made a lot more money from investing in REITs.<\/span><\/p>\n For an average Singaporean like me, that is a lot of money.<\/span><\/p>\n It has definitely helped me to achieve F.I.R.E. more comfortably.<\/span><\/p>\n However, like I said, things are different already.<\/span><\/p>\n In many blogs I published and videos I produced in the last year or so, I said as much.<\/span><\/p>\n Rapid and significant increases in interest rates have thrown a spanner in the works for REITs.<\/span><\/p>\n Indeed, they have had the same effect on all risk assets and not just REITs.<\/span><\/p>\n In an environment where risk free rate is 5% or more, Mr. Market is right to demand more from REITs.<\/span><\/p>\n This means yield has to expand, all else being equal.<\/span><\/p>\n I made videos on this and I am including them here for people who do not follow me on YouTube:<\/span><\/p>\n<\/div>\n