Yep Auntie, you are correct. It's not about how much you make but about how much you keep.
If anyone is interested, there are self directed 401k's available. A co-worker rolled over one to a condo purchse for a rental. She bought and sold and the right times and did well. The foreclosure market is making money for some people. I know a couple of guys that have bought and sold several houses since spring. They resell under the going market so they can turn them quickly.
Banks and mortgage companies have their real estate owned (REOs in the biz) properties online and are anxious to dump them so if you are thinking about buying check online for what's available. Regardless of what some people think, lenders do not want the properties. Google REO and lenders websites should show up.They want the money to reloan and aren't set up for handling rentals or maintenance.
Our real estate market in the NW, imo, will suffer but not like most other areas. One of my sons lives in Columbus, Ohio, and there are new subdivsions back there built out and nobody home. I've worked in the real estate field in Western Washington in various capcities for 30+ years including during the interest hike that started in late '79 when a friend had to pay 22% on commercial money. Some people reach a point in their lives where they have to sell and it creates an opportunity for someone else particularly with the prevailing interest rate for loans. Like the old adage about real estate says -They aren't making anymore of it.