Real Estate vs. COVID-19: Round Table Discussion
For this episode, I have invited four of my friends and fellow real estate investors to talk about their specific market experiences thus far during the COVID-19 pandemic. I asked each of them to introduce themselves and tell us a little bit about their business.
Adam Rae lives in Colorado Springs and operates his business in southern Colorado. His business works in wholesaling, flipping, and rental properties.
Andy McFarland lives in Utah and is also involved in wholesaling, flipping, and owns rentals in three different markets: Salt Lake City Utah, Albuquerque, NM, and Indianapolis, Indiana.
Jeremiah Johnson runs his business remotely from his home just outside of Denver and does primarily wholesaling in the markets of Wichita and Kansas City.
Terry Burger does business in the markets of Atlanta Georgia and Greenville, South Carolina, performing primarily flips.
We began by discussing our different states and markets and the limitations we are seeing with the varied stay-at-home orders and how that has immediately affected our businesses. With the US economy impacted so severely by the pandemic, we all shared our projections about the real estate market going forward. We also considered how the different facets of the business could be influenced by the response of buyers, sellers, and lenders. We talked about different ways we have all implemented some cost-saving measures internal to our businesses, as well.
This episode is filled with “actionable intelligence” that will benefit investors of all kinds, in any state of business development.
Notable Quotes:
“History does not repeat itself, but it often rhymes.”
- Mark Twain
“Real estate is the local perception of a national opinion.”
“Our asset class is looking pretty sexy right now.”
“We’re not going back to living in tents anytime soon.”
“Real estate is a slow-moving animal and you aren’t going to miss the boat if you don’t buy something tomorrow.”
“I think your grandma’s economics still work here… live on less than you make, invest the difference, have cash reserves, have staying power.”
“I wrote down “actionable intelligence” - I absolutely love that and need to make it part of my vocabulary.”
“It is important to develop empathy and not ego through this.”
Links:
Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months
