Flipping America 345, Real Estate Investing During a Pandemic
A week ago I noted that nearly half of the newspaper and media stories were about the COVID-19 virus (and I’m going to try and stop using Corona virus out of respect for Corona Beer and Corona Cigars, neither of which had anything to do with this). This morning as I read the newspaper, 9 out of 10 stories were either about the pandemic or the effects of the pandemic. US cases as of today, March 19 exceed 10,000 and we have had 161 deaths. Not to be insensitive but to provide a little perspective, So far in 2020, the flu has hospitalized more than 250,000 and more than 14,000 have died.
It’s staggering to see the entire American economy come to a grinding halt. Just today, San Francisco is shutting down the entire city for four weeks. Churches, restaurants, bars, and gyms across the country are not meeting. People are either working from home or not working. And the financial effects are being felt from Wall Street to Main Street. Those with good jobs are suddenly without work and are facing an imminent crisis when their cash runs out.
How will they pay mortgage or rent? How will they buy food? How will they live? The government is stepping in. Congress has already passed two stimulus measures and they are working on more, more than $1 trillion in stimulus spending is planned and the White House has said they will do more if needed. FHA has called a moratorium on foreclosures and evictions from all FHA guaranteed loans for the duration of the crisis, At least three cities have already banned evictions and others are considering it. I’m immediately wondering two things.
I believe the health experts are working on answers to the second question. Our purpose over the next little while is to try and address more of the economic questions, particularly with regard to real estate investors.
My team and I will give 30 minutes of our time at no cost or obligation to help you take the next steps - or your first steps in your RE business. Go to bit.ly/talktoroger
Also, we have lowered the price of our entry level course, “Real Estate Investing Quick Start” to $97 for the duration of the crisis. bit.ly/requickstart
The Economy as a wholeThe Short-Term economic outlook.
The Long-Term impact
The Recovery time and process (once we hear the “all clear).
Question: Do you expect a quick snap-back due to growing pent up demand? (A V-shaped recovery?)
The Federal Government Economic InterventionStimulus package passed Wednesday afternoon: 2 weeks paid leave for employees.
$1 Trillion stimulus package on the way.
FHA backed loans will not foreclose for at least 60 days.
Other initiatives?
LocalCalifornia stops evictions. Boston and New York considering.
Question: Should these same municipalities spare the landlords from having to maintain properties and pay mortgages during this time? How far up the ladder should relief go?
Asset Classes for Discussion. How do you see each of these areas being impacted? And more importantly, what can people do who make their livelihoods here?
Single Family Fix and Flip
Single Family Rentals
Multi-Family Rentals
Short-Term Rentals
Other Real Estate Investing Strategies
General Questions:
What should each listener do right now? Your top 2 things
What opportunities are out there right now?
What opportunities will be there when recovery is underway?
When the “all clear” is given, what is the optimal position for us to be in?
How to contact uswww.flippingamerica.net.
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