Forget Covid-19...what success are you having???

[Patrick Menefee]

The trending topics are flooded with concerns based on current events, and understandably so. However, life goes on! What’s going well for everyone??

For me, I have a couple great successes

1. A deal fell through in a very shady and frustrating way earlier this month. It was extremely lucrative, but i was going to be highly leveraged on it. I’m now thankful it didn’t go through, my portfolio is much less risky, and my reserves will go much further!

2. Social isolation is still in effect at a property I’m rehabbing, and not traveling weekly for my full time job gives me time to save money by doing my own work! I can now do much more of the painting and flooring install that will ultimately save me thousands!

3. Time to focus on branding!! I can now spend more time building my network, adding to my website, creating valuable content, and setting myself up for success in the future because of the current situation!

Many millionaires are built in times of crisis, and there are tons of great things happening despite the negative! Share your stories!!

[Jay Hinrichs]

on the business side i would say i have 80% positive  10% going to need some hard work.. and 10% that is always the 10% that just dont work right for some reason or another.

so on the positive.  this month we had about 10 deals maybe a few more scheduled to close so far only 2 did not close on time.

my big project in Portland Oregon suburb is just about done first 30 lot of a 90 lot development building 500 to 700k spec homes. WE continue to get people on our waiting list over 30 now.. So if we can convert 10 of those I will be tickled. And for us in Oregon construction is deemed an essential service so our crews are buttoning up the underground as i type this. And Vertical will start as soon as we are ready..  Had talks last week with banker they are still on board to fund 12 specs out of the gate.  Also got our weekly update from our title company that does analytical on sales and we went from slight sellers advantage to strong sellers advantage based on sales and lack of inventory.  my thought is these homes will be ready to close late 2020 and then will continue until built and sold out.  So we are not sitting on inventory right now in this market. One of my buddies a larger builder than us.. report 9 new homes sales in the last week. so he is pumped.

Other side of the Country our Charleston SC operation continues. now this could be a little more dicey we have multiple high end homes hitting the market in the next few weeks. We cant get them staged right now.. however we have another 8 in various stages and those are 500k and under in Charleston proper which is still moving or was moving up until this happened so will see. There is no inventory to speak of..  But lot of pain there now with the closings.. Just like here in Vegas.

Our Chicago hold overs finally got unstuck so that is great news.  In Indy we have 3 new constructions hitting the market and a High end flip i put on the market in Indy actually got multiple offers and sold for full price last month so was happy about that.  

our operations in the turnkey markets keep perking along I think we have 8 or 9 in escrow there. with varying degrees of success.. Our Turnkey operators are still closing deals.. the fed stim should really help the work force folks.. And of course a few of our clients are heavy into section 8 so other than the co pay  issues they are not too affected ( although specializing in section 8 is a skill set for sure).

So for now as long as credit continues to flow and we can start to flatten the curve or get on the other side of it.. and we can keep the collage kids from storming the beach and take this seriously .. we all do our part on the stay home and stay away from others.  WE will will come through this as a team and a great country which we are.

Lastly as it relates to owing rentals which is the vast majority of this audience i think this has been a big wake up call for them on what is or is not proper reserves and how to scale in a manageable fashion given your liquidity and ability to generate income outside of the asset itself.   So for many this is their first up close and personal look at a financial crisis.. For me its the 5th I have lived and worked through.  they are never fun.. but we survive and the sun continues to come up the next morning.