Updated over 5 years ago on . Most recent reply
Denver Coronavirus updates and Q&A
Over the last week (man how fast the world can change!) I've had clients and fellow investors and agents reach out to ask questions on the market. I share what I know and often learn tidbits from them.
It's been a great way to share knowledge, but it's over one-on-one phone calls. Add in the fact that news and the market are changing by the hour = inefficient ways of sharing knowledge and staying up to date. Frankly, I'm having trouble keeping up with everyone.
I started thinking of better ways to share ideas and information... then it hit me to start a BP thread! The forum is easy for sharing ideas and collaborating.
There are quite a few smart people around town that can share their knowledge and what their hearing from their network. It should be a great way for all of us to learn and help get through this.
At this point, it's us versus the damn virus.
Tagging people that I know around town who are frequent posters to BP with great info. Add anyone that I don't know or forgot
@Erin Spradlin (just saw a google hangouts you're hosting. Hopefully you'll share notes!)
@Scott Trenchfor north Colorado @James Orr
Hopefully, they and others join. if not, I'll keep posting updates. I'm pretty isolated at home, so being isolated on BP will just add salt to the wound. :)
Be safe and stay healthy!
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Adams, Arapahoe, and Douglas counties are coming out with stay at home orders today. We'll see if they stop showings on homes (they should). They should allow the pending deals to finish and that's it. People still aren't taking this seriously. Watch what happens in New York over the next two weeks.
The stimulus bill just came together, but its effects will just be temporary. How far will $1200 get you... We'll see a yo-yo type (health) recovery. As they ease restrictions, more people will get infected, and they'll shut us down again. This will happen over and over until almost everyone has been infected over the next 18ish months.
Most people and businesses don't have the reserves to weather the storm. We'll see short sales and foreclosures again as people lose their jobs. Most of you weren't in the business or in Colorado last time this happened back in 2008. We were hit really hard here in the Metro area. It was not a fun time to be in this business. Sure there was opportunity, but there was a real human cost. I was working with REOs/short sales and doing "cash for keys." It was devastating. We'll see a lot of people with FHA loans and other low down payment loans just walk away from their homes. The commercial and investment side will get hit hard as well as tenants won't be able to pay rent.
I'm not investing in real estate for the rest of the year unless it's a spectacular deal. My last flip gets listed this week, and I'll update on what happens.
I hope I'm wrong and everything clears up soon, but I'm not very optimistic. Please take this virus seriously and plan accordingly.