All Forum Posts by: Greg Morris

I have say right off l would not trade stocks. l traded stocks since the 80s. I know little bit about stocks. Your going to be trading against AI computers. If you decide to trade stocks start off with 5k. and build from there, dont add anymore cash to your trading acct. As to your 150k dont rush to withdrawal the money. I would wait a few months to see what is going to happen to the housing market. Home prices have already started falling, new construction is down. I think we're going to see a big slow down in the market & economy. Keep in mind we are now in a monetary phenomenon which is going to bring on hyper inflation. The guys with the money are not out spending their money on investments, they are sitting on their money because they know this is not the time to buy and deals are coming. You will be picking up houses for 50% below todays market in the months or year to come. There is a reason the Fed is charging 0% to the banks. Were in a state of deflation and bank dont normally like to operate in a deflationary economy. Were going to see a contraction in the economy in the coming months. I hate to say this but many foreclosures are coming, and thousands of business will be closed. Be patient and smart. I wish you well. 

Ty there isn't much that can be said that hasn't already been said. Whereas it is your partner who has the money. In reality he is the one who has to make the decision. The financial advisor is advising  him not to move his money & your advising him to move the money. Each party has something to gain & maybe they are partial in their aurgument. In all honesty your friend should be on this forum asking the question. I'm sure you have some very good skills. But the truth is you have no skin in the business. I would not work with anybody who has no skin in the business. Your friend is better off working with an investor and hiring you  based on the % of net income to take care of the rehab etc.

The reality is your skills. Meanwhile while your sitting around waiting for the flip to get done and spending your money on a contractor you not producing. Or you can work the flip yourself learn few skills and pay yourself,  gain a better understanding of remodeling, whereas when you grow your company you can hire contractors to work on the serveral flip you may have in progress & have a good understanding of what is going on. I work all my flips because l want the money and l know what is really going on with the flip. It sharpens my skills so that when l look at a house l know what lm looking at for cost and problems. You need to wear more than one hat in this business.

Hold off until Jun to see what is happening. Many will be past due on house payments.  You will be able to in the near future to take over house payments, be sure to do a quick claim on each house and work out the numbers. Check to see what rents are going for in the area.  Create a cash flow using other people's debt.

Most of us who own rentals depended on the cash flow from our tenants. There is currently a wave coming of not paying rent until the virus crisis is over. There is a potential of tenants not paying just because they can get away with it. What about those already past due, no eviction will be allowed. What do you think the effect will be on rental ownership and what are some of you doing to prepare? 

Joe, whereas Trump has signed the stimulus bill for small business loans you need to apply today as Calvin said a EIDL loan and grant from the SBA. Do not file for bankruptcy, your credit with suck for ten years. Instead write your creditor explaining how the current crisis has effected your cash flow and when you will resume payments but at this time you need to workout new terms. Afterwards move on. Use the tax system write off all your bad debts. Hire a property management company to take care of your duplex, do not give it away. Put it on the market. You can write  the property co off, plus expenses.  File a claim against the renter who didnt pay you, be willing to settle for 50 %.  Move to the fastest growing part of the country. I suggest Spanish Fort / Mobile Ala. The place booming. I live in Spanish Fort Ala. Contact me for more info concerning the market here and what is happening. You can make this happen don't give up. You and your girl friend will love this area. 

Mary Mitchell makes a good point, but at the same time some people use CC with everything such as myself and and pay it off monthly. On the other hand some dont pay them off and get into trouble, effecting  their future rental payment. I think l would accept CC but only if their income is 3 times the monthly payment and they have a good credit report. 

Agents Are Afraid to Enter Strangers Homes due to virus

Most likely rents are over for months to come. Evictions will not be allowed. 

There is talk of the virus hanging around for 18 mos and the odds of new virus popping up yearly could generate a shift in home buying. Whereas the large cities are now becoming to tight for comfort, more and more buyer may perfer rural living. I am now considering advertising my southern 2 acre Ala home in St Stephens for sale across the nation for cash. Safe place beautiful home with a pool. So l do think there is a shift coming where people will want to live comfortably away from large populations/virus.  I think  cities will see a shift in population moving out towards the rual areas in the coming months creating a big demand for rural homes.