All Forum Posts by: Quentin Mitchell

A good deal is a good deal, you can find deals in all kinds of economies good and bad. There will always be a motivated seller/s for whatever reason there is. You need to have criteria that you look for in both property type (residential, multi-family commercial, etc), Property class (Class A, B, C, etc), the price you're willing to pay, and the desired cash flow. I didn't mention Appreciation because in this climate that is the thing that is the most unpredictable and cannot be guaranteed (nothing is guaranteed by the way) but appreciation has some skill involved but there are a lot of factors that a person can't control that affects appreciation greatly so I wouldn't count on it, if it happens then it's the icing on the cake. Have a clear vision of what it is you are looking for and when you find something that matches it go for it. Being on the sideline will not help you advance to your goals 

I have been good on rents, one tenant caught the virus early on and was off work but has since gone back to work and we worked out the missed payment, and I had one tenant who was also out of work but made partial payments on the months he was not working (and we worked out a payment plan for the partial rent that he missed) and has since he has been paying as he was pre-pandemic. All other tenants have paid and haven't made any excuses what so ever. One other tenant was short the previous month (August) but that was a voucher issue and should be resolved this upcoming week. September has been fine though. most of these events took place at the beginning of the pandemic April, May, and June

The story that the media is spreading is not my current situation.

Ditto to what everyone else has said continue to invest and perfect your management skills and make it to were it's almost automated and then expand on both acquiring more properties and managing other people's as well. The more experience you get in managing your own the better you will be at managing others.

You can qualify if you are a sole proprietor/partnership just as if you were an LLC, you have to put the information in all the fields and just check the appropriate boxes for the questions that they ask, just answer the questions and you will be fine. If you have an LLC put in your EIN and if you put sole proprietor or partnership then you would put in your SSN but make sure you put what you entity you have based off of your tax info and/or business entity structure that you formed when you started do not make anything up, but like the other person said I would check with CPA or someone from the SBA to fully make sure, but you do have the business has to have been established before February 2020. Also with the EIDL, they make you an offer you don't pick the amount but the interest rate is 3.75% over 30 with 1-year deferment from the date that you receive it.

Negotiate with Section 8 for higher rent for supplying that is your best bet.

It is way too early to tell the effects of this for a number of reasons. First off this is no definite end in site which means it could go a lot longer or be over quickly so the length of this pandemic along with the increased unemployment and freeze on not only credit but consumer spending as well is going to help dictate the market. There will most definitely be a downturn because there are going to be fewer buyers just off credit and jobs alone. But even with that said it takes longer for housing data to catch up to the market and during the 2008 recession and the great depression it took 4 years for the market to bottom out. Now a good deal is a good deal and if you have the means I would still buy the only thing I would do differently in the immediate future is buy for cash and not for appreciation because we have no idea how far things will drop. It could be a small drop or it could be a monumental drop but way to early to tell.

This is probably going to be the most unique recession that we have ever seen and I personally think that normal measures of classifying disaster based off of classes are not going to work, I think that it's more likely that this will be a case by case scenario depending on industries hardest hit and what mix of tenants you serve. Like some Class, A tenants could be hit extremely hard small business owners who no longer are getting revenue, class A or B tenants who have decent-paying jobs that industry basically shut down because of all this. We all know of the struggle coming that will face the class C sector but honestly, I feel it will case by case situation. Like for instance if you have a class c tenant that works at a grocery store they will not be affected because that sector will actually pick up during this time. Tenants who have government assistance also will not be affected by this. So what everyone must do is look at the scope of your tenants, stay as informed as possible about the economic impact your tenant may be experiencing and keep the lines of communication open as possible and be as forward-thinking as possible about solutions to what is going to a monumental collapse. Good luck to you all!

@Mike M. I got somewhat of a mentor when I restarted and my experience this time.around has been great. This is something that happened 12 years ago.

@James Galla

Also, one thing I left out was your skillset should somewhat align with the goals as well. Because fit plays a part in the success of your real estate endeavors as well.

I never calm to be an expert or guru but in my humble opinion everyone should start off with a buy and holds strategy so that they can cash flow their way to their lucky freedom number, now if you want to throw some flips in there to raise capital then that's fine, but the cash flow is what gives you the freedom to quit your day job and focus more on the business. Now I am saying freedom number meaning you will not be rich but stable enough to sustain your lifestyle and grow your business to become rich or become whatever it is you want to be.  The steady income gives you freedom and also has the best tax benefits as well.

Please share your thoughts.