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All Forum Posts by: Account Closed

Account Closed has started 58 posts and replied 293 times.

Post: Is the Real Estate market really not going to take a hit?

Account Closed#4 Coronavirus Conversation ContributorPosted
  • Investor
  • Midlothian, VA
  • Posts 305
  • Votes 199
Originally posted by @Claudio Salvatorelli:

Hey Scott,

I think you are right situation looks foggy along the way. There is a lot of uncertainty and people are holding their money we all are. One thing will be for sure that it will be different than the 2008 crash and a lot of situations look similar and more and more people are losing their homes due to foreclosure also the stock market is not even closer to be stable for now. I think after the November elections we will have to see whats happen but 2021 will come with a lot of opportunities for people who are prepared with cash and ready to take the risk for the next decade.

Risk for a decade. I have to tell you that doesn’t sound very attractive.

Post: Is the Real Estate market really not going to take a hit?

Account Closed#4 Coronavirus Conversation ContributorPosted
  • Investor
  • Midlothian, VA
  • Posts 305
  • Votes 199
Originally posted by @Matt Groth:

I am far from a permabull, but how many mortgages in forbearance are underwater? How far have prices dropped? Why would you not just sell? We are not out of buyers, so where are the foreclosures going to come from?

I don’t think anyone is telling the real numbers. People don’t just sell for lots of reasons and most of them are bad decisions but it happens a lot.

Post: Is the Real Estate market really not going to take a hit?

Account Closed#4 Coronavirus Conversation ContributorPosted
  • Investor
  • Midlothian, VA
  • Posts 305
  • Votes 199
Originally posted by @Bryan Danger:

There will be a change for sure.  What it is isn't exactly clear.

The overall market might not take a hit, but hard to imagine it wont.  Thousands (maybe 100s of thousands) of people, both homeowners and investors are restructuring their loans right now to push the back payments incurred during forbearance off to the end of the loan.

Most of those people called their lender but didn't get the 100% truth about what that means for their credit.  Many of those people may never over the credit hit they are taking as a result of that "stress-free" restructure.  What happens to the overall market when that many people cant get loans or refi their house anymore?  Time will tell...

How is that going to show up on people’s personal credit? As late payments, like 30,60, 90 days past due? And then stay there so continuously 90 days past due? That would kill their credit if that is the case.

Post: Is legacy just vanity?

Account Closed#4 Coronavirus Conversation ContributorPosted
  • Investor
  • Midlothian, VA
  • Posts 305
  • Votes 199

@Colleen F.   

Love of a hobby, commitment to hard work…..those are GREAT legacies to leave behind. What I hear people saying is generational wealth and leaving a legacy. Those are financial goals. That is what I was getting at with my article.

Post: Is the Real Estate market really not going to take a hit?

Account Closed#4 Coronavirus Conversation ContributorPosted
  • Investor
  • Midlothian, VA
  • Posts 305
  • Votes 199
Originally posted by @James De Stefano:

This is such a strange moment in history.  Surely, at SOME point, the musical chairs game will stop.  Maybe it's early 2021,  when forbearance hits hard, or jobs never comeback.  But you have to think the $hit will hit the fan eventually.   

There's still a lot of Americans with solid jobs, working from home, and many of them owner their homes.   RE will be just fine long term, but I wold think luxury will be hurting badly over the next 1 to 4 years.   

Or this is the Matrix and nothing is as it seems... actually that's probably it.

 
I agree I’m going with The Matrix theory.

Post: Is the Real Estate market really not going to take a hit?

Account Closed#4 Coronavirus Conversation ContributorPosted
  • Investor
  • Midlothian, VA
  • Posts 305
  • Votes 199
Originally posted by @Michelle Backer:

@Scott Lennon

Hi! I’m in New York City. I think we will see a crash yes. Sadly I predict we could see a repeat of the 1970s when the city went into debt. Those who forget history are doomed to repeat!

Many people are moving out of here, lost jobs. Many can no longer afford rent. Crime rate is up and out of towners are packing their bags.

This is New York City! The greatest city in the world. Everything starts and ends here ..

I have no idea

about Virginia though!!

NYC. I love that city and yes I agree it is the greatest city in the world. I have to be honest it is a place that stands alone in my mind as far as Real Estate and I have little to no experience with it. I would hate to see the city struggle more financially than they all ready are.

Post: Is the Real Estate market really not going to take a hit?

Account Closed#4 Coronavirus Conversation ContributorPosted
  • Investor
  • Midlothian, VA
  • Posts 305
  • Votes 199
Originally posted by @Debbie Fales:

In my opinion, it's a classic case of supply and demand. There is an undersupply of available housing units compared with current demand. Historically low rates, among other things, are driving that demand. Right now, it's a good time to be a real estate investor! Of course, with the election looming, it's hard to predict long-term. 



I for one don’t think the election is going to have an immediate effect on the Real Estate market.
The outcome and policies that come from a new administration or the continuation of this current administration will have an effect but those are more long term.



Post: Is the Real Estate market really not going to take a hit?

Account Closed#4 Coronavirus Conversation ContributorPosted
  • Investor
  • Midlothian, VA
  • Posts 305
  • Votes 199
Originally posted by @Christopher L Jones:

@Scott Lennon The data is showing that many markets across the US are starting to level off or begin to decline. The level of demand needs to remain to hold up the market. There will definitely be price drops coming over the next few years.

 

Do you think the prices have increased as a direct result of lower interest rates? People now have more buying power.

Post: Different Audiences. Know your audience.

Account Closed#4 Coronavirus Conversation ContributorPosted
  • Investor
  • Midlothian, VA
  • Posts 305
  • Votes 199

I see a lot of different sales techniques and most hold some merit. I have seen genuine, sleezy, pushy, aggressive, tactical and a million others in this business. I say go with what works for you but always be willing to adjust for your audience.

If you are dealing with a homeowner, you may employ a vastly different sales technique than if you are dealing with an investor when negotiating on a property. My caution to those out there that are coming across as overconfident in themselves, or some may even say cocky, is remember who you are dealing with. If you are dealing with an investor who has been around a while and is likely going to be around for a while you may have to deal with them again in the future. If the impression you left on your last discussion or negotiation has left a sour taste in their mouth, they are going to enter the next conversation with that taste already planted.

Any which way you approach me or leave a conversation with me is not going to make much of a difference. While there is no doubt, I have not seen it all, I do feel like I have seen enough to have built up a tolerance. On top of that I make a very conscious effort to make sure that I enter new conversations with a fresh perspective and try not to either prejudge or let past stains show. However, apparently this is not always the case.

I very recently caught myself saying “ugh, forget it I don’t want to deal with this guy he’s a pain in the ***” and entered a negotiation on a negative note. This is something I personally will have to be conscious of and try to remedy. My guess is most people you deal with do not put that effort in. Remember you never truly know who you are talking to so treat people fairly despite any initial presumptions you may have. For a completely contradictory statement-- know your audience.

Post: Different Audiences. Know your audience

Account Closed#4 Coronavirus Conversation ContributorPosted
  • Investor
  • Midlothian, VA
  • Posts 305
  • Votes 199

I see a lot of different sales techniques and most hold some merit. I have seen genuine, sleezy, pushy, aggressive, tactical and a million others in this business. I say go with what works for you but always be willing to adjust for your audience.

If you are dealing with a homeowner, you may employ a vastly different sales technique than if you are dealing with an investor when negotiating on a property. My caution to those out there that are coming across as overconfident in themselves, or some may even say cocky, is remember who you are dealing with. If you are dealing with an investor who has been around a while and is likely going to be around for a while you may have to deal with them again in the future. If the impression you left on your last discussion or negotiation has left a sour taste in their mouth, they are going to enter the next conversation with that taste already planted.

Any which way you approach me or leave a conversation with me is not going to make much of a difference. While there is no doubt, I have not seen it all, I do feel like I have seen enough to have built up a tolerance. On top of that I make a very conscious effort to make sure that I enter new conversations with a fresh perspective and try not to either prejudge or let past stains show. However, apparently this is not always the case.

I very recently caught myself saying “ugh, forget it I don’t want to deal with this guy he’s a pain in the ***” and entered a negotiation on a negative note. This is something I personally will have to be conscious of and try to remedy. My guess is most people you deal with do not put that effort in. Remember you never truly know who you are talking to so treat people fairly despite any initial presumptions you may have. For a completely contradictory statement-- know your audience.