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

Buying & Selling Real Estate
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Forget Covid-19...what success are you having???

Patrick Menefee
Real Estate Coach · Charlotte, NC · Member since 2016 · 399 posts · 341 votes

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!!

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
6y

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.

Podcast Guest on Show #222
JLH Capital Partners51 Review
WebsiteView Page
8Reply
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37 Replies

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  • Adam Parker
    Rental Property Investor · Denver, CO · Member since 2019 · 24 posts · 11 votes
    6y

    @Patrick Menefee thanks for a refreshing topic

    I’m doing social emotional lessons online while students are not in school. Go enjoy and smile!

    https://youtu.be/rEvfjsTpJiE

    1Reply
  • Kirk R.
    Peoria, IL · Member since 2013 · 967 posts · 383 votes
    6y

    Some of rent I have gotten gave me the freedom to stay at my sister's house.  she's a doctor & I feel like me being here has helped. 

    Also gonna put together a Facebook group with all my awesome prior boarders! Pretty excited actually.  I've interacted with some awesome people.  I've been meaning to do this for along time. 

    0Reply
  • Patrick Menefee
    OP
    Real Estate Coach · Charlotte, NC · Member since 2016 · 399 posts · 341 votes
    6y
    Originally posted by @Adam Parker:

    @Patrick Menefee thanks for a refreshing topic

    I’m doing social emotional lessons online while students are not in school. Go enjoy and smile!

    Love it man! Very creative and breaks up the monotony a bit haha

    0Reply
  • Patrick Menefee
    OP
    Real Estate Coach · Charlotte, NC · Member since 2016 · 399 posts · 341 votes
    6y
    Originally posted by @Kirk R.:

    Some of rent I have gotten gave me the freedom to stay at my sister's house.  she's a doctor & I feel like me being here has helped. 

    Also gonna put together a Facebook group with all my awesome prior boarders! Pretty excited actually.  I've interacted with some awesome people.  I've been meaning to do this for along time. 

    That's one of the silver linings...there are some of the things we've been meaning to do for quite some time that we suddenly have the time to finally start doing!

    1Reply
  • Mary M.
    Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
    6y

    Luckily(?) I am a loner introvert so social distancing etc is not really changing my life..... now, people dont look at me oddly when i step back or want my own space :) 

    RE wise, with “perfect” timing I am closing on the sale on one asset and buying two others.... going from free and clear to 60% leveraged..... its nerve wracking, but I am excited to be playing with the big boys and expanding my portfolio - learning a ton and grateful I have the opportunity to be where I am in life.... 

    2Reply
  • Patrick Menefee
    OP
    Real Estate Coach · Charlotte, NC · Member since 2016 · 399 posts · 341 votes
    6y
    Originally posted by @Mary M.:

    Luckily(?) I am a loner introvert so social distancing etc is not really changing my life..... now, people dont look at me oddly when i step back or want my own space :) 

    RE wise, with “perfect” timing I am closing on the sale on one asset and buying two others.... going from free and clear to 60% leveraged..... its nerve wracking, but I am excited to be playing with the big boys and expanding my portfolio - learning a ton and grateful I have the opportunity to be where I am in life.... 

    Congratulations on the expansion! What types of properties are these? Care to share a little more about them? Glad to see someone still moving forward in spite of everything going on!

    0Reply
  • Account Closed
    Rental Property Investor · Oakland, CA · Member since 2014 · 730 posts · 1k+ votes
    6y

    my dog seems to be much happier lately

    3Reply
  • Mary M.
    Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
    6y

    @Patrick Menefee multi family - 10 units new construction (when purchased in 2015) to 20 units new construction now. A bit more than doubling my investment $$... scary especially now, but with low interest rates I figured it was a good time to jump.... of course my timing was perfect - top of the market and right before covid 19.... i freaked..... but then decided to be positive instead of negative...  i dont know what the future holds, and I would probably not of made this move if I knew covid 19 was lurking, but it is what it is... and I am learning a ton and they are nice buildings! 

    5Reply
  • Patrick Menefee
    OP
    Real Estate Coach · Charlotte, NC · Member since 2016 · 399 posts · 341 votes
    6y
    Originally posted by @Account Closed:

    my dog seems to be much happier lately

    Little victories. Just don't tell him why you're around more...he doesn't need to hear that 

    0Reply
  • Patrick Menefee
    OP
    Real Estate Coach · Charlotte, NC · Member since 2016 · 399 posts · 341 votes
    6y
    Originally posted by @Mary M.:

    @Patrick Menefee multi family - 10 units new construction (when purchased in 2015) to 20 units new construction now. A bit more than doubling my investment $$... scary especially now, but with low interest rates I figured it was a good time to jump.... of course my timing was perfect - top of the market and right before covid 19.... i freaked..... but then decided to be positive instead of negative...  i dont know what the future holds, and I would probably not of made this move if I knew covid 19 was lurking, but it is what it is... and I am learning a ton and they are nice buildings! 

    Congrats! Are you doing a 1031 with the sale of 20 units? And what are you closing on instead?  

    0Reply
  • Alyssa Dyer
    Rental Property Investor · Oklahoma City, OK · Member since 2017 · 1k+ posts · 694 votes
    6y

    @Mary M. congrats!! Are these in Portland? 

    0Reply
  • Adam TafelBusiness Member
    Real Estate Agent · St. Paul, MN · Member since 2017 · 580 posts · 396 votes
    6y

    Great topic @Patrick Menefee. Taking time to pause and analyze the performance of my holdings has been eye opening. Spending quality time with my girlfriend, cooking meals from scratch, watching a ton of movies. Talking to extended family members daily, playing online poker with old friends. Helping clients analyze new deals, finding new creative ways to be productive. Working on marketing, video content, and other creative endeavors.  

    Upside Property Sales 4.9108 Reviews
    WebsiteView Page
    0Reply
  • Mary M.
    Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
    6y
    Originally posted by @Alyssa Dyer:

    @Mary M. congrats!! Are these in Portland? 

     Yes! Nice buildings, in a great area! 

    0Reply
  • Mary M.
    Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
    6y

    @Patrick Menefee. Its a 1031, selling my 10 unit asset into  Two bldgs totaling 20 units 

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Account Closed:

    my dog seems to be much happier lately

    I saw somewhere it was said dogs are having issues with their tails being over worked.. Mine are getting daily one hour walks through the desert landscape here in Vegas.. 

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    2Reply
  • Patrick Menefee
    OP
    Real Estate Coach · Charlotte, NC · Member since 2016 · 399 posts · 341 votes
    6y

    @Adam Tafel optimizing performance is a big one! Slowing down and taking a hard look can really reveal some inefficiencies in current holdings, or in my case in the rehab process

    0Reply
  • Patrick Menefee
    OP
    Real Estate Coach · Charlotte, NC · Member since 2016 · 399 posts · 341 votes
    6y

    @Adam Tafel optimizing performance is a big one! Slowing down and taking a hard look can really reveal some inefficiencies in current holdings, or in my case in the rehab process

    0Reply
  • Patrick Menefee
    OP
    Real Estate Coach · Charlotte, NC · Member since 2016 · 399 posts · 341 votes
    6y

    @Mary Mitchell ah i misunderstood, thought you turned the 10 into 20 and sold. Congrats! Your # of doors is taking after Covid and multiplying

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y

    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.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    8Reply
  • Denzell Hoover
    Investor · Austin, TX · Member since 2017 · 10 posts · 5 votes
    6y

    @Patrick Menefee I purchased my second performimg note this week.

    Due to all that has happened. I have taking an interest in macro/micro economics.

    Unfortunately for me I'm a retail manager so we arw considered essential.

    My gym time now I use to learn a new set of skills. Right now I am halfway through a microsoft excel course. This has helped tremedously in analyzing mulitple deals.

    0Reply
  • Preston Quinn
    Rental Property Investor · Lynchburg, VA · Member since 2018 · 116 posts · 73 votes
    6y

    @Jay Hinrichs

    Holy crap. All I can say. Had no idea you had your hands in that much. I knew your operations were big. But no idea that big.

    3Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Denzell Hoover:

    @Patrick Menefee I purchased my second performimg note this week.

    Due to all that has happened. I have taking an interest in macro/micro economics.

    Unfortunately for me I'm a retail manager so we arw considered essential.

    My gym time now I use to learn a new set of skills. Right now I am halfway through a microsoft excel course. This has helped tremedously in analyzing mulitple deals. 

    yup good time to learn excel and how to run Microsoft exchange ( at least for me ).. along with taking a deep dive into the stock market and how that all works.. 

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    2Reply
  • Eli B.
    Rental Property Investor · Philadelphia, PA · Member since 2018 · 47 posts · 19 votes
    6y

    Just last week signed a great tenant into my newly renovated rental. Got the rent I wanted and signed them for 24 months. Really thankful for that because no one is doing showings now in Philly from what I hear.

    2Reply
  • Denise McWhorter
    Member since 2019 · 3 posts · 1 vote
    6y

    @Patrick Menefee

    We called every tenant- all 300 of them and asked about their well-being. Secretly we wanted to know if we were going to have a problem come the first of the month. Happily only one asked what we were going to offer for those that couldn’t pay rent. Many of them were pleasantly surprised that we called to check on them. We’re hoping the goodwill gesture will go a long way for us. Also, we use Rently.com to do self showings. People were hesitant at first but it’s picking up now.

    1Reply
  • Brittany R.
    Investor · NY · Member since 2020 · 57 posts · 44 votes
    6y

    Despite the entire thread on the negativity of owning C class properties. All of my tenants are retaining their jobs and have no problem paying rent. Maybe it’s because they’re mostly nurses and cab drivers...they don’t have the typical retail jobs that other investors thought that they would have. 
    Also, I’m currently continuing to save up to buy any auctioned properties, where I can get a good deal right now and then turn it into a rental later on.

    0Reply
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