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

Buying & Selling Real Estate
6yFollow

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!!

7Reply
72 views

Most Popular Reply

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
See this reply in the discussion

37 Replies

Jump to latestLatest
  • Account Closed
    Rental Property Investor · Scottsdale, AZ · Member since 2020 · 14 posts · 5 votes
    6y

    @Patrick Menefee

    I have been able to double the amount of investment books I’m reading due to having a few days a week out of the office. I always said I wish I had more time to read, now I definitely do! It’s been nice.

    0Reply
  • Steve K.
    Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
    6y

    @Patrick Menefee We also checked in with all of our tenants and they are all good for April rent (20 units, mix of A, B and C but mostly C). If this lasts another month that story may change but the sky isn’t falling yet at least in my operations. Our one year old is taking his first steps, our two year old is confidently riding his bike with no training wheels, and our four year old is learning how to control himself from not knocking them both over, so I’m glad to be home to witness these events with zero guilt about not working for once. It’s very sad to see the death toll climbing, people losing their jobs and suffering, but I must say I’m enjoying the peace and quiet, lack of noise and air pollution, no traffic and a quietude that I haven’t experienced in Boulder since the 90’s (minus the trails, the trails are busier than ever). I think we should keep this going after all this is over; maybe every Sunday should be declared a mandatory “everybody just seriously chill the F out” day moving forward, like it was in the old days and still is in many places.

    0Reply
  • Marlen Weber
    Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
    6y

    @Patrick Menefee Thank you for the positivity and great information. Stay safe. 

    0Reply
  • Todd Fullerlove
    Investor · OK · Member since 2019 · 62 posts · 23 votes
    6y

    Patrick, that attitude is how you make life happen and not let life happen to you.

    I too had a deal fall through earlier this month. However, it allowed me to discover the shady agent I was working with and how I was going to buy problems I didn’t want to pay for.

    My full time job rescinded my promotion and pay raise. 

    Since business has been slow at my W2, I’ve been marketing my property more and added on a seller financing option. This week I’ve had multiple people contact me about my property.

    Also friends have called me because I’m the “real estate guy” in my friend group. Asking me how can they use their money they took out of stocks to invest in real estate.

    I’m not sure where these next few months will take me but you’re absolutely right. millionaires are built in a time of crisis. 

    1Reply
  • Huso Akaratovic
    Flipper/Rehabber · Newport News, VA · Member since 2016 · 128 posts · 54 votes
    6y

    @Patrick Menefee

    I closed on one of my flips today, which I am very thankful that everything went through. I am also buying another property and we are closing on that one 4/1/20. This one will be a rental, I will hold on to it for few years. I’m also blessed that all of my rentals are free and clear except 1 , so this whole situation makes me really stress free.

    1Reply
  • Nick Rutkowski
    Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
    6y

    @Patrick Menefee

    I’m finally putting the finishing touches on my new apartment so I can move my family in. I bought a 4 unit with major rehab needed. Took me 18 months (with many setbacks) to get the place livable. Still got a lot of work to do but I’ll get there slowly.

    1Reply
  • Patrick McGrath
    Rental Property Investor · Westminster, MD · Member since 2014 · 165 posts · 221 votes
    6y

    @Patrick Menefee

    Im actually closing on a property in 2 weeks, because of the Covid-19 and a very detailed inspection report i was able to recieve a $21,000 price reduction. This will cover all of the repairs needed to get the property rent ready.

    I am actively looking to expand my business this year and will be going even harder during this time of uncertainty.

    0Reply
  • Account Closed
    Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
    6y

    COVID19 is the success. Buying the stock market on sale = big money down the road

    0Reply
  • Armond Wright
    Investor · Indianapolis, IN · Member since 2009 · 178 posts · 26 votes
    6y

    First of all my hearts and prayers goes out to everyone that is being effected with what is going on...

    Now listen closely we are absolutely crushing it right now..The type of real estate deals we do are extremely useful in this time. We specialize in lease opions and land contracts. We are serving more sellers, buyers and students in this time of need. I'm just trying to help as many people as possible. I'm looking looking to put together more teams so we can serve more people. Please share this to anyone that you think may be interested in joining forces to help serve people. Please post on your social media platforms and blogs. 

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

    @Mary M. Understood! So excited for you. Keep us updated!

    1Reply
  • Chris Winslow
    Investor · Berwyn, IL · Member since 2018 · 104 posts · 71 votes
    6y

    @Patrick Menefee Great idea for a forum discussion topic!

    So far with everything going on, I am pretty happy with a few things:

    - I was able to look through all the properties on the MLS that are in my search criteria in my local area to get a better idea of what a deal might look like here

    - I have been able to see properties and it seems like it is getting less competitive around here. I haven't gotten a property yet but I think the situation will help me a lot in the end

    - I was able to finish putting together an ecommerce store/side hustle with my friend, should be up and running next week

    - And I have been able to buy stocks for about 30% less than they were a month ago and I plan on buying more as we ride this out

    0Reply
  • Matt Rodak
    Lender · New York, NY · Member since 2014 · 76 posts · 49 votes
    6y

    Great idea for a topic! For me, its given me reason and time to get back involved in the BP community. As hard as it may be right now, I believe there will be massive opportunity on the other side of this.  Excited to be exploring what that might be. 

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free