With the Pandemic on the rise, is it a good to flip?

3 Replies

Hl all, I am a new REI in northwest Houston. I have attended multiple REIAs and working on my website. Since I have a full-time job, my goal was to flip at least 2-3 houses this year and wholesale any I couldn't add to that load. Now that the pandemic is on the rise, I know a recession is definitely coming. I am concerned putting a house on the market would sit there longer than desired. Since we are in a volatile state at the moment, should I just focus on wholesaling right now? Any insight would be a huge help...Thanks

Originally posted by @Tiffany Sloan :

Hl all, I am a new REI in northwest Houston. I have attended multiple REIAs and working on my website. Since I have a full-time job, my goal was to flip at least 2-3 houses this year and wholesale any I couldn't add to that load. Now that the pandemic is on the rise, I know a recession is definitely coming. I am concerned putting a house on the market would sit there longer than desired. Since we are in a volatile state at the moment, should I just focus on wholesaling right now? Any insight would be a huge help...Thanks

This could be a great time to get some good deals as many people will be forced out of the market and some buyers are holding off so if a seller is motivated and you can close it could be a great time. 

@Tiffany Sloan   Do what you normally would do and have a backup plan (which you should always do).  People need to earn a living and need a place to live.  When listening to the news, remember they make their money by getting people to read their stories and don't always present all the information and tend to make things sound more dramatic than they are.  Good example on the news this morning where they said there were X new cases in one area...only one channel bothered to report that they are all in the same seniors home or directly linked to that home.

Thank you for your responses. The news is all about ratings, so I understand I shouldn't put too much stock on the hype. I am keeping safe and just wanting to be proactive with my business plan. I didn't want to get into something I couldn't sell or lose time and money because I had to drop prices. This was more about thinking of ways to mitigate any losses and considering possible obstacles.