All Forum Posts by: Frank Wong

You got to be very precise in this environment and have reserves.

Lots of things need to happen before real estate is affected.  Will it? It will in some way. You can't shut down the economy or the world for 30 days and not expect to have some economic fall out. How severe? Thats the unknown. Just guesses. 

Well for all the real estate Bears. This is your time right. Now do you have the set of ba** to buy or more important can you finance the deal?  

Stay safe everyone.

 Hi Alex, Yes I do agree with this but the market place has a lot to determine it. For Example in my market from 2014-2019 if a buyer had an inspection contingency they pretty much had zero chance of getting the house. How does a buyer compete in a market where there are 15 offers and 13 of them waived it?  So it all depends and market conditions has a lot to do with it. A experience agent knows their market and explains it clearly to their clients. The buyer can then decide for themselves. 

Thanks for sharing Todd.  Everyone across the board has felt pain from the stock market. Yes, your actions to diversify has really helped in your situation. This is the exact reason why real estate is needed in everyones portfolio. Real Property not REITS. 

Like they say when there is blood in the streets.  Generational buy will come and fortunes to be made. The BTFD crowd just got slaughtered and learned that there is no easy money in this game which they thought it was.  Be careful and be properly leverage. 

In some markets where its ultra competitive waiving the inspection will make your offer stand out. Just know your risk and factor it all in.

Hi Maria,

You Said " I feel I don’t know enough information to feel confident enough to guide someone in the process of buying or selling real estate".

I think you need to review the life cycle of the buying and selling process. I think partnering up with an experience agent to show you the ropes will help.

1. Need to learn the exact details of the contracts and terms. 

2. Escrow and title process

3. Inspections

4. Listing and disclosure

Hi Paul it depends on your goals and plan.  Would you be fine being an out of state landlord living in Austin and owning the house still?  Do you like the comfort of knowing you locked in the gains cashed out and live in TX?  

Personally I like the idea of owning 2 homes in Austin and cashing out and moving forward to the next chapter in my life.  I also have zero FOMO so I could care less what the property may or may not do in the future if I sell.  Look at all sides and your GUT will tell you the best decision for you. 

Define what a crash is? On a technical standpoint it means 30% correction in prices.  I will be more aggressive and look for the best available deal in my target market. 

Auctions are high risk. I would only look to that after I have built up a portfolio of properties with free cash flow and money to lose on high risk high reward ventures.  Consistent, persistent, and not blowing up your account wins the race. 

1. Work on a top producing team.  If you can't get on the team work at the office that they are at and volunteer for all Open Houses.

2. Do open houses to generate leads.

3. Don't give up.