Are Real Estate Values Changing?

State of Economy Discussion:

3:25: The purpose of the stimulus is to keep us from a recession spiraling into a depression, which none of us want and would make matters all that much worse.

5:10: So many people are being affected even if you’re not. So with that in mind, this has now extended past a “few weeks”, there will be impact.

8:35: The world does sort of feel like everything stopped, but people are still working. We were mid-refinance in several markets, those are still happening.

12:15: Go ahead and think about your absolute worst case scenario so you can just deal with it. If college football doesn’t start back up and the universities don’t start back up, that’s our worst case.

What You Do Now, Makes A Difference:

14:25: I would say now more than ever those that are going to come out on the winning side of it are those who are acting proactively, who are looking at their businesses, looking at the models, figuring out how to tweak them.

16:13: It can be uncomfortable to think about doing something different because in your mind it's like this is how we do things. Reality check is that “how we do things” could have ended two weeks or three weeks ago at this point.

19:30: Back in the recession of 2008, Bill asked two private lenders on a fairly expensive property if they’d be willing to take less in interest from what we owed them. In times like these, having those conversations may be necessary.

Are Home Values Changing?:

22:45: If your business is relying on an FHA loan buyer, those investor-backed loans might be hard to close right now.

23:49: Be careful with flipping right now. CNBC reported recently that home sales could fall by 35% this year.

25:32: What’s your exit strategy? DO you have multiple?

27:40: It’s so hard to guess if prices are going to go to 2008 levels. That happened because of bad lending practices. We're going through something entirely different, there’s not an actual issue in the economy.

29:18: The Dot-Com crash was stock related. It was the only recession in history to date* where home values actually increased.

32:35: The biggest takeaway is that just because you've always done it that way doesn't mean that's going to work now. It’s time to get out of your comfort zone and be proactive.

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