[Music]
Hello everyone and Welcome to another
episode of Selling Greenville your
favorite real estate podcast here in the
Greenville area of South Carolina I am
your host as always Stan McCune realtor
right here in the upstate of South
Carolina and you can find all of my
contact information in the show notes if
you need to reach out to me for any of
your real estate needs and please if you
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of those things I greatly appreciate I
want to talk today about investing in a
shifting Market because this is the kind
of Market that we're in right now we are
in a shifting market we've talked about
this a lotit's still as of the time
I'm recording this whichI'm this
episode will be releasing a few weeks
after I am recording it right nowbut
as of of recording it is still very much
a sellers Market but we know that that
the market is going to start to
shift well I have been involved in real
estate in one way or another through
multiple different marketsgoing all
the way back to the Great Recession even
though I wasn't a realtor back thenI
was in I I was purchasing my own primary
residence and I was doing some basic
real estate investing after thatI
did more real estate investing after the
Great Recessionand then during that
time period was when I also became a
realtor and then I've been a realtor now
for almost 7 years and soduring the
past 14 years I have really seen the
market really just go in a lot of
different directions and I think that
there are some little nuggets to take
away from what all of these different
markets have been like so basically I
see three different markets that I I
just want to talk about and and think
about from the standpoint of what they
what they looked like what the
conditions were like and what are some
takeaways from those
marketsand so we're going to
actually
just not talk about what the past two
years have been like CU we've talked
about that a lot on the show I started
the show in 2020 the entire show
has been about the basically pandemic
era of real estate so we all know what
what that has been up to this point we
don't know what lies aheadbut let's
start behind that behindthe timeline
of the pandemic and in the period that
I'm going to for the purposes of this
show call pre-pandemic which is as I'm
defining it and and these are only my
definitions nobody else has come up with
these definitions this is just from the
purposes of this show what I'm using the
year
2016 through 2020 2016 to
2020 I'm calling that the pre pandemic
market so what was the market like in
2016 through 2020 and by by the way
the reason why I'm doing this is we
don't know exactly where the market is
going but there's a good chance that it
ends up returning to one of these
markets that we've already had in the
past and at the very least wherever it
does go it will resemble some aspects of
these markets so that will help us to be
prepared as the market shifts we know
okay here's what happened all these
years ago there's a good chance that
this is what's going to happen again
so pre-pandemic 2016 to 2020that was
very much a sellers market we've talked
about this before it was a sellers
Market but not an insane one you know
the past 2 years it's been an insane
sellers Market 2016 to 2020 that was
kind of I don't know you might call it a
comfortable sellers Market it wasn't
crazy if a home came on the market on
Tuesday there's a good chance it would
still be there on Sunday you know the
past two years we've had what I call
ASAP showings where it's like a house
comes on the market and I have someone
calling me panicking like we need to see
this today before it's goneit's been
that way now for two years and quite
frankly I'm ready for that to change
and and I'm ready for that to go back to
what it looked like more from
2016 through you know the onset of the
pandemic in
2020 you would occasionally find good
deals on Market whether rental
properties whether flips but there were
few and far in betweenbut they would
happen I had clients investor clients
that I had searches for you know looking
for properties below
150,000whatever the case may be and
a lot of them got good properties that
way that were on MLSthat seems
almost impossible to Fathom because the
past two years they've been non-existent
I mean there's almost if you're like
looking for for instance like a house to
flip there's almost like no point in
even exploring the MLS right now there's
just there's just been nothing on there
there have been some rare
exceptionsbut the exceptions I mean
we're talking about like
twoexceptions per year something
crazy like that otherwiseit's been
pretty much non-existant from 2016 to
2020 you could you would have a handful
of properties that would come on the
market really every month that would
make for for good potential flips or
investment properties in
general real estate wholesalingwhich
we've talked about before on the show
real estate wholesaling is when you get
a home under contract and then you
assign that contract to an end buyer and
for a a higher amount than what you have
it under contract for and then the
wholesaler that person in the middle
they pocket the differenceif you
don't I'm not going to get into the
weeds any more than that on it if you
want to learn more about real estate
wholesalinggo ahead and look that up
I'm going to just reference it here in
passing for those that are interested
and and kind of understand the concept
wholesaling really boomed from 2016 to
2020 during this pre-pandemic
era because wholesalers had these
massive buyers lists they had all sorts
of people that were were looking to buy
investment properties and that they
could if they got something under
contract they could almost certainly
flip it off to someone and make a a good
profit on on itby flipping it off to
one of their hundreds of buyers that
they hadon their buyers list and
there was just enough motivated sellers
who didn't want to go on Marketand
and all of that you know maybe their
home needed a lot of work and they
didn't think that they could sell it on
Market that they were able to to the
contact the wholesalers and by the way
if you don't know when you see like
signs that say we buy houses that kind
of stuff those are typically real estate
wholesalersand so during this time
there was enough people that were
reaching out to these types of
individuals that were calling those We
Buy Housessigns and and all of that
and and then the wholesalers had a huge
list of buyers willing to snatch up
properties and so as a result
wholesaling really boomed during this
time the
wholesaling which I have done a little
bit ofin my opinion I I think it's
been in in a lot of ways harder the past
two years although in a lot of ways
easier as well it it's a lot of people
right now are just able to to list their
home on Market even if it needs a full
gut and there will be a line of buyers
ready to buy itand so from that
standpoint it's been trickier but from
from the standpoint of wholesalers being
able to just sell any property they got
under contract like it's never been
easier to be a wholesaler 2016 to 2020
set the stage for thatand a ton of
wholesalers came into the market during
that
timebecause that period of time was
still a seller's market you really
didn't see low balls acceptedwith a
few very rare instances of proper these
like major fixer uppers potentially
gettinglow cash offers so you might
see like a fixer upper come on the
market for 160,000 for instanceand
then someone swoops in with a cash offer
for like 130 and the the person just
doesn't want to even that you know it's
a good enough offer you know they were
hoping to get 160 but it's like okay 130
great you know it's this property is not
doing anything for me it needs a ton of
work there's probably not going to be a
ton of other better offers I'll just
take that lowball offerthere was a
company during this time that I I would
frequently get offers from that was
called
sfr3 and they would do that they would
send these site unseen offersthat
had long due diligence periods and they
they were cash you know well below what
a home was listed forand there were
a few others as well that that did
similar things like thatbut more
more or less because it was still a
sellers Market you didn't see a lot of
low balls acceptedwith regard to
rental properties this was a a pretty
decent time not not a great time but a
decent time to be able to find rental
properties you could find some pretty
good deals particularly for properties
that needed some work you had to be
selectivebut the opportunities were
out there and you know
basically you could hit the 1% rule if
you were willing to put in The Sweat
Equity the the 1% rule roughly speaking
beingthat a property that you
purchase rents for 1% of what you
purchase it for if you purchase a
property for $100,000 you rent it for
$11,000 per monthit was hard to hit
the 1% rule but every now and then a
property like I said that needed some
Sweat Equity put into it would hit the
market with enough regularity that you
could find properties rental properties
that hit that
ruleyou had to be careful though
with regard to flipping houses without
the massive year-on-year appreciation
that we've had the past two years the
from 2016 to 2020 it it was that was an
interesting Market to to flip hous
there's opportunities in any Market
but that was a market during that period
of time we saw appreciation happening at
about 5% per yearwhereas recently
the past year appreciation has been
closer to like 20% per yearwell when
you've got 5% appreciation per year if
you over invest in a property or you
don't completelyaccurately estimate
the rehab costs whatever the case may be
you can't just wait it out you can't
just say you know what I'm going to put
this property on the back burner let it
grow in value by 20% and then sell it
next yearyou can't do that because
if if it only Grows by 5% like the your
holding costs what it costs for you to
keep that property for a year just it
just doesn't make sense the numbers
don't work and so you had to be in that
market really careful
because you you needed to make sure your
numbers were were really tidyand
that you could sell that property and
make a profit pretty much right away and
if you did that's great it was a sell's
market if you if your numbers were
accurate you would make a profit because
it would sell fairly quickly at the end
of the dayand this was the market
where I developed my what I call
multiple exit strategy philosophy
because I realized very quickly as I was
flipping houses that this was a problem
like if the margins were Slim then I
needed to be able to have more than one
option maybe even if the margins aren't
slim I wanted to make sure that I had
more than one direction I could go in
whether turning the property into a
rental whether doing a Cash out
refinance and then just kind of holding
off on doing anything to the property
whatever the case may be doing seller or
financing it to someoneso during
that period of time I really started
focusing on properties that had a degree
of flexibility where I could go in
different directions because if I got
stuck with one I knew that I wasn'tI
I I didn't want to be in that situation
where it was like okay now what do I do
I can't I can't do anything with this
property I can't sell it without losing
money I can'twait a year I'll still
I'll lose even more money what do I do
and so during that time I tweaked my
strategy to focus on properties that had
those multiple potential exit
strategies nowwith regard to what
what Holmes again we're talking about
pre- pandemic from 2016 to 2020 what
Holmes typically sold for was about 2%
less than what they were listed for with
sellers typically paying some or all of
buyer closing costsit typically took
a few weeks to go under contractyou
know property might be on the market 2
three
weeks something like that before it goes
under contractbut bidding wars were
still happeningparticularly on homes
that were were very common again
homes not that were common homes that
were indesirable locations that were
desirable homes those bidding wars were
commonand so basically there there
weren't a ton of of full price offers
unless there was a bidding war most
offers were going to be a little bit
below what a home was listed for unless
it was a bidding war type of situation
the bidding wars didn't have as many
people participating in them as what
we've seen the past couple of years so
this is going to be something that
you know as the market shifts I'm going
to be looking very very closely at you
know sellers have been used to not
having to pay for buyers closing cost
sellers have been used to getting more
than what their home is listed for
that is definitely going to change and
it'll probably revert back to something
similar to this where sellers you know
if you list a home for
250,000 you might get it under contract
and everything about the home is good
you might get under contract for 245
with the buyer asking for you to pay
$5,000 towards their closing costs that
would have been the norm in 2016 to 2020
it's not been the norm the past two
yearsso we'll we'll have to adjust
on the fly as these things change
the past two years we've not really
we've seen contingencies kind of just go
away
contingencies being specifically
appraisal contingencies financing
contingencies home sale contingencies
cl00 contingenciesand the like and
so contingencies back in 2016 to 2020
they were totally acceptableand cash
offers happened but usually it was on
kind of unique
propertiesand it wasn't uncommon for
potential investment properties like
fixer upper types of properties to have
free first looks for buyers like they
were able to have a due diligence period
with basically no skin in the game
where they could just back out for any
reason get back all their earnest money
not have any termination fees
associated with it that was very very
common in fact during that period of
time I had some Buyer Agents try to to
get free first looks for their clients
onjust normal houses houses that
that weren't fixer uppers and I remember
I mean it was pretty common that you
would get offers like that and we'd have
to counter back like no we're we're not
acceptingoffers with free first
looks like that just gives the buyer way
too much ability to back
outparticularly with being a seller
Marketso that was something thing
that is has was a lot different back
then than it is now I think
contingencies are going to come back
we're going to see I think particularly
the one that has really been hit hard is
the home sale
contingencybasically buyers have
have had to either buy without selling
their home and then sell their home
after buying or had to structure their
deal and in in some way so that
basically their next purchase is not
contingent any way on the sale of their
home and that that's been a big problem
that's one of the most frustrating
things about this market for a lot of
people trying to move and and that's
contributed to the inventory problem
right because people if they're not
confident that they can find a house
that they needthen they're they're a
house that they want to move in I guess
I should say then they're not going to
list their home for sale and then get
that under contract and then Qui L try
to find a home to move into because
they're not confident they're going to
find a home to move intoso I think
that that as inventory starts to pick
back up again as we have more homes on
the market I think we're going to see
more of home sale
contingencies make a comeback I'm I'm
hoping that we see that mainly for for
my buyer clientsbut also I think
that that will just help that that's
more of a sign of a Market that is
healthy in my
opinionand I I would be remiss if I
didn't mention during this time period
contractors were still very busy and
still very unreliable and we' run into
that the past two years a lotbut
that was very much the case back then as
well so the market would have to shift
quite a bit for contractors to go back
toto a state where they're not busy
and
reliableso that's took a little bit
longer than I hoped for that section
that was the pre-pandemic section we got
two more to gowhat do I wish I would
have known prior to 2016 through 2020
what I wish I would have known was that
multif family including mobile home
parks would become supremely valuable
and the reason why I think they became
so valuable just kind of out of nowhere
was that a combination of thingsone
obviously Bigger Pockets and other
sources of of informationthat became
very mainstream started pushing the idea
ofhouse hacking onto younger
Generationsbooks like the the 4-Hour
Work Week encouraging you know multiple
income streamsto to help people
potentially not have to to do the you
know the grind of of working in the
office
and as people with just more money
started looking to purchase more
investment real estate so I think all of
those things kind of came to a head and
resulted in
multifam becoming dramatically more
valuable in the in people's minds than
it had been in the pastand as an
extension of that there would be an
influx of people attempting real estate
Investments with small portfolios of
single family homes and cond
so that's something that I never fully
saw comingbut that's something that
also happened during that period of time
just investing in real estate became
something that people finally had the
money to do after they had recovered
from the Great Recession and all of that
and that pushed the value up for
multif family and certain single family
homes as well another thing I wish I
would have known prior to this time was
just how valuable homes sitting on
acreage would be or or even large Lots
like that has really taken off the past
two years mini farms have really taken
off the past two years there's a lot of
money to be madefor those you know
if had we been forward thinking about
that back in 2016 to 2020 about trying
to to snatch upproperties that you
know had acreage and a house on them
hindsight is 2020butbut those
are some things that I wish I would have
known all right moving right along the
next period of time post recession this
is from I'm calling this from 2012 to
2015post Great Recession this was a
neutral Market okayso we we had the
extreme sellers Market post pandemic
we had or I should say pandemic era
we hada slight a comfortable sellers
Market from
2016 through 2020 and from 2012 through
2015 we had what I would deem a neutral
Market not not exactly a sellers Market
not exactly a buyer Marketduring
this period of time it wasn't uncommon
for homes to sit for a while for for
quite some time before they went under
contract monthswere not uncommon
there were plenty of options for
buyers who might have more properties
than they're interested in to tobe
able to see in a given day in other
words someone that's looking for a place
to
move and they're looking at everything
that's on the market there might be 15
homes that they're interested in that
are on the market and they can't even
look at all of them in a weekendand
so there were situations back then where
people would look at you know five or
six homes on a Saturday and then take
the week off and then come back the next
Saturday and still have their original
list that had 15 homes on it and still
have five or six homes from that list
that they're still interested in looking
at and then go and and look at those
homesthe next weekend and that was
that was the way it was it was it was a
much slower time for buyers they could
take their time they didn't have to feel
quite as rushedevery Market has
multiple offer situations when
uniquelywhen when unique situations
happen and a home and desirable area is
priced very aggressivelybut
generally speakingbuyers had had
time to make a decision they could look
at a home sleep on it one night two
nights three nights and then maybe at
that point make an offer and they still
had a pretty good chance of getting
it during this time when when it was a
neutral Market Marketthere were some
great rental property opportunities
properties that immediately hit that 1%
rule that I talked about before they
were abundant there you could all day
find properties that hit the 1% rule you
could buy a condo for
$40,000 that had only barely any
deferred maintenance on itand
already had a tenant in it paying $700 a
month like that's amazingimagine
that in this market I see people buying
properties for
$150,000 that have someone paying 700 a
month in them nowjust a completely
different atmosphereversus back then
so there were fantastic rental
opportunities when we were in that
neutral market and by which I mean
opportunities to purchase rental
propertiesyou could creatively flip
find homes to flipmost buyers
weren't interested in fixer uppers since
they had other options so if a fixer
upper stayed on the market long enough
it presented an opportunity for
potential low balls so here's the thing
right when you have when you're a
potential buyer and you've got like I
said as an example 15 homes that are on
the market that PE your interest why
would you even be looking at fixer upper
homes focus on the homes that are in
good shape because that makes the most
sense no nobody wants a well I shouldn't
say nobody wants a fixer upper but most
people would prefer something that's not
a fixer upper over something that is one
and so what then would happen is the
fixer uppers would stay on the market
for a while and then that was a
potential opportunity for an investor to
come in and purchase it usually it would
have to sit on the market for a while
before they would take a really lowball
offer that would be of interest to an
investor but during that market I was
looking at homes you know what are the
homes that have been on the market three
four five six months okay are are there
opportunities hereand that was how
we approached it back then it was it was
a different approach and there were
always
opportunitiesfor that type of thing
that said not it wasn't allRosy if
you were trying to flip houses because
of course in a neutral Market it's not a
seller's market and so you had to
account for that you had to account for
it took longer for properties to
actually sell longer for properties once
they hit the market to go under contract
and so you had to account for that in
your timeline so it t typically took I I
budget into my head back then I assumed
at least 6 months and potentially six to
eight months from the time I purchased
the property until the time I sold it
and that was just because you just kind
of had to assume that it might be on the
marketfor a few months before it
actually went under contract and it
might go under contract and then fall
through and then go back under contract
and so things just just took a while
longer unlessyou just had a killer
deal that you put up for
salewe talked about contractors
before contractors were available it was
not hard to find people to to do work
back thenalthough it's always in
every Market hard to find good people to
do work that's that's worth mentioning
but there were plenty of contractors
that were available and readyto
assist with anything back in that market
because of the abundance of onm
Market options wholesaling really wasn't
that big of a thing there were not very
many wholesalersyou know it it was
hard for them because what I mentioned
before where wholesalers have boomed the
past six years because they have massive
buyers list the buyer lists were pretty
small back then you know they they had
options for properties to sell but not
very many options for who to sell them
to and
so that was a a much different Dynamic I
think that wholesalers are in for a
pretty bigshock in the upcoming
years if this Marketdoes a as the
market does start to shift we know it
will what do I wish I would have known
I wish I would have known that being
able to hit the one percent rule would
get harder and harderand that rents
would go up dramatically in the upcoming
years man I had of course I graduated
college in 2008 so I graduated during
the Great Recession all I saw was an
abundance of potential rental properties
on the marketand so it just seemed
like that was the norm I had no idea
that these properties would become not
the norm right that properties that
would be great rental properties for
foreverand that you could get cheap
that that that was just going to go
away and you know it happened it
happened almost
overnight during that prepandemic era
and then it really happened overnight
during the pandemic eraand so I wish
I would have known thatI don't know
that I would have been able to do
anything with that knowledge per se well
I probably would have I probably would
have been able to
excuse me be more aggressivebut I
was also pretty poor back then I mean
like I said I graduated college in in
2008during the Great Recessionit
took me a while to recover from that
financially soso that's something
that that'll be interesting I'm I'm very
interested to see will we ever if we
ever return to a neutral Market will
that Dynamic return where there's some
great rental properties that come on the
market I don't know I don't know if that
ship has sailed permanently or if we'll
see that return but that's something to
keep an eye out for all right final era
that we're going to look at is and and
this isn't like the final era ever but
this is really the only the final era
that I can speak to because like I said
I graduated college in 2008 I can't
really speak to what the market was like
for instance during the the dot bubble
in
2001you know I I just have no idea
but the finalera here that we'll
talk about is the Great Recession 2008
to 2011 this was a buyer Markethomes
during the Great Recession will sit
months or years I mean it was not
uncommon to see home sit for a year year
and a half two years without selling it
was insaneyou could go on HUD
homestore.com if you don't know what
that is it's a government website where
you can find fore clo
you go on there right nowthere's
probably not even a single property
listed on there because there's like
record low foreclosures right now during
the Great Recession you could go on
hudhomestore.com and just scroll through
dozens of foreclosures that were
available that were just sitting my
first home that I bought was a home that
had been on HUD h home store for like a
year nobody was interested in touching
it in Eastside Greenville like one of
the most desirable areas in green
Greenville County no one was touching it
they had no interest in itwe had to
do a renovation loan and that was you
know the type of thing with these
foreclosures because people didn't have
the cash to be able to purchase them you
had to to do some creative financing and
so that's what that's what we had to do
during that time that was a lot more
common back then we've almost not seen
any renovation loans the past few years
there were incredible opportunities
everywhere for cash buyers and some some
of the most desirable areas of
Greenville as I've already alluded to
at one point I was under contract for a
single family home in Downtown
Greenville for around $100,000 but
because I was so poorI couldn't come
up with the money I I neededI would
have needed in order to do the updates
that home needs needed I it makes me so
sad that home now is worth like $500,000
small little home like basically right
right on the outskirts of downtown
Greenville
makes me very sadthat I had that
under contract at one point and I just I
was just so poorbecause I'd taken so
many pay cuts you know duringthe
Great Recession and had just come out of
college you know with $2,000 to my name
when I joined the adult Workforce during
the Great Recessionit it was it was
a tough time andbut imagine now
imagine the the opportunities nowif
we had a recession that was comparable
and that type of thing happened again
that would be a pretty incredible
opportunity again we don't know exactly
what's going to happen but it's it's
whatever happens in these upcoming
months and years there's going to be
some resemblance to one or more of these
periods of time and so we have to be
prepared we have to think think we have
to think on our feet and be able to
shift our strategy with the shifting
market during this period of time not
only could you get rental properties
that hit the 1% rule you could get
properties that hit the 2% rule which is
like something that we it's like not
even a I mean it is a thing but it's
like not something that you ever hear
people talk about because it's so pie in
the sky this was not pie in the sky
during the Great Recession you could get
a condo for like $25,000
and read it out for $650 a month 2% rule
it was it was something elsethat
was the people that had cash during that
market absolutely made a killing setting
and set themselves up for the future
finding good flips to purchase was easy
but as you can imagine the pain was in
selling you had to budget I mean a Good
Year from the time you purchased until
the time that you might sell the
property and you just hope that you sell
it more quickly than thatand also
it's worth mentioning as the market
cratered some areas saw home values go
down and so that was a major risk that
flippers had to consider remember we
talked earlier about how during the the
pre-pandemic era we had to be careful
that you know appreciation was only like
5% year on year so if you ended up
holding if you ended up not being able
to to sell a flip for a profit holding
it wouldn't help you very much well
during the Great Recession depending on
when you bought and where you bought
holding it might actually result in your
property losing value and so as a
flipper like tremendous risk absorbed
from that standpoint you had to be super
careful and cognizant of that
possibilityand all of this really in
the end led to most house flippers being
out of the game during the Great
Recession they they didn't have the
money they couldn't come up with the
financingand it was just too
riskywh saers had plenty of
properties but basically no buyersa
great deal with a lot of you know a a
pretty good amount of meat on the bone
might get one or two Nibbles from a
couple of investors it was not an easy
Market to Wholesale ina comparable
deal like like that like kind of what I
have in mind that would get one or two
nipples during the Great Recession would
get 40 or 50 serious parties in our
current market that's how dramatically
different it was contractors they were
bored and they needed workand a lot
of them got out of the business during
this
time and a lot of them are about to have
to get out of the business probably
here in in the upcoming years if we go
into recession and whatnotnow what
do I wish I would have
known this is kind of factious but I
wish I would have known how to get a
hold of a ton of cash as a young 20-some
right that that is what I wish I would
have known now when I first graduated
college I knew nothing about real estate
I taught myself everything about real
estateI was I studied religious
studies in collegeI did not study
anything Finance related or investment
relatedI taught myself everything
that I know when it comes to thatso
I also wish that I would have known
something about real estate investing
but it wouldn't have mattered because I
didn't have the cashso I I wish that
somehow I could havefigured out a
way to come up with cash as a as a young
20-some then I I possibly could have
bought that that property downtown I
likeed so muchin all seriousness
seriousness though assuming let's just
assume for a second I had tons of cash
I would have fully graspedthe I I
wish sorry I wish I would have fully
grasped the revitalization that was
coming to the west side of Greenville
and specifically to the different Mills
Denine Judson Mills Mill Woodside Mill
etc etc and howdevelopment you
know Mass development by mass developers
would focus on Greer and Five Forks in
the upcoming years I mean those West
Greenville Mill areas I remember getting
pulled over by a cop just because I
drove a nicer car through one of those
areas late at night and they were just
pulling over anyone and everyone just
assuming that they were doing something
wrong if you were driving after 1000
p.m. through West Greenville and it
wasn't just I don't know maybe even if
it was a junkie car they would have
pulled me over who knows but they
thought I was dealing drugs is what they
thoughtand and I was not dealing
drugs I've never done that beforeso
it was it was just a completely
different vibe we should have seen it
though right we should have seen that
that revitalization was going to happen
but I mean parts stretches of downtown
Greenville were boarded upyou know
it it was hard to pro project that the
west side was going to change so rapidly
and that those Mill areas were going to
change so rapidly but they did and those
areas of Greer and and Five Forks and
Simpsonville that now have so much
development in them that was Farmland
like I would have never have guessed
that that Farmland would have all of a
sudden become these massive
highly desirable neighborhoods all these
years laterwhere I live which is
near the airport was considered rural it
was eligible for a rural USDA loan
not that long ago like this was
considered a rural area now you don't
have any areas near the airport that we
consider to be rural
areas so a lot happened that I had no
idea was going to happenand those
that were percept
that were in on the game before everyone
else made Oodles of cash Oodles of cash
if they you know bought up a bunch of
Mill houses or if they bought up a bunch
of acreagein some of those rural
areasif you were ahead of the game
you made a lot of money and so that's
that's the thing as the market shifts
you need to be thinking what can I do to
get ahead of the gamewhat are the
changing dynamics that that I can then
take advantage of that give me a
competitive advantage that those are the
things I'm going to be thinking about
and those are the things that all of my
investor clients need to be thinking
about because we don't know what changes
are going to happen we just know changes
are happening and they will happen
and so as they happen we can look back
and consider what has happened in
previous markets there's a good chance
that some of those things are going to
happen in future markets that's all for
today's episode I hope you guys enjoyed
the little history Lon
thank you for listening as always my
contact information is in the show notes
reach out to me by text phone call
however you want to emailfor any of
your real estate needs and as always
please subscribe to the show leave a
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you guys for listeningit's been a
wild last few weeks I'm going to take
some time on vacationin in the month
of July but I'm still going to be
providing content for you guys so
hopefully you'll enjoy that but until
next time I hope you guys stay safe and
we'll talk again next week
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