Creative Ways To Thrive In Real Estate After This Pandemic With Laurie Patterson

Today, Martine is joined by Laurie Patterson, who started out as a realtor and then she ventured into entrepreneurship. She thinks what’s coming is going to be worse than the recession in 2008 if we continue with this lockdown. Laurie reminds us that depending on how you've positioned yourself well determined whether this recession will be a liability or an opportunity for you. 

Laurie encourages everyone to dive into your market and find out what’s going on and be willing to pivot. Your willingness to change your strategy to match what you need is the only way to survive. She stresses to each of us to not spend your time worrying about what you lost. 

Laurie stresses some things we must know during this time:

1.) You can’t predict when the market will crash. You better have those cash reserves so you’re not sweating it, at least 6 months.

2.) Since the unemployment rate has jumped to an all-time high there will be opportunities in "subject to, owner finance, and lease options" coming soon. 

3.) Do not just have the purchase agreement, you have to have power of attorney, you should have a financial statement pulled out by the homeowner and ask them about the house and their financials. You do not want to take a sub to when there’s a potential of them filing a bankruptcy in the next 3-5 years.

4.) Start marketing to those people under forbearance. You can possibly take their property over Sub To or lease option them.

5.) Be economically smart during this time. It’s better to put money into a house than a car right now. In 10 years the car’s going to be worth nothing while a house you can sell it for more.