Buying_Real_Estate_During_COVID-19
00:00:00.000 | Hello, everybody.
00:00:00.640 | It's Sam from Financial Samurai.
00:00:02.400 | And in this episode, I want to talk about buying real estate
00:00:06.040 | in this COVID-19 global pandemic era.
00:00:10.320 | Real estate is my favorite asset class
00:00:12.560 | to build wealth because it's simple to understand.
00:00:14.960 | It's a tangible asset.
00:00:16.280 | And it provides income.
00:00:18.440 | Unlike stocks, the value of real estate
00:00:20.560 | doesn't just go poof overnight.
00:00:22.800 | Just think about it.
00:00:23.680 | When the stock market was declining by 10% a day,
00:00:27.560 | and when the S&P 500 was down about 32% at one point,
00:00:32.120 | did the value of real estate drop by 10% a day and 32%?
00:00:36.360 | Were you seeing sales down 32% the very next week, or that day,
00:00:41.960 | or the next month?
00:00:43.280 | No.
00:00:44.200 | Instead, what you've seen is that real estate
00:00:46.720 | has held its value during the pandemic so far.
00:00:50.200 | And some places actually ticked up in value
00:00:53.400 | because money rushed out of stocks and into real estate.
00:00:56.600 | So in this episode, I think it's very important
00:00:59.800 | to highlight the opportunity that real estate
00:01:01.960 | investors have right now.
00:01:03.440 | I don't think that opportunity is going to last very long,
00:01:05.880 | maybe one month or two months.
00:01:08.520 | Your mission, if you choose to accept,
00:01:11.600 | is to find that real estate seller who
00:01:14.320 | is the equivalent of the stock seller
00:01:16.880 | when the Dow was below 19,000 and when the S&P 500 was
00:01:21.360 | below 2,300.
00:01:22.880 | Now, it's going to be a little bit hard to find
00:01:24.920 | because inventory is down.
00:01:27.320 | And when a lot of people talk about, OK, well,
00:01:30.440 | real estate is the next shoe to drop
00:01:32.760 | because look what happened in 2008 and 2009
00:01:35.600 | when the stock market fell 55%, but real estate prices also
00:01:40.400 | fell 20%, 30%, 40%, 50%.
00:01:43.320 | It's a different situation here, folks.
00:01:45.040 | Back then in 2008, 2009, we had over leverage
00:01:48.920 | in the financial industry.
00:01:50.760 | We had over leverage in the housing market.
00:01:54.080 | People were buying homes with 0% down,
00:01:57.360 | and people were just borrowing as much as they could
00:01:59.840 | because banks were lending as much as they could.
00:02:02.560 | It was a crap show back then, and it took a long time
00:02:06.240 | to unwind that leverage.
00:02:08.200 | When people go bankrupt, it takes seven years to recover.
00:02:11.840 | But they do recover.
00:02:12.960 | Here in this example, everything is self-imposed,
00:02:16.160 | this lockdown to fight the virus.
00:02:19.360 | And so as you are seeing in the news
00:02:21.440 | and you are listening from the governors and the mayors
00:02:24.880 | around the countries, these lockdowns
00:02:27.000 | will be ending partially in May and hopefully continuously
00:02:31.440 | in June, July, and beyond.
00:02:33.240 | The Redfin CEO did say recently that demand
00:02:36.880 | is down about 20% in terms of traffic to the Redfin website.
00:02:41.400 | And I like Redfin a lot because I
00:02:42.880 | think their algorithm is the best for valuing property
00:02:45.520 | and finding properties.
00:02:46.880 | Well, despite demand being down 20%,
00:02:50.880 | the listings, the inventory on its platform,
00:02:54.600 | is down about 60%.
00:02:56.000 | And this is nationwide.
00:02:57.560 | So demand is down 20%, but listings or inventory
00:03:01.520 | is down 60%.
00:03:03.080 | Therefore, one can conclude that pricing is going to stay steady,
00:03:07.200 | if not actually tick up.
00:03:08.760 | You can see from one of my recent posts
00:03:11.160 | with highlighted examples of real estate outperformance
00:03:13.920 | in San Francisco and in Honolulu.
00:03:16.200 | And they just keep on coming, folks.
00:03:18.240 | So for those of us who are trying
00:03:19.680 | to be opportunistic in building wealth and buying real estate
00:03:23.480 | during this pandemic, it's going to be
00:03:25.400 | tough to find the panic sellers.
00:03:27.640 | But they are out there because we did see the stock market
00:03:32.680 | collapse by 32%.
00:03:34.000 | And we did see many, many people and institutions
00:03:37.120 | sell at those levels.
00:03:39.040 | So based on the law of large numbers,
00:03:41.760 | even if just 5% of the people are still freaked out
00:03:45.800 | and think that we're going to retest the lows, which we very
00:03:49.360 | well may, or go much lower, which we very well may,
00:03:54.720 | 5% out of, let's say, a million folks--
00:03:57.680 | that's a lot of folks.
00:03:58.600 | That's 50,000 people.
00:04:00.280 | Those people are out there, and they are listing their homes.
00:04:04.400 | And they are listing their homes rationally
00:04:06.440 | based on what they think.
00:04:07.760 | They're listing it now, during lockdowns,
00:04:10.560 | during the pandemic, because they believe
00:04:12.680 | prices will head lower.
00:04:15.160 | And it's up to you to find these people
00:04:17.320 | and offer them lower prices, because you believe things
00:04:21.240 | aren't as bad as they seem.
00:04:23.360 | As you've listened in previous podcast episodes,
00:04:26.480 | I'm taking a more optimistic approach.
00:04:28.480 | And just to be forewarned, I'm generally an optimistic person.
00:04:31.600 | And I try to look at the positives in everything.
00:04:34.680 | For example, when I sprained my ankle,
00:04:37.720 | I immediately think to myself, oh, thank god
00:04:40.800 | I didn't break my ankle.
00:04:42.760 | So my attitude is very positive.
00:04:45.320 | And if you had bought the S&P 500 below 2,400,
00:04:48.760 | as I discussed in the Stock Market Bottom Analysis post
00:04:51.560 | and podcast, you would be up 15% to 30% plus right now,
00:04:56.840 | depending on what you bought.
00:04:58.240 | I mean, if you just look at the NASDAQ right now
00:05:00.240 | as of early May, we're only down about 1.5%
00:05:03.760 | from its all-time high.
00:05:05.560 | So the NASDAQ tech stocks have tremendously outperformed.
00:05:08.720 | And it's back to bull markets.
00:05:10.000 | And technically, we are back to bull markets
00:05:11.840 | in the S&P 500 and the Dow, because we rebounded way
00:05:14.920 | more than 20% from the bottom.
00:05:16.400 | We're up 30-plus percent from the bottom now.
00:05:19.080 | And so what you need to think about
00:05:22.560 | is what is going on between the stock market, the economy,
00:05:26.240 | and the real estate market.
00:05:27.600 | So obviously, there's a disconnect between the stock
00:05:29.800 | market rebound and what the economy is doing,
00:05:32.120 | because the economy--
00:05:33.720 | the ISM manufacturing numbers plummeted.
00:05:37.760 | Unemployment is at all-time highs.
00:05:39.840 | We're probably going to be at 40 million by the end of May.
00:05:42.560 | It's ugly out there in the economy, in the real world.
00:05:45.800 | But the stock market, not so ugly,
00:05:47.800 | because the rebound, because it's discounting 3, 6, 9,
00:05:51.560 | 12 months into the future.
00:05:53.280 | And the future is saying lockdowns are going to end.
00:05:56.640 | There's probably going to be a second wave.
00:05:58.520 | Hopefully, there's going to be a vaccine.
00:06:00.440 | And things are going to get better.
00:06:02.000 | It's all incremental.
00:06:02.960 | But the real estate market is very interesting,
00:06:05.240 | because it lags the stock market.
00:06:06.960 | It does not transact as efficiently.
00:06:10.120 | So what we're trying to do is capture that timing mismatch,
00:06:15.200 | where we find the seller who still thinks we're at the S&P
00:06:19.360 | 500, down 32%, and who still thinks
00:06:22.240 | we're going to head lower.
00:06:23.600 | Those sellers are out there.
00:06:25.280 | Those sellers believe the worst has
00:06:27.360 | yet to come, because the Federal Reserve and the federal
00:06:29.700 | government are ineffective.
00:06:31.400 | They believe the stimulus checks,
00:06:33.100 | the enhanced unemployment benefits, and the PPB loans
00:06:36.440 | won't get paid and forgiven.
00:06:38.800 | They believe the coronavirus numbers
00:06:40.520 | will be equal to or greater than all the government model
00:06:43.480 | predictions.
00:06:45.000 | They believe there won't be any efficiency or productivity
00:06:47.840 | gains after going through months of working from home.
00:06:51.320 | They also confuse a slowdown in the real estate brokerage
00:06:54.440 | business with real estate prices.
00:06:57.440 | You see a lot of headlines out there that say,
00:06:59.440 | real estate is getting crushed.
00:07:01.360 | But what's really getting crushed
00:07:02.700 | is the brokerage business, because the volume is down 60%.
00:07:06.900 | But pricing of property is something completely different.
00:07:11.580 | But when you and I read these headlines,
00:07:13.740 | the automatic assumption is that pricing is collapsing.
00:07:16.980 | But no, the journalists are talking about the real estate
00:07:20.220 | business.
00:07:21.060 | So please be aware.
00:07:23.140 | The other thing is there's fear that lockdowns
00:07:25.980 | will last well beyond the third quarter of 2020.
00:07:29.660 | Next, what do they believe?
00:07:31.240 | People are going to actually start saving aggressively
00:07:34.480 | post-lockdown or post-pandemic instead
00:07:36.420 | of reverting back to their old ways of spending
00:07:38.980 | more than they can make?
00:07:40.260 | You can never, ever, ever count out the US consumer
00:07:43.420 | to take on debt, to max out their credit card,
00:07:47.100 | and to live well beyond their means.
00:07:50.340 | We are a proud nation full of independent people
00:07:54.220 | who, doesn't matter how little we work at something
00:07:57.620 | or how little risk we take, we always
00:08:00.300 | believe we deserve better.
00:08:02.660 | So how do we find these sellers?
00:08:05.140 | Well, the easiest way to find these sellers--
00:08:07.340 | and frankly, the only way if you're locked down--
00:08:09.660 | is to search for them online.
00:08:11.580 | Be vigilant in looking at areas that you
00:08:14.300 | want to buy on the real estate platforms out there.
00:08:17.380 | Redfin and Zillow are the two most common ones.
00:08:20.700 | And if you find something that is either mispriced
00:08:24.300 | or is just an interesting opportunity,
00:08:27.060 | go ahead and reach out to the selling agent.
00:08:29.920 | I did so the other week.
00:08:31.620 | And I was able to get in there and have private showings.
00:08:34.860 | And when you do a private showing,
00:08:36.460 | that is when you can talk to the agent
00:08:38.980 | and feel him or her out about what's
00:08:40.860 | going on in the seller's point of view, what's going on
00:08:43.700 | regarding demand and so forth.
00:08:45.740 | Nothing good comes easy, folks.
00:08:47.060 | So go online.
00:08:48.660 | Take a look at what's out there.
00:08:50.320 | Make the effort to contact the agent.
00:08:52.500 | Do a private showing.
00:08:53.660 | And talk and ask and question what is going on.
00:08:56.820 | Because again, any seller listing
00:08:59.760 | during a lockdown period and a pandemic
00:09:03.160 | has to be a motivated seller.
00:09:05.280 | Otherwise, you would just wait one or two months
00:09:08.360 | once the lockdown ends to sell your property.
00:09:11.760 | It's just irrational to think you're
00:09:13.440 | going to get a higher price or your asking price
00:09:17.240 | when you're listing during a lockdown.
00:09:18.800 | We can just wait.
00:09:19.720 | So it's up to you to take advantage.
00:09:21.760 | And to take advantage, you have to do several things.
00:09:25.000 | One, you've got to focus on making a connection
00:09:27.160 | with the seller.
00:09:28.460 | Making a connection with anybody is the key
00:09:31.220 | to a better relationship.
00:09:32.780 | It's the key to getting a better price.
00:09:35.080 | Because the seller wants to feel comfortable,
00:09:38.140 | feel good about selling to someone.
00:09:39.760 | The selling process is very nerve wracking.
00:09:42.060 | It is way more stressful to be a seller than a buyer.
00:09:45.020 | Because so many things can fall through
00:09:47.060 | during the selling process.
00:09:49.740 | So one, you make a connection.
00:09:51.400 | Either you write a real estate love letter
00:09:53.640 | and you tell the listing agent how much you love the property
00:09:56.180 | and how focused and interested you are.
00:09:58.580 | Two, let's be frank here.
00:10:00.660 | You should become the doomer bear
00:10:02.580 | that they are right now for listing their property.
00:10:06.540 | The seller is nervous.
00:10:08.100 | Otherwise, he or she wouldn't list right now.
00:10:10.300 | The seller knows that if they don't
00:10:11.780 | sell within a certain period of time,
00:10:14.220 | the property goes, quote, "stale fish."
00:10:16.420 | And when properties go stale fish,
00:10:18.500 | price cuts are an inevitability.
00:10:21.060 | It's also embarrassing when you put yourself out there
00:10:23.220 | and get rejected or get no offers.
00:10:25.400 | As a result of so much worry and stress,
00:10:28.000 | using the end of the world strategy
00:10:30.040 | can motivate your seller to sell.
00:10:32.120 | And luckily for you, it's currently much easier
00:10:34.860 | to imagine the end of the world, given the 24/7 news cycle is
00:10:38.460 | all about the coronavirus deaths and economic destruction.
00:10:42.520 | The news knows that negativity sells.
00:10:44.760 | That's why they continuously pump out
00:10:46.760 | negative content out there to fear people
00:10:49.800 | into reading their stuff.
00:10:51.440 | I take the different angle, but if I was strategically smart,
00:10:53.980 | I would also pump out lots of negative stuff.
00:10:57.000 | But it's just not me.
00:10:57.880 | It's just not my personality.
00:10:59.120 | I want to look through the noise and try to get things better
00:11:03.000 | for the rest of us.
00:11:04.560 | So look, the second strategy is really
00:11:07.040 | to become the doomer bear that the seller is right now.
00:11:10.220 | Otherwise, they wouldn't list it.
00:11:11.980 | You could talk about the big picture scenario,
00:11:14.960 | such as discussing 40 million people unemployed
00:11:17.900 | and what's going to happen to the real estate market
00:11:20.480 | if this continues.
00:11:21.400 | You can talk about how the stock market corrected by 50%
00:11:25.040 | in 2008 and 2009, and the real estate market followed suit.
00:11:29.160 | You can talk about COVID-19 mutating and thereby
00:11:33.680 | risking maybe billions of more people.
00:11:36.400 | It just never ends how much negativity
00:11:39.080 | you can talk about if you choose to be negative.
00:11:41.880 | And the interesting thing is it's really not too much
00:11:44.480 | hyperbole to talk about all these negative things,
00:11:47.280 | because if you look at the government models,
00:11:49.400 | they are so bearish.
00:11:51.440 | They are so doomsday scenario.
00:11:54.840 | But thankfully, we know that these models
00:11:57.760 | haven't come close to being true.
00:12:00.560 | So in case you feel that you're talking nonsense
00:12:03.120 | or the seller thinks you're talking nonsense,
00:12:05.400 | all you've got to do is show the government models
00:12:08.000 | at various stages without showing
00:12:10.720 | the reality of what happened.
00:12:12.200 | Because hey, you've got to believe the government, right?
00:12:15.120 | They've got the smartest people, supposedly,
00:12:17.560 | and the smartest scientists on the job.
00:12:20.320 | So if you can't believe the government,
00:12:22.120 | are you going to believe a buyer who's
00:12:23.840 | trying to get a better deal?
00:12:25.040 | Well, it's tough to say.
00:12:27.160 | Your goal is really to paint a picture of the house
00:12:29.440 | being a tremendous burden and you
00:12:31.600 | being the savior of that burden.
00:12:33.840 | Obviously, you don't want to come across
00:12:35.640 | as crazy or just unrealistic.
00:12:38.440 | Instead, you want to come across as financially stable.
00:12:41.240 | You want to be a realist.
00:12:42.880 | Because after all, any one of these things about doom
00:12:46.480 | and all that could happen.
00:12:48.320 | Nobody has a crystal ball.
00:12:49.920 | Nobody knows anything for certain.
00:12:51.800 | It's about thinking in bets and percentages.
00:12:54.680 | Like Inception, that movie, one of my favorite movies,
00:12:57.480 | if you could implant just one of these doomsday items
00:13:00.800 | into their minds as they are mulling over your offer,
00:13:04.840 | there's a better chance you could turn them
00:13:06.740 | into the panic stock seller when the Dow was at 18,500
00:13:11.160 | or when the S&P 500 was at 2,250.
00:13:14.520 | For the moment, buying at those levels
00:13:17.720 | was a great idea for stock investors.
00:13:20.480 | You just want to rewind time and be that real estate
00:13:23.560 | buyer at those levels as well.
00:13:26.320 | A couple more strategies you should think about
00:13:28.280 | as a buyer of real estate.
00:13:30.720 | You should focus on the benefits of a simpler life.
00:13:34.560 | A large reason why many real estate sellers want to sell
00:13:37.600 | is because real estate requires maintenance.
00:13:40.680 | And if you're a landlord, well, it
00:13:42.680 | requires a lot of people interaction,
00:13:44.720 | which is not something we want really right now.
00:13:47.280 | So your goal is to allow the seller to think,
00:13:51.040 | oh, if they could just have a simpler life and sell to you,
00:13:55.560 | everything will be OK.
00:13:57.080 | I sold one of my main rental properties in 2017
00:14:01.280 | because I just couldn't take dealing with the tenants
00:14:04.080 | anymore and the maintenance issues.
00:14:05.920 | The property wasn't that far away,
00:14:07.300 | but it was still a 25-minute drive away.
00:14:10.640 | And it just wasn't my time.
00:14:12.840 | And everybody has a different time
00:14:14.960 | or is at a different stage in their lives
00:14:17.120 | where they have different priorities.
00:14:18.800 | So focus on the benefits of a simpler life for the seller.
00:14:22.200 | And then finally, you want the seller
00:14:24.280 | to make them fear losing you.
00:14:26.840 | After investing so much in getting to know you,
00:14:29.960 | writing the love letter, telling the agent what
00:14:33.000 | you plan to do with the property, and so forth,
00:14:36.240 | you have to make him or her fear losing you.
00:14:39.240 | That is human nature as well.
00:14:40.880 | You don't really fully appreciate something
00:14:43.680 | until they're gone.
00:14:44.840 | So I make sellers fear losing me by writing a real estate
00:14:48.520 | breakup letter.
00:14:49.280 | And you can learn how to write one.
00:14:50.720 | And you can see an example in one of my posts
00:14:52.560 | if you Google real estate breakup letter,
00:14:54.680 | Financial Samurai.
00:14:56.160 | Also, I discuss about the rise in inventory.
00:14:59.720 | Inventory is ticking up right now in May.
00:15:03.520 | And I think it's going to continue to tick up.
00:15:05.600 | Basically, what we're seeing is a shift from spring inventory.
00:15:09.200 | It's going to go into summer and so forth.
00:15:11.000 | It's kind of like, well, if we've
00:15:12.400 | been locked down for two months in March and April,
00:15:15.680 | maybe May as well, right?
00:15:18.240 | Let's just shift the summer vacation up.
00:15:21.600 | And then we start school in the summer and so forth.
00:15:23.840 | That's an obviously easy solution.
00:15:25.760 | And we are seeing inventory tick up a little bit.
00:15:28.760 | And so from the seller's point of view,
00:15:30.600 | the more inventory that is out there, the more competition
00:15:34.400 | he or she has.
00:15:35.600 | So that is something to be aware of as well.
00:15:38.880 | So let's move on to what is the right offer
00:15:41.840 | price during a pandemic.
00:15:43.800 | Given the S&P 500 corrected by 32% from its high,
00:15:47.040 | you could offer 32% below comparable sales prices
00:15:50.920 | right before the coronavirus hits.
00:15:53.040 | So that's February 2020.
00:15:55.160 | Your real estate agent can easily
00:15:56.680 | pull up all the most recent coms.
00:15:58.600 | And so can you.
00:16:00.160 | Unfortunately, I think offering 32% lower than the most recent
00:16:03.680 | coms will likely get you shut out.
00:16:05.720 | And it will likely seriously offend the seller.
00:16:08.800 | So I don't think that's the right strategy.
00:16:11.520 | I think a better offer starting price
00:16:14.680 | is somewhere around 10% to 20% below recent coms.
00:16:19.920 | Probably 20%.
00:16:21.720 | I think you're still going to get shut out.
00:16:23.520 | And you're still going to offend a lot of sellers.
00:16:25.600 | But 20% is where you can start.
00:16:27.720 | And hopefully, you can get a price between 10% to 20%
00:16:32.080 | below February 2020 levels.
00:16:35.240 | It's going to be very hard because inventory is down again.
00:16:38.160 | And sellers aren't stupid.
00:16:39.640 | And the real estate agent isn't stupid.
00:16:41.840 | But there are obviously real estate agents
00:16:43.760 | out there who are hungry for a transaction
00:16:46.360 | because their business is on volume.
00:16:48.840 | It's not on whether the seller gets the highest price
00:16:51.800 | or whether the buyer gets the lowest price.
00:16:53.640 | It's on transaction volume.
00:16:56.240 | That's how they're going to get their commissions.
00:16:58.280 | And volume has been way down for the past two months.
00:17:01.960 | And a little bit more thoughts on your offer.
00:17:05.040 | The best type of offer is an all cash offer.
00:17:08.080 | Now, if you don't have all cash, you
00:17:10.280 | need to get pre-approved for a mortgage
00:17:11.960 | so you can offer a no financing contingency
00:17:15.000 | offer, which is basically like all cash,
00:17:17.640 | but it's from the bank.
00:17:19.040 | It's not as good.
00:17:20.120 | It's not as good because there's a second party involved
00:17:23.000 | that the seller has to worry about not going through,
00:17:25.200 | even though the bank has already said and committed
00:17:27.520 | to offering you x amount of mortgage
00:17:30.600 | because they've already underwritten
00:17:33.120 | all your information.
00:17:34.400 | And they've already decided, based
00:17:35.840 | on the data you've provided, that you're good to go.
00:17:38.680 | Getting pre-approved is not as good as an all cash offer,
00:17:42.840 | but it's better than getting pre-qualified, which really
00:17:45.440 | doesn't count, folks.
00:17:46.520 | It's just figuring out-- pre-qualified is just
00:17:48.880 | figuring out how much you can potentially borrow.
00:17:51.640 | And there's no commitment from the bank.
00:17:53.400 | So just be aware of that.
00:17:55.120 | In conclusion, again, I think there's only a one to two month
00:17:58.920 | window where you can find these sellers out there who
00:18:02.320 | don't realize that things have improved in the economy
00:18:06.640 | and in the stock market.
00:18:08.680 | And let's say we do retest the lows and go lower.
00:18:12.080 | Well, that is certainly a possibility.
00:18:14.200 | I think retesting the lows is probably a 25% to 30%
00:18:20.120 | maybe probability.
00:18:22.000 | And going lower, well, much lower than the lows
00:18:24.400 | is probably a 10% probability at this point.
00:18:27.080 | So if you did end up buying real estate at 10% to 20%
00:18:32.360 | below, let's say, the February 2020 levels, well,
00:18:35.680 | at least you are buying at a more appropriate level
00:18:39.000 | if we do head lower or go lower in the stock market
00:18:42.520 | and the economy and so forth.
00:18:44.160 | I really wish everyone good luck out there.
00:18:47.240 | There's no certainty out there.
00:18:49.560 | There's no certainty from me or from the sellers
00:18:52.400 | or from the buyers.
00:18:53.600 | We just have to do the best we can
00:18:55.320 | with the information we have available at the time.
00:18:58.960 | I've moved on from the stock market.
00:19:00.800 | I've sold 100% of what I bought in March at the end of April
00:19:05.720 | and into early May when the S&P 500 rebounded to 28.50
00:19:09.600 | and higher.
00:19:10.120 | It got up to, what, 29.50.
00:19:13.320 | And it's just amazing how much we've come,
00:19:16.320 | how far we've come.
00:19:17.840 | And I decided to de-risk again.
00:19:19.520 | De-risk, de-risk, de-risk is my mantra for the summer.
00:19:23.400 | And I'm back down to my 20% of net worth in equities
00:19:26.600 | allocation from 25%.
00:19:28.640 | But I'm not done.
00:19:29.680 | I'm not done because I believe there's
00:19:31.440 | opportunity in real estate.
00:19:33.320 | And so if you are a savvy real estate and stock market
00:19:37.920 | investor, you can use the information
00:19:40.440 | to play off each other.
00:19:41.960 | Because again, real estate is a laggard to the stock market.
00:19:45.960 | And we know this from previous cycles.
00:19:47.920 | And I know this from my history investing
00:19:49.920 | in the stock market and the real estate market
00:19:51.920 | during the previous financial crisis and the one before that.
00:19:55.320 | So if you missed out on buying stocks
00:19:57.560 | when everything was falling apart in March,
00:19:59.920 | I think you have an opportunity to buy real estate
00:20:03.720 | at depressed levels from highly motivated sellers.
00:20:07.120 | Thanks so much, everyone.
00:20:08.800 | The game is never over.
00:20:10.480 | So keep playing, keep understanding, keep listening,
00:20:13.020 | keep reading.
00:20:14.280 | The opportunities are out there if you pay attention
00:20:17.840 | and you take action.
00:20:19.520 | If you enjoyed this podcast, I appreciate a positive review.
00:20:22.400 | And share it with your friends.
00:20:23.800 | It's on, I think, iTunes, Spotify, and Google Play.
00:20:28.120 | And it's on Libsyn as well.
00:20:29.400 | Take care, everyone.