Every Monday at noon, CREIC members have a live call where they get coaching and market updates. While we don’t normally share these recordings with the public, we thought that during these unprecedented times that it would be good to share with everyone.
Highlights from this session:
- The market is in turmoil–appraisers are on the front line for determining real estate value at the moment amidst the confusion of what properties should be worth. This can potentially open up some great opportunities for us as investors. However, more importantly than ever, we need to ensure that we are creating win-win-win solutions for everyone: There will most likely be a huge increase of people in distressed selling situations and we can still help them–you and your investors (CREIC members) can win too.
- Now is not the time for evictions. Do what you can to cover yourself, but remember we need to help our tenants and take care of each other too. Contact your bank to apply for mortgage/loan deferrals so you can continue to allow your tenants to live rent free for awhile. Lenders should be offering up to six months deferral, but each lender is making their own terms for the moment until (hopefully) governments legislate a system-wide policy.
- Prime rate has dropped, though this hasn’t translated to banks giving us a break–most likely to protect themselves from potential losses during this time …
- However, Be ready with cash for deals. Opportunities that may arise during this time will most likely require fast action. Lending rates are so low right now that borrowing money is practically free. Take advantage of this now and refinance your home and properties if needed to be ready.
- We, other investors, and CREIC members are ready for joint venture opportunities and will help anyone on a deal-by-deal basis. Bring your deals!
Interested in joining us? Visit the members website here.