Episode 361: COVID19 and Real Estate Investing
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Mitch discusses how several RE Investors are adjusting to the COVID19 shutdowns to keep their employees and offices open for business.
Dallas TX is already shutdown to only essential business operations including medical, grocery, financial, gas stations.
Where’s our money? Mitch shares he got cash from the bank from a few accounts to keep at home.
Bought groceries for about a month. Prepping by getting gas, groceries and cash. Mike sent their nanny back home. Everyone agrees they have plenty of ammo and guns there in Texas.
Mike and Mitch worked to note how much were in their accounts for different businesses they own.
They discuss rental, mortgage collections and flips. Owner Financed buyers have more skin in the game with a large down payment and payments. Private Lenders asked if Mike and Mitch are going to be able to hang in there.
Of course their goal is to be consistent in payments to their lenders who will remember they were taken care of at the worst of times.
Logan said he called his bank about his credit lines to keep communication open and reassure them they are open for business and will pay down some of their credit lines to stay open.
Mitch talks about the worst case scenario with private lenders.
Logan says the rentals he has he believes will all work out even if they have to cut the amount of rent as they have held these properties for a long time. Maybe offer some financing for back rent. Mitch offers the idea that maybe some of these people will still be able to pay as they are working essential jobs.
They offer up some advice on collections, sales, closings and showing houses.