Weekly WIT, October 10, 2022

This week in Summary

Investing Tip of the week

This is a real secret insider tip. Whenever I encounter a phrase, jargon, or acronym with which I’m unfamiliar, I look it up on investopedia. I learn a LOT from that and a website called “seeking alpha.” It never hurts to know what you are talking about – or at the very least SOUND like you know what you’re talking about.

Joke of the Week

Here are Ten one-liners for ya:

  1. The past, present, and future walked into a bar. Things got a little tense.
  2. I like jokes about stationery, but rulers are where I draw the line.
  3. There should be confetti in tires, so it’s still an okay day when there is a blow-out. 
  4. Bread is a lot like the sun. It rises in the yeast and sets in the waist. 
  5. Geology rocks, but geography is where it’s at. 
  6. 70% of the earth is water, and virtually none of it is carbonated. So the earth is, in fact, flat.
  7. Just found out the company that produces yardsticks won’t be making them any longer. 
  8. Went to the doctor with a suspicious-looking mole. He said they all look that way, and I should have left him in the garden. 
  9. Engineers have made a car that can run on mint. Hopefully, they can make buses and trains run on thyme. 
  10. What kind of car does an egg drive? A Yolksvagen.
Blessing of the week
May you always have walls for the winds,
A roof for the rain, tea beside the fire,
Laughter to cheer you, those you love near you,
And all your heart might desire.

This week's Video: Get 100 rental houses in three years?

Would you be interested in owning 100 rental houses? Hear how David went from 10 rentals to over 100 using the BRRRR method in just a few years. It’s a remarkable story, but inspirational also, because YOU can do this too!

The Flipping America Show

Only two shows this week – we had issues related to Hurricane Ian. Please keep the affected people of Florida and South Carolina in your prayers.

Episode 559 Risk Mitigation for Real Estate Investors
September 2, 2022
Life is full of risks. We subconsciously deal with them all day every day. But when it comes to business, we often love the idea of the income but don’t always bring risk analysis into our consciousness.
Episode 560 The Impact of Rising Interest Rates

September 6, 2022
Last week the national average for a mortgage topped 6.7% for the first time in many years. What does this mean for real estate investors and what does it mean for YOU? Find out today on Flipping America.

Rates are expected to inch further up over the next few months as the Feds seem to be the only parties in Washington genuinely interested in countering inflation. In case you hadn’t noticed, the so-called “Inflation Reduction Act” does absolutely nothing to even address inflation, much less reduce it.

So, interest rates. How does raising them slow down inflation? Of course like most answers involving monetary policy, the answer is a bit complicated. But we break it down for you. Mark Dolfini drops by and weighs in as well.  

Episode 552 Rental Q&A

September 9, 2022
Ok kids, it’s time to open the mailbag and answer some of your questions. Today we are focusing on questions concerning rental properties.

Flipping America REIA News

Wednesday, October 12, Roger welcomes the great Kim Kesterke to the studio and to the Flipping America Team. Kim is the author of “The W2 Landlord,” owns several rental properties of her own and is going to be working with Roger on some Flipping America projects. We are excited about what’s happening. 

We need your input. With the addition of Albuquerque and Honolulu (welcome y’all!), the lunchtime virtual meeting is increasingly challenging with logistics. We are considering moving the weekly meeting to Wednesday evenings at 6:30pm eastern. 3:30 pacific, 12:30 Hawaii time. But we want to hear from you. There may be no practical way to fully accommodate everyone’s schedule, but we want to reach as many as possible. Send email to info@flippingamerica.net with your thoughts.

Flipping America News

For all of you in the Atlanta area (or those that can get here). I’m doing a book signing at the Publik Draft House (aka PDH) in midtown Wednesday, October 12, 6:30-8:30. I will have copies on hand if you don’t already have yours. PDH is in the same building complex that houses the world famous Fox Theater, 654 Peachtree St NE, Atlanta, GA 30308. Parking is on the street or across the street in the hotel. You can also use the Fox parking lot since there is no show that evening. 

A great companion with this book is the online course, FlipStarter, which for a limited time is just $147 (regular price $999). This offer is extended until October 13 but is definitely going away. Click here. No coupon code needed. 

We have scheduled a LIVE presentation of FlipStarter in Atlanta Jan 13-15, 2023. If you buy a ticket to the live, you get the online course, but here’s the real kicker – if you buy the online course between now and then, you will also get a ticket to the live presentation. 

Submit your deals for review, your jokes, and your real estate stories to info@flippingamerica.net.

Real Estate News

Full Third Quarter Market report coming next week in episode 561.

Here’s a quick summary of our key indicators (all year over year):

  • Home Prices: up 7.7%
  • Avg days on market: 16 (down from 17 a year ago)
  • Absorption rate: 8.1 months (6.2 last year)
  • Housing starts:
    • Permits: down 14%
    • Starts: unchanged
    • Completions: up 10%
  • Foreclosure rate. Up 144% (not to panic – this is a skewed number because a year ago it was virtually zero. We are not back up to pre-pandemic levels yet and THAT was at a record low pace)
  • Mortgage rates: 6.8%, up 100%
  • Overall market conditions: nervous. Many claim we are already in recession. Others believe the feds are going to raise interest rates too far. But strong labor market amidst continuing inflation makes the signals difficult to read.
  • Construction costs: UP 15%. Avg cost for new construction now $125/sf.

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