Meetup/Mastermind Recording May 7th 2020

Please verify all info for yourself.  We are just discussing these topics, and not saying they are fact.  You MUST verify yourself!

Links shared from meeting:

• Our podcast with Preston: https://seattleinvestorsclub.com/managing-multifamily-during-covid-19-with-preston-walls/
• Real Estate at Work Online Meetup – https://www.meetup.com/RealEstateAtWork/
• Julie is listening to Sam Zell and Ken McElroy.
• Julie is following Mike DelPrete real estate data guy.
• Preston Walls (email) says to contact Roger Valdez Seattle for Growth and is dialed in with Seattle City Council, and RHA Rental Housing Association for political action

Notes from meeting:

• Lots of talk about forbearance from Keith Pitsch and Moon Chan.
• Preston Walls of Walls Property Management is trying to not get too emotionally involved in the rental law that just was pushed out. He’s sharing is delinquency data from the last 3 months from his 800+ rental management portfolio.
• There are fewer tire kickers in the rental market right now.
• Vacancy rates of increased since before Covid.
• Brian Blessing is talking about managing his 127 units.
• There’s a $600 federal unemployment bonus that’s helping people pay their rent.
• Ryan Gibson of Spartan Investment Group is giving an update on self storage. Hasn’t has anything huge with delinquencies. Still in the 4-5% rate, which is typical. Occupancy is going up or staying the same. He thinks they are going to have a surge in self storage. They have an uptick when people are in hard times.
• Julie thinks that brokers are going to price their listings low, and you will have to contend with people that are too conservative. And this will impact the pricing.
• It will be really interesting to see what happens when people have to start paying back their forbearance. This could bring a lot of things onto the market. The time line for the forbearance is going to have a major impact on this.
• Larry Gill thinks this all comes back to consumer confidence and that we all need to get back to work.
• Min Qiu says there’s an uptick in higher quality wholesale leads lately. Less tire kickers.
• Julie has had an uptick in calls from landlords and older people.