Flipping On Schedule: Maintaining Your Renovation Timeline As Concerns Over Labor Resources & Supply Chains Mount (Methodology)

Foreclosure Deals Coach Podcast

Greetings #DealHunters! It seems like we've been caught in the throws of COVID-19 for 3 years, but as 2020 comes to a close, our understanding of the implications the virus has had on real estate and business in America over the last 9 MONTHS has become more clear. We've seen the government offer relief for those who lost their jobs with eviction moratoriums, mortgage interest rates have hovered at historic lows to help stimulate markets, all the while, inventory in most states has been the lowest we've seen in years. Consequently, the retail market has been in a strange spot as home prices continue to rise while people's ability to qualify for and purchase these homes has seen a slight downturn.
As investors, we've seen the consequences of this uncertainty as well, but not in the way most would expect. Low inventory and mortgage rates have spurred bidding wars among qualified homebuyers, and the scarcity has lead to bigger profits for agents and investors. But the lockdowns and public fear of COVID-19 has negatively impacted the infrastructure of the real estate industry. Material costs continue to rise as the supply chain slows in response to dwindling workforce numbers. Additionally, contractors who are usually motivated to secure new projects have in some cases been incentivized to stay home as government stimulus relief and unemployment benefits effectively replaced their income, cutting into labor resources. These circumstances lead to delays in renovations which will eat into profits on your next deal. As investors, how should we navigate these developments to get our projects to market on schedule? Donny has been working hard all year to reach his goal of 50 flips in 2020, and he's had to face all of these problems head on. Stay tuned as he gives insight on his strategy for flipping on schedule, and don't let these uncertain times stop you from closing your next deal!
Mentioned in today's episode:
Propstream

Here's a link to the article Donny discussed in today's episode:
Homeowners Face Rising Costs, Slower Supply Chains Due To COVID
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