12: What Works (and Doesn't) in a Recession & the Untold Story of J Scott's Messy First Flip

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 20 May 2020

⏱️ 92 minutes

🔗️ Recording | iTunes | RSS

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Summary

BiggerPockets legend J Scott was once a rookie, and he's got the stories (and scars) to prove it! Today J stops by to give us a primer on economic cycles and how they impact real estate investors. You'll learn what to expect when housing prices soften and which strategies work best in each economic phase. Plus, J shares the tale of his first (years-long) flip, tells us what he's learned along the way, and delivers a surprising top tip for today's rookie real estate investor. For more on this topic, pick up a copy of J's newly updated book Recession-Proof Real Estate Investing here. In This Episode We Cover: Economic cycles throughout history Which strategies tend to work well at each point in the cycle J's first flip as a complete newbie The systems he developed over the years How he's shoring up his cash position Opening credit lines Adjusting to a new lending environment And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Business Podcast BiggerPockets Real Estate Podcast BiggerPockets Bookstore BiggerPockets Forums BiggerPockets Blogs BiggerPockets Podcast 381: 5 Rules for Investing in a Down Market with Tucker Merrihew Rookie Podcast 07: 6 Things New Investors Should Be Doing Right Now Brandon's BiggerPockets Profile Felipe's Instagram Ashley's Instagram Check the full show notes here: http://biggerpockets.com/rookie12 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the real estate rookie show number 12 out there that feels like they need to ask that question should I wait or
0:14.8	should I pull the trigger right now if you're not experienced enough to make that
0:18.4	determination on your own the most likely answer is you should probably wait.
0:23.0	Right now, like I said earlier, right now is kind of an unprecedented time.
0:28.0	Things are a lot different than they've ever been.
0:31.0	And there's no shame in saying, hey, I don't know what's going to happen. I am here with my co-host
0:44.0	Lepe Mejia who has been bombarding me with text messages about his
0:49.2	new Tesla he's gonna buy. So I'm calling him out right now
0:52.5	and he's got to set a date that he actually buys it
0:55.0	because I was sick of listening
0:57.4	to him say he's gonna buy it.
0:59.1	The one said datefully be.
1:01.4	I just, I'm trying to figure out how I can afford a Tesla. I know I can. I just
1:07.2	am trying to figure out how it's going to work into my portfolio because it's just way
1:11.4	out there and I'm like I just want to buy another
1:13.6	rental property every time I have the money to buy a down payment on a
1:16.7	Tesla so anyways that's really hard keeping that money is so much sweeter
1:20.9	than spending it into a rental property makes it so much easier.
1:24.4	But that has nothing to do with today's show.
1:26.4	Today we have Jay Scott, the man, the legend, a BP legend.
1:31.6	That's Absolutely right.
1:33.0	Someone was telling me that he has the most forum post ever on Bigger Pocket.
	...

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