What To Do In The 2023 Recession
Brian Davila Show - Real Estate Investing, Building Wealth, Faith Based
Wealthy Investor - Real Estate Investing, Real estate, Build Wealth, Faith Based
2.5 • 884 Ratings
🗓️ 23 June 2023
⏱️ 8 minutes
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| 0:00.0 | So I guess like do you do you have an idea right now of what your next pivot is going to be? |
| 0:07.0 | For me this year so last year was just so so crazy in the short-term rental brokerage world, especially because |
| 0:16.2 | everybody could afford everything and everybody was buying everything. |
| 0:19.8 | So we did not have enough people to help all of our clients that were coming |
| 0:23.6 | through the door like it was really overwhelming all of our agents were like |
| 0:27.7 | dying on their keyboards because it was so much work it would take a hundred |
| 0:31.0 | offers for one client to be able to get them under contract because there were so many people |
| 0:35.3 | offering on short-term rentals last year. So we had people getting mad at us and it was just so overwhelming. |
| 0:41.3 | This year, since it slowed to like a manageable pace like |
| 0:44.5 | last year yes the numbers were great but I don't consider that a good time. |
| 0:48.8 | Oh yeah yeah it was difficult. Yeah it was overwhelming so this year focusing on just being able to take a few steps back. |
| 0:55.8 | We've got everything to a manageable level so we can kind of look at the entire business |
| 0:59.5 | and say, okay, you know, do we need to open up some more offices to give our clients some more options |
| 1:03.8 | taking steps back to be able to hang out with the kids more like you know we live in |
| 1:07.3 | Florida so I can pick them up from school and go to the pool in the afternoon |
| 1:10.0 | so it's a little bit like chill time and regroup time for me and rest time because last year was just falls to the wall. |
| 1:16.4 | Yeah, that's how that's how I was so obviously the last two years with inflation like flipping houses was like shooting fish in a barrel with dynamite. It was easy. It's like you |
| 1:26.0 | you think you're going to make 20K you end up making 80K. And then they raise interest rates in |
| 1:31.6 | April, March or April, and I stopped buying. |
| 1:35.0 | And typically I had like 15 rentals at a time, constantly rehabbing, turning and turning. |
| 1:41.0 | And then I stopped buying and I haven't bought another flip since then. |
| 1:46.0 | So with that part of the business on pause, wholesaling takes way less effort and then running my my |
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