Those of us who have lived here long enough know what to expect this time of year – roller coaster weather. The days are longer and the sun is shining… until it isn’t and we get rain/sleet/snow for longer than is appreciated. I keep my snow boots handy this time of year, right next to my sandals. It’s best to throw away any expectations and just roll with it.
If you love 300 days of sunshine AND getting caught in the rain (not to mention pina coladas) then this is the place for you! That’s what you get when you live between a sea of plains and a gigantic mountain range. The mountains can disrupt wind patterns, cold fronts and pressure systems, which result in hard to predict weather conditions.
THIS BRINGS ME TO MY POINT: When you are prepared for all conditions, you don’t have to worry about predicting the weather. You learn how to develop plan B, C and D, when necessary. It’s the same with flipping a house. You go into it with a fairly decent idea how things will go. You know the “season” and prepare for it, all the while keeping an eye out for the unexpected “storm.” If a storm does come, no big deal because you have a plan for that scenario… Or at least you will next time!
For your reading pleasure
Mortgage rates just keep surprising us. The doom and gloom predictions last Fall were that rates would rise each quarter (as they started to), pushing more and more buyers out of the market, with no end in site. However, just a few months after the first major increase, we are beginning to see rates go DOWN!…with presumably no end in site. It just goes to show, real estate is up and down (like our weather!), so make sure you have multiple exit strategies and the knowledge to make money in every kind of market.
Everyone has at some point seriously considered the question: What would you do if you won the lottery? Well, if you read this newsletter, I’m guessing you might do what this lottery winner did, who put his $29M toward real estate investing. I like to point out that he initially went big with apartment buildings, which failed. He then scaled down to SFH’s, duplexes and townhouses, the appropriate place for a beginner no matter how much money you start out with. I also like how he eventually uses his wealth to revitalize a neighborhood that is close to his heart.
See you soon,
QUOTE OF THE WEEK:
Read the full newsletter here: 2017.04.28 – Friday Flyer – Forecasting