I know this is a time of uncertainty regarding the reach and potential ramifications of the Coronavirus personally and across multiple industries.
In this episode, I share:
...and so much more.
1. Learn how to work with Debbie and her Tribe and get your First Flip Done Right™
2. Follow That Flip! Follow me and 2 local students as we flip a house together!
3. Learn more about Debbie DeBerry | The Flipstress
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You're listening to the flip houses like a girl podcast where we educate, empower and celebrate everyday women who are facing their fears, juggling family and business, embracing their awesomeness and wholeheartedly chasing their dream of flipping houses. Each episode delivers honest to goodness tools, tips and strategies you can implement today to get closer to your first or next successful house flip. Here's your spiky haired breakfast taco loving host house flipping coach, Debbie DeBerry
Debbie DeBerry 00:39
What's up you guys What a crazy time we are in right now. Like there's so much that has gone on in the last couple of weeks. And I just wanted to hop on here and talk to you, and maybe bring some of you back down to reality. So I know that things are chaotic out there. And maybe they've calmed down some over the last couple of weeks. Certainly initially, people were in massive panic mode, as evidenced by all the hoarding, some people are doing. But I want to have just like a come to Jesus meeting with you. Just you and me talking Heart to Heart here. And I've had to have the same conversation with myself, frankly. Because initially, there was a lot of fear, because it's just, it's so it's such an unknown space. Right? It's so uncertain in the way this disease spreads, feels. So it's just so aggressive. There's not just been the impact of people hoarding groceries, right? Like, I still can't find my favorite milk. And I just want my favorite milk. Um, but beyond that people are hoarding their money, because they're, they're so fearful. And here's the thing, okay. Some people are afraid the economy is gonna crash. So what they've done is they've stopped spending, just like some are hoarding toilet paper, they're hoarding their money. So you're not spending your money, you're not buying goods. And you're scared, the economy is going to crash, the economy is going to crash if you stop spending your money. And I understand it's scary. You want to protect your money, I get that. But the very protective measures that some are taking are the ones that will absolutely lead to the economy crashing. So if everyone stopped spending, yes, the real estate market will crash. That is what drives the market. The stock market. Unlike what a lot of people think it has very little direct impact on the housing market. It just doesn't it doesn't impact it as much as some people think. What impacts the housing market? interest rates for sure. And consumer spending? if people aren't spending their money, if consumers are uncertain and they stop spending money? Yes, we will absolutely have a housing crash. Now, let's look at the facts. Okay. The main fat that you need to really understand is that when this pandemic struck the world in the US, we were still way under supply on housing. Okay, so it was not a supply issue. If it wasn't a supply issue going into this, and buyers are there are still buyers who need to buy, like real estate hasn't shut down across the board. Absolutely not. I am still seeing multiple houses going under contract daily. In my market. I'm still seeing houses come on the market. We still ended February with one month of inventory in Austin. One month of inventory. Are you watching your month of mature? Are you watching that data? You've got to watch the data if you're in this business. Okay, so that's the fact when this started, we were still under supplied and over demanded. There were more buyers than there were sellers. Okay, so that's something to monitor. Yes, jobs are being lost, more jobs will be lost. Absolutely. That will have an impact on certain price points, for sure. will not impact the entire housing market though it will not hit every segment like it will some okay. So Just look at the facts. I wanted to do this episode for a couple of reasons. One was to, like I said, have a come to Jesus meeting with you, and really talk about facts. Okay, so we did some of that. Another reason is your people, your family, your friends, anyone you're connected to on social media.
They need you to stand up and lead. All right, they need you to not panic, your children need to see you not panicking. Because if they see you panicking, guess what they're going to panic. This is something I let my son do. So I let him have a five minute freakout, regardless of what it is, let's say he gets mad at the basketball for not going through the hoop, right, he's taken a few shots, and none of them have gone in. And he's really been mad about it. Or he can't get a certain Lego piece to connect. Right? The other day it was connects, and he couldn't get it to connect. And he was he got super pissed off. And of course, he was mad at me. And of course, it was my fault that the thing wouldn't Connect right? Um, or he has a hard time with a math problem. Whatever it is, I give him a five minute freakout. I'm like, go for it, dude. Like, go punch pillows, go scream, go do a chapter do because I don't want him to stifle those feelings. It is okay to get pissed off. Absolutely. And it's okay to express that anger in healthy ways. And so I'm teaching him that. But being staying in that space is not going to get you into problem solving mode. So you get to freak out for five minutes. And then you need to jump into problem solving mode. Okay. And I saw this model beautifully. And I'm seeing it modeled beautifully, actually, because it keeps evolving. So if you listen to the intro, if you know me at all, you know, I love tacos. All right. And one of my favorite taco restaurants in Austin is taco deli, not just because the food is awesome. And they have a delicious donia salsa that is like, just, oh, it's just so good. Um, but because of their staff, I love their staff. They make you feel like a family. Like they know me probably because I go every other day.
Regardless, they make me feel like family. Like it's just such an awesome feeling. Anyway, regardless of that, I love them. Okay. And it's been really cool and inspiring, actually, to watch how taco deli has handled all of this around the Coronavirus. Like how they're adjusting their business to continue serving their customers. It's not that they're not in the taco business anymore. They are still in the taco business. They have to make adjustments though. All right. So initially, a couple of weeks ago, it was when social distancing was first introduced. They changed from I go inside, I pick up my tacos, I say hi to Hudson, or Michelle or whoever else is handing me my taco bag and I signed my receipt. And that changed to you come inside and pick up your package that's on a shelf away from the register. You don't need to sign anything. So basically, you walk in, you pick it up, you go, okay, they put that into place. Immediately, like day one of social distancing, they put that into place. Okay. We've never done this before, right? We've never been in this space before. And they acted quickly and did that. Okay. Then, what happens is nobody is allowed to come in the restaurant anymore. Okay, you this was a few days later, you order online, you park you walk up to the side, you wave at them, let them know your name if they don't know you, and they bring your food out to you. Okay, so they bring your to go order out to you. And you're done. Okay, today I go and it is completely different. So now you park in a parking spot on their confirmation text message right? Your order confirmation They're sending a separate text message saying, hey, when you get here, text this number, okay? that's never been a thing before. They've never sent you a text about what to do after your order. So I was like, Okay, cool. So I'll text them when I get there. So I parked, and it's, the parking spaces are all labeled now, and it says, text, this parking space number along with your name, to this phone number, we will come out with your order and place it on this chair, wave to you. And when we walk away, you can get out of your car and Come get your tacos. Like, oh my gosh, I was just I was blown away because they've been so responsive. And they it taco deli inspired this episode.
Because I compare that to another favorite restaurant. And they completely shut down. They couldn't adjust. Well, I take that back, they did try to adjust at first to just a to go set up. And it was awful. Like they their systems were terrible. We ended up ordering and going and waiting for probably 15 minutes for food, like if it was longer than it would have taken when they just had the restaurant. So it blew my mind that this added step of make everything to go totally made them like they've just fell apart. And they're closed. And that does not serve their employees, and it does not serve their customers. Meanwhile, taco deli has stayed true to their mission, right? They're serving their customers, they are keeping their employees employed. And they're doing that in ways that they've never had to do before. And they're like, they're so freakin fast on their decisions, like I'm just so amazed, I totally want to have them on this podcast, I just want to talk to them about how they've done this because they are responding so quickly. They have been so agile. And it's just like I said 100 times before, maybe it's just so inspiring. Okay, so the companies that have totally closed down the restaurants that have totally closed down, that haven't actually needed to buy order of city or county or whatever. It's like, Oh, my gosh, they're adding to the chaos in the panic. I couldn't imagine shutting down my coaching program, because there was uncertainty out in the world. Like, we need each other. Now, more than ever, we are looking to each other to see how we're supposed to feel and how we're supposed to behave. And instead of adding to the panic and the chaos out there, we're going to be smart, and we're going to be proactive. And guess what we're meeting even more frequently than before. So instead of bi weekly, we're getting together weekly for calls. Many people who have been wanting to get into flipping houses have had the excuse of they don't have time to work on it, to learn it to really understand it. Well guess what you have the time now. And those who have a game plan put together, they have processes in place, they are watching certain market data intensely right now. Those are the ones who in three months, four months, five months, when properties start flooding the market. Those are the ones who are going to be ready to act, they're going to be in a position to act. But if you're waiting until then, to get ready, I'm sorry, but you're gonna be late. So use this time wisely, so that you can help more homeowners. So here's the deal. You've got three options. All right. Let's say you're a new real estate investor. Let's say you're a seasoned investor. Let's say that you've decided you want to invest and you haven't invested yet you haven't done your first flip yet, regardless of where you are on your journey. You have three choices right now, you can panic and freeze. shut everything down. Number two, you can decide oh my gosh, I need to jump into a new segment of investing altogether. I'm ditching flipping houses and I'm going to go do this other thing instead. Even though that doesn't bring you joy, but okay. Number three, you can adjust your business while still maintaining your original vision and mission.
And I hope you choose number three because That right there that choosing number three, is what's going to keep our economy going. And it's not about totally jumping ship and going and focusing on something else altogether. What you may not realize is, this is the best time for you to be a house flipper, this is the best time for you to take action toward those dreams. Why do I think that? Well, I know it, because I am in Facebook groups of just what's considered the real estate thought leaders. I'm in those Facebook groups. And I'm seeing what these bigger named thought leaders are saying. And frankly, it pisses me off. Because what they're concerned with is not what I hope you are concerned with, what they're concerned with is how do our businesses weather this storm? Instead of how do we help more homeowners? How do we help and serve more homeowners? How do we help and serve more people? Because guess what, by doing that, the money will follow. Their focus is what product Do I need to create to sell to people? That's what they're thinking? That's what they're trying to figure out? What do I need to create, to sell to people? Instead of how do I keep doing what I've been doing in a bigger and better way, which tells me their processes they've been selling people don't work in any market. Unlike my processes and strategies that I used starting in 2008, the Great Recession, I've been through the full gamut of real estate markets, we are going to be fine. And we can do hard things. And change is hard, I get it. But when you're focusing on the right things for your business, it's not that hard. Anyways, I digress. Additionally, and I'm seeing conversations around how they plan to take advantage of people who are going to find themselves in really bad situations soon. Because jobs that are getting laid off, a lot of those people are going to be in a foreclosure situation, potentially. So likely, we're going to see more foreclosures than we have in a long time. And so instead of being like the sharks who are there just waiting to pounce, come from a place of service, and truly help homeowners. Because I guarantee you a Not only is it going to feel so much better and allow you to sleep better at night. Be it's also going to help you and your business. Because I guarantee you people are watching and I know the sharks in my community. They all have really bad reputations. And I know the good flippers too. And I'm encouraging you to stand up and be a good flipper. We need you seriously your community, your family, your friends, your kids and grandkids. They need you to stand up and serve other people in a way that lights you up. You want to flip houses, great flip houses, lead with service. I hope you choose number three of the three options. I hope that's what you choose. And I hope you double down on service and give people even more than what they expect from you. All right, you guys. Be safe out there. flip houses like a girl. Leave people in places better than you found them and make it a great day. Bye y’all!