The March Fort Wayne REIA MORE
Meeting Overview Resources + Engagements
Arrive late or out of the room? Still writing the last opportunity down, or didn’t catch a name, number, or address? Maybe you’re an out-of-area investor or not able to attend the meeting. Now you can get up to speed on the news, reviews, resources and everything that was said and heard throughout main monthly meeting and the little-talked about but important (and sometimes private*) ‘Heard in the Hallway’ conversations, gossip and deal-making.
The REIA M.O.R.E. is the meeting overview, resources and engagements made available when meeting attendees log and send in their meeting notes. These members are what make our investor community special and valuable. Thank you to all who contributed!
This month’s REIA M.O.R.E. recaps include:
- What members are looking to buy
- Kathy delivers local market research data
- What the top membership is currently reading
- Scott describes the future of local real estate
- Mike P. blackballs contractor *
DOOR PRIZE WINNER
Look up Kolin Young at the next Fort Wayne REIA meeting to congratulate on being the big door prize winner!
SPEED NETWORKING SESSION
SAY IT IN 60 SECONDS SESSION
Attendee’s Haves + Wants
Our trademarked speed-networking session, Say It In Sixty, is where our members and vendors have an opportunity to deliver an effective self-promotion commercial about their deals, property, services and anything that has to do with real estate….in 60 seconds.
CONNECT. CLOSE DEALS. REPEAT.
To protect member privacy and deal integrity the Say It In 60 Seconds session is for members only* Log in to unlock all the meeting resources, conversations, and deal-making!
Front of the room discussion
LOCAL MARKET RESEARCH DATA
by Kathy Selig
Kathy delivered local market research on the current stock of housing and what the data is showing for next month. An excerpt from her handout:
January 2019 is the 86th month in a row to see a year-over-year price increase. Statewide, the median sales price of homes is $151,200, a 4.3 percent increase when compared to January 2018. The average sales price of homes is $179,638, a 4.6 percent increase from the same month last year.
“Prices are still on the rise, which is great news for homeowners and communities,” said 2019 IAR President Brian Thompson. “Realtors expect market conditions to continue until the pace of new home construction picks up and satisfies the high demand of Hoosiers. Robust employment and wage growth remain key to healthy housing markets, as well.”
Other statewide year-over-year comparisons show:
• Percent of original list price received at sale decreased 0.4 percent to 94.6 percent
• Closed home sales decreased 8.6 percent to 4,178
• Pending home sales increased 8.2 percent to 5,837
• New listings increased 3.9 percent to 6,677
• Inventory of homes for sale decreased 3.7 percent to 23,130
• Months supply of homes for sale decreased 6.1 percent to 3.1 months
Front of the room discussion
THE FUTURE OF LOCAL REAL ESTATE
TAKEAWAY: The Chinese used to brush-strokes to write the word crisis. One brush stroke stands for danger; the other 4 opportunity. In a crisis, beware of danger – but recognize the opportunity.
TOPIC: How to prepare for the real estate market downturn and a weaker dollar.
SUMMARY: The real estate market is entering a downturn as the global public continues to lose faith in fiat paper currency.
There has been a LOT Of inflation, but it is asset price inflation, which includes housing inflation, where it takes twice as many dollars to buy the same house. QE caused a lot of asset price inflation — and that was its purpose — though it caused relatively little consumer price inflation. [link]
When asked about the difference between working for money and work for assets Scott recommends new investors read Rich Dad Poor Dad.
Scott recalled a recent conversation with Selina Stoller in which she described the confusion of Wall St. after the US Bond Yield inverted (described in the January notes). And he mentioned a great investor resource for the coming market shift would be the REIA exclusive ‘How to Use Creative Owner Financing in Tough Times’ [link]
Another reason why the dollar will lose value see Zero Hedge: Foreigner Boycott Of US Treasurys Continues: 7Y Auction Indirects Tumble To 3 Year Low [link]
March 2nd The US officially hit the debt ceiling, setting up another high-stakes showdown for the fall [link]
In addressing several questions about the government’s ability to print money, and thereby cause a hidden tax called inflation, Scott recommended “a must read book” The Creature from Jekyll Island that explains where money really come from and who makes it. “The book [The Creature from Jekyll Island] is about the most blatant scam of all history but reads like a detective story. Maybe 1% of Americans know about the premise, which is all factually true, but your view of money, politicians and banks will definitely change.”
CAUSE + EFFECTS TO WATCH FOR:
• Real estate prices buckling under the deluge of Baby Boomers turning in and trading down their property for nursing homes and condos. Japan’s aging population and eight million empty homes, trending towards 15 million, would vouch for this trend.
• The housing shortage will not continue: a “Great Reset” in consumer and asset prices will happen in 2020 into 2023.
• Millennial home buying won’t save the property market. Lower prices and Baby Boomers moving rapidly into nursing homes will make homebuying more affordable again and raise ownership for Millennials. But, Millennials seem to buy less and rent more and are more interested in spending money on “experiences.”
When asked why he still attends REIA meetings Scott said, “I strongly believe in the power of a REIA meetings because of the years of seeing results first-hand. And why I strongly suggest to those serious about real estate: you need to block this day and this this time on your calendar. because we’re all busy but what can be more profitable than networking and learning like this? Or, on the flip side, what could be more disastrous if you miss news about a law change, a law suit or big trend coming; like we are talking about today.”
Here’s what a meeting in a group setting like this [REIA meeting] can do for you that a book or forum or out-of-town coaching cannot:
- Accountability when you need to take action
- Feedback when you feel stuck
- Encouragement when you feel discouraged
- Promotional help when you need to get the word out
He closed by encouraging attendees to highlight, circle and mark next months meeting date: Saturday April 20th and to meet up with a few friends and a few attendees you don’t know for a meeting-after-the-meeting. “The experience of going to a new environment and meeting with new people has a unique feeling that is uncomfortable to us. That comfortableness should be a welcoming sign that we are alive and moving forward in our goals towards becoming a well-rounded professional and expanding our knowledge and connections.”
conversations, gossip and deal-making
HEARD IN THE HALLWAYS
Thanks to all the note-takers who sent these in!
For marketing his wholesale property and rentals Scott FladHammer recommends the following:
• The numbered ShurLok lockboxes. “Get them with the numeric coding – not alpha (lettered). Using numbers are easier to tell others – especially over the phone, and to remember than the alpha codes. Also, the side door models are easier to open and seem to last about twice as long as the front door ‘fall open’ style.”
• For our Home Available property listing and other call-outs throughout the house we use the Acrylic Sign Holder 8.5 x 11 Slant Back Display [link]. The slant back displays pack and store better so they last longer than the straight up and down style.
• For business cards in all mains rooms we use clear acrylic business card holders that fit about 40 of our business cards [link]
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Member Phil J. suggested this best-selling book: The Case for Trump by the prolific Victor Davis Hanson.
Scott FladHammer agreed that Victor Davis Hanson was a great mind and mentioned he read his book The Second World Wars after watching Hanson’s free lecture series for Hillsdale College on World War 2 [link]
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Member Mark J. recommended this book on the controversial “Q” material: QAnon: An Invitation to The Great Awakening
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Did we miss anything?
REIA M.O.R.E recaps are especially relevant, because they come from folks who particularly watch individual markets. And due to their diligence and focus, we benefit from fresh "on target" investing news. We often get the scoop on economic and investing news that is probably ignored (or reported late) by mainstream American news outlets. Help us provide more by sending your real estate and investing news tips to us here. Thanks!
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