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Ep 056: The perfect exit strategy for a market crash | Lee Kearney
03:21 – Lee shares one of his interesting real estate investment stories. A battle with an attorney who was also interested in purchasing the same home went on for two years.
07:34 – Lee talks about the Market Cycle. Lee chooses to surround himself with mentors that have been through several market cycles.
12:33 – Lee believes that if you don’t have a solid amount of equity you will need to either sell your property or find some private capital that is willing to ignore the value of the property. Lee found out in his 15 years of experience that if you can’t sell a home and you force it to be a rental, you are taking on a negative cashflow on your rental. The property ends up being a liability rather than an asset.
15:43 – Lee says that if people are not confident they close their wallet and if they are confident they open their wallet and they spend. Unemployment, confidence, spending, manufacturing, and default is all connected says Lee.
17:30 – Lee shares his rise and fall story. In 2003, Lee sold a penthouse, made $35K, and thats when the lightbulb turned on for Lee. He realized that he made more money than his job as an industrial salesman.
21:38 – Lee says ‘ask questions’, there are no dumb questions. Lee has a lot of time and energy to answer people that are asking questions he says.
29:09 – Lee talks about his upsidedown portfolio which was negative cashflow from rentals. Lee learned valuable lessons, there’s always money in real estate and the x-factor is that you should always be on the right side of the trade.
32:13 – Lee talks about the fundamental facts of economics. If there is less demand and there is excess supply, that forces the price down.
33:56 – The big key to all of this is where it ignores the market cycle in some way when you are buying it right says Lee. Lee says that if you buy a property that makes sense and not at market value somehow it will ignore the market cycle.
36:25 – Lee highly recommends that you don’t buy a property with an AirBnB strategy. Lee finds that nightly rentals in nice neighborhoods are starting to be shut down by local municipalities.
41:18 – Lee talks about real estate wholesaling. The additional risk of a rehab vs wholesale is market risk, rehab risk, and resell risk says Lee.
44:48 – Contact Lee Kearney on www.realadvisors.com and on his Instagram @realleekearney. They focus on two main courses, one is Real Mobile and two is Commercial Empire.
46:13 – Goals are great but your daily habits are what’s going to create your success says Lee. ‘Make sure you create your goals, focus, and then execute,’ Lee added.
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