YesTalk-217 - How to Get Ready for the Real Estate Market Crash if You Want to Get Rich

Welcome to Kevin Ward's Yes Talk for Realtors. This is Kevin Ward. The real estate market crash is coming. Now, I'm not going to talk about how to prove that the real estate market is going to crash. If you want to find out about that, watch some of my previous videos, a link. I'll put the link to some of those previous videos down in the description below because we've talked about multiple times what is happening in the real economy, not in the stock market economy, but in the real economy. The gdp, housing issues, delinquencies on mortgage evictions, renters not paying their rent, bankruptcies, businesses losing revenue, businesses going out of business. It is a storm waiting to unleash its power on the housing market. Now markets are going to be different, different places again. I'll talk about that in other videos, but in this video I want to talk about specifically how to get ready for the real estate market crash if you want to get rich. Now I'm going to talk about this primarily to real estate agents because that's who I train and that's who most of my audience is. But if you are not a real estate agent, this is going to have some stuff for you too if you're interested in becoming a real estate investor or getting rich in real estate. But how do you get ready for the real estate market crash? Because here's the one thing we can't know for certain, and that is we can't know the exact day and hour that the crash is coming. Okay? We just don't know exactly when it's going to come, but we just see all of the stuff that's happening and we know it's going to come in the next 12 to 24 months. There's going to be dramatic shifts and changes in what is happening in the real estate market. Whereas a lot of the market right now is still going, prices are still going up and all of that. So how do you prepare yourself for when the market is no longer going up and when it comes down? And here is what we know from history. What goes up always comes down. When it comes to the real estate market, what causes it doesn't matter. When it happens, doesn't matter. Just knowing the fact that it is going to happen should be saying, hey, you know what, it is time to get ready. Because one thing we know for sure, we are on one of the longest historic runs of the, of a housing market going up, of the real estate market across the board going up. We've been in this long period of economic expansion, massive Debt bubble, all kinds of stuff happening. And it's like, okay, what's going to happen next is it's going to go down. So what should I be doing to get ready? I'm going to give you four key words of exactly how to get ready for the coming real estate market crash. Number one is the keyword. Educate. Educate yourself. If you are not exactly clued in on what to do and how to take advantage of the real estate market when it does collapse, educate yourself. Starting right now. How do you educate yourself? Get information. You can get mentorship. You can find somebody that's an expert. You can read, you can watch podcasts. There are tons of great podcasts out there, like Bigger Pockets podcasts, a great podcast where they interview a lot of real estate investors, people that are in all types of real estate and all types of real estate investing. It's just great information. If I was going to recommend, and I'm not a big, I'm not a big fan of recommending books, but books are great sources of information. The reason I don't recommend books a lot is because for most people, reading a book is a way of creative avoidance. It keeps you from actually taking action. However, right now is a time where it's perfectly appropriate to be getting information. So here is one of the ways you can educate yourself and that is with books. Now people say, well, what are some good books to get me started? So if you are interested in understanding real estate investing in general, I love the Rich dad series. Robert Kiyosaki stuff. I would start out by reading his book Rich Dad, Poor dad, if you haven't done that. But his real estate mentor and advisor is a guy named Ken McElroy. And Ken McElroy wrote two books. These are not new books, but they've been around and they're classic in terms of great information. One is the ABCs of real estate Investing and the other one is the Advanced Guide to Real Estate Investing. We'll put the links to these two books in the description down below so that you can get these books. These books primarily talk about multifamily. That is what Ken McElroy's expertise in. He loves multifamily investing, which is a great way to invest in real estate. Second are any of the Gary Keller books on real estate investing, starting with his millionaire Real estate investor, which he published years ago. But again, these are it is full of rock solid principles and approaches to investing in real estate. This is kind of a general overview book. A lot of great information here by Gary Keller and then two more in the series that came out that were not actually written by him, but by written by some of his people. One is called how to Buy and hold for Cash Flow. And then another one on flip. And that is how to buy, fix and rehab and flip properties and make money that way. And so those are just some, some great books that'll kind of get you started on that. So right now is the time to be educating yourself. I'm going to give you a couple other ways to educate yourself as we go through the rest of this video. So number one is educate. Number two is associate. And that is you want to start associating and hanging out with other real estate investors. In other words, connect. Connect with some people who are already seasoned, experienced real estate investors and get in that association of people who understand cash flow, who understand financial freedom, who understand real estate, just the ways to create wealth with real estate. So how do you do that? Very, very simple. Join a local real estate investing meetup group. You can go to meetup.com go to meetup.com and join the biggest, best real estate investing group in your city that focuses on the main kind of real estate you're interested in. You'll have them that focus on single family homes. You have them that focus on rehabbers, you know, fix and flippers. You'll have it focus people investment groups that focus on multifamily. Some may be on commercial, on storage, maybe on mobile home parks. All kinds of different ways and avenues and niches of passive real estate investing. Find a good real estate investment meetup group in your market and start attending those meetings. Now that is another way that you're going to be able to educate yourself because you're going to find out what people are doing in your local market. Okay, what, what are the opportunities? What are the, you know and who are the players and associate with them and learn from them. Don't worry about competition. There is more than enough opportunity to go around and it is a great way to associate with people to learn. You will find over time you're going to find details there, details about how to successfully invest in real estate. You're going to find deals there because you're going to have people that actually have deals that they will bring to those meetings and you can find dollars there, which means it's actually a great source to find private money. People who have money that are interested in investing in real estate and the relationships that you will build will help you fast track yourself on that path to creating wealth with real estate. Number three is collaborate. I don't know how to spell collaborate. I'm making this up. So I'm not sure if this is going to be right. Collaborate. It's actually an O right there, I think, is collaborate. Now, what does that mean? Collaborate with other people that you can get rich with or help them get rich along the path. Now, part of that happens in associating with other real estate investors, but another part, if you are a real estate agent, as an agent, is you can help your clients. You can help your personal circle, the people that you know. You can help them create wealth in their own life. You can change their life, giving them the dream of financial freedom, of passive cash flow. And you can help them also invest in real estate. So as you become an investor, as you learn how to do it, you can help other people do it as well and be successful as well. And understand, do not have a scarcity mindset that goes like, oh, no, but if I do that, I don't want competition. There is so much opportunity out there, my friend. And that the way you create wealth is through collaboration, not through keeping all the eggs to yourself. And go like, I'm not going to tell anybody else what my secrets are, okay? There's going to always be more deals than you can personally handle. So when you collaborate, and here's how you do it right now. And we did this at our Agent Mastery Live three day training camp last week, our virtual training camp that we had recently. And it was crazy. What happened is we just had all of our attendees send a text message to everybody in their personal circle, everybody in your sphere of influence, and just say, hey, there's a lot of great opportunities going to be coming in the next couple of years, 12 to 24 months, for real estate investing. Have you ever thought about, or are you interested in possibly investing in real estate for cash flow? And they just sent that text message out to everybody and they were getting. We had, we had hundreds and hundreds and hundreds and actually thousands of responses from. We had hundreds of agents sending out text messages like that, getting thousands of responses back from people going, yes, I'm interested. Yes, I'm interested. Yes, I am interested. Now, does that mean you know what to do to help them right now? No, but it puts you on the fast track. Say, you know what? I got to get serious about educating myself and me knowing what I'm doing so that I can help others do that. And what happens out of that is that you can get paid on transactions by helping your people, your relationships, buy more Houses buy rental properties, okay? No matter what kind of rental properties it is, when they bomb and you help them buy them, you get paid commission. And you can also partner on deals with people that you really connect with. And as you advance in this, as you get further in this, there'll be opportunities for you to do that where somebody has money and you find the deal that they don't. They don't want to spend the time on the deal, but you're willing to spend the time on the deal. You have the expertise, they have the money. Boom. You get together in a partnership. Now, understand, none of this in this video is financial advice or legal advice. This is all just for informational and educational purposes. But that is a powerful way that you can collaborate. And then number four, the fourth key on how to get ready for the real estate market crash is right now. This is a great time to wait. And what I mean is wait for the deals, wait for the opportunities. Now, right now, the time to kill it in real estate investing is when things are low, right? You buy low, sell high. So when home prices, real estate prices are high, it is not the best time to be buying. When real estate prices are low, that's the time to be buying. When do real estate prices go low? When you have the collapse crash and everybody's freaking out and everybody's panicking. But when everybody is buying, that is a time for you to sell. When everybody is selling, selling, that is the time for you to buy. And right now, nobody's selling. So the time is coming. Right now is the time to wait. And in the waiting is get prepared. Now, it doesn't mean that there's not some good deals right now. It doesn't mean you shouldn't buy anything right now. But it does mean that you should be very cautious and you should be conservative before you just jump out there and go like, oh, my gosh, things are going, you know, it's just crazy. I better buy right now. No, take your time, be patient. Do all these other things. Educate, associate, collaborate, and then wait. And here's what you do while you're waiting. Number one is you start. Is you prepare yourself. You start preparing yourself for owning real estate. You start educating yourself on that process. Start picking your markets. What kind of real estate am I going to be buying? Where am I going to be looking? Where's the hotspots that I want to be buying? Is it in my city, in my market, or is it outside of my city or even outside of my state? Is it other parts of the Country, Okay? Get your knowledge together, get your market picked and most importantly is stash cash. You want to be very careful with your money right now, especially if you've got money in the stock market. Stock market has been on one of the biggest bubbles in the history of the world and what goes up is going to come down. So I'd be very careful about having money in the stock market. If you get your cash out. And again, this is not financial advice. Would you get your cash out and you let it sit on the sideline and wait patiently. And some of the. And that's where the smart money is. You look at the big, big, big investors, they have a ton of cash just sitting there. What are they waiting for? When everything crashes? Now, people in the stock market, they're waiting. When the stock market crashes, boom, they're going to be buying people that are into real estate. When the real estate market crashes, boom, there's going to be tons of opportunities out there. And the worse the economy gets, the worse the housing market is going to get or the real estate market is going to get going to get. And there's going to be. While most people are panicking, the people that are ready and have been waiting and just watching for the opportunity, boom, they're going to jump on it. Now, this is not a full, obviously In a short YouTube video, this is not a full clinic on real estate investing. But this is simply to say, get your mind ready, open your eyes, opportunity is coming. What do I need to do to prepare? So what are you doing right now to prepare? Are you thinking about it? Have you set a financial freedom date? Have you started stashing cash? How are you doing it? How are you preparing? Put your comments in below. Let's continue this conversation of what you're doing to get ready for the real estate market crash so that you can get rich, create wealth and help other people create wealth when those opportunities come. If you liked the video, make sure you give it a thumbs up. Subscribe to the channel if it is your first time here. Thanks for playing, thanks for watching and I'll see you on the next video. Hey there, it's Kevin.

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