Mike Minutes Mastermind 01/18/2023

Hello guest nation. Hope everyone's doing super well. I only had one question come in on the form which I'll jump into a second, but if you are live and you have a question, definitely this is a good time to ask it. Let me go ahead and drop this link into Facebook.

Yes, if you're live, definitely ask a question because I only have one that came in on the form. Let's go ahead and get started. So share.

Someone that asked me yesterday about buying real estate as we could talk about that too in just a second. But let me answer this question.

Here. Okay.

Kyle Tarvin asked how after having friends and family write reviews on your new locations Google page, are there any other ways you would recommend getting reviews before you open in spring without having a customer base trying to get your normal location up to 10 to 15 minimum before spring hits? I would recommend trying to get above 30 to be honest with you. Now you can buy reviews online if you're going to do that because someone asked me, are you allowed to do that? If you're going to do not lie about them doing work on your property. But more importantly, what you can do is just take the link and text it to to like all of your friends. That's what I would recommend doing is just personal text. It'll take you a little bit longer to make it personal. But if you send a personal text to everyone, all your friends probably have hundreds of people in your database, if not thousands. Just text them all like, hey, starting out business, new location really would help me out if you left review. Here's a link. Make it really short and sweet. I guarantee you'll get 20 or 30. So that'd be my my tip on getting reviews personalized text messages, not emails, not social media, but where they literally got a direct message from you in their phone, that would be my recommendation. You could DM people too, but I feel like text messages is like the most personalized thing. You have their cell phone number.

Of course Lee's trying to plug. I'm sure this is Lee. Don't even have to. Don't even have to check. Yeah, of course it is. Of course it is. Lee's trying to plug his his podcast. Let's go unashamed. Okay, let's. I can answer any questions in the chat. Feel free. Really quickly, a couple people ask about real estate stuff. I don't think it's a good time to buy real estate because prices have not caught up with how fast interest rates went up. So even if like even the past couple weeks for Example, mortgages have spiked by 28, like gone up. Now, people getting mortgages because interest rates have come down a little bit, but that quote unquote little bit is still double what they were 12 months ago. So we have not seen the housing prices correct by what they should be. And that is 30%. 20. 20, 30%. We haven't seen that because that's how much the cost of a mortgage has gone up because of interest rates. So I think in some markets it's 10, 15% down, maybe 20% in some markets like that went really, really high in interest 20, 21. So I still think we're probably 10 off the bottom at least though. So that should be my opinion. And just following the data of the cost of a mortgage is why people buy houses. So that's why when interest rates go really low, the, the, the price of the house goes way up because people can afford more on their mortgage. It's not because the value of the asset went up. It's because the mortgage went down due to interest rates going down. So as interest rates go up and the cost of the mortgage, the monthly price goes, monthly cost goes up, there's going to be a significant.

Time. It takes a while for buyers to realize, or sorry, sellers to realize they have to lower prices to get to move inventory. Right. So even like my, my properties I sold, I feel like I got like just in the nick of time. And the one big one, I had tons of bites at the beginning and now like no one, no one's talking to me because I probably would need to shave off 10 off the asking price in order to be able to get more people to be interested in this market. So what's going to happen over the next six months is people that do need to sell their house, the sellers, they'll bring prices down, then those will actually hit the market. They'll actually go through and be transacted and then we'll start to see data going down in terms of the average home prices. So yeah, that's just my two cents. I don't think we're going to see, you know, 2 and 3% interest rates for at least a few years.

And so I would wait until the moment when the Fed says, hey, we're going to cut interest rates. That's a really good time to buy because it takes a while for interest rates. Like when interest rates can move very quickly, like we've seen over the past six months, they just spike. The same thing can happen like when Kobe hit, they went, they just cut them to zero in literally a day or two. That's the time to buy because the housing market is slow and takes 12, 18 months to kind of do a full cycle, whereas interest rates can move very, very quickly. So the best time to buy is like when they slash in straight. You get great debt, and yet the price of the, of the homes have not gone up to the point yet where it's calibrated. So that's a great time to buy. Right now I think we're in the opposite where prices are high, they're starting to come down because interest rates spike. Liked. But because the interest rates are here, it's gonna. I feel like prices are going to keep going down, down, down. So you see inventories are way up, amount of home sales are way down. I saw a stat the other day, like crazy amount of realtors are getting out of business because there's nothing selling.

So as anticipated, I expect this to still continue going down another 10, 15% in terms of the asset price. And then as interest rates come down, you see you have an asset that is worth less dollar amount, and now your mortgage is less. That's a great time to buy. So just my opinion, but I, I have full conviction, like I would, I bet everything on that this year. And that's what's happening. So, yeah, if you, if you think about buying a house, if you think about buying at the shop, if you can wait six to 12 months, I guarantee you'll get a better deal. Guarantee it. And if you wait even a little bit longer until the point where interest rates start coming down significantly, you now have a lower price asset with a lower interest rate. Very good. So just my two cents. All right. Shorter episode today. No questions came in, which means everyone just have everything figured out, dialed in and ready to rock and roll for spring. So we're looking forward to it. We're hiring a whole bunch of people here at Command center. Every single day this week is hiring for Liz. You can hire a whole bunch of new people. It's gonna be great. We're ready to rock and roll here. Trainers are ready to roll. They're doing split tests with people hearing phones. So one person has the headphones on, but we have a double connection so that other person can hear it live. So we're just really improving that whole process here at command. I think that's all I got for now. Hope you all have a fantastic day. I'll see you tomorrow.