Why This Is Different Than 2008 and The Biggest “Post Quarantine” Opportunities
Damon Remy, founder and CEO of REI BlackBook, has been busy catching up with members of his network and industry experts to check in with them and see what they're doing right now in their businesses to ensure they will not only survive, but thrive in this time of economic uncertainty.
We, here at REI BlackBook, are releasing a Special Expert Interview Series to take you behind the scenes of some of the highest performing real estate investors across the country to discover how they have survived past economic downturns and recessions, and what you can do to thrive during economic uncertainty.
In this video call, Damon chats with Ron Phillips, a highly accomplished real estate investor turned real estate mentor and coach.
Over the course of 47 minutes, they discuss how the economy during the coronavirus pandemic is different from the 2008 recession, what is actually happening in the world of real estate versus other industries, what business owners and entrepreneurs, like you, can be doing right now to keep moving forward, and much more.
Don’t have time to watch the entire video? No worries, browse through the topics listed below that interest you and fastforward to that specific spot.
- 2:37 Ron describes what his business is and what it offers clients.
- 4:52 Ron talks about thresholds for cash on cash returns and how to identify when you need to switch to a new market or a new supplier. He also discusses the importance of studying your market’s economic data from a micro and macro scale.
- 6:16 Damon asks Ron if he has seen a drop in prices. Ron emphasizes that the current economic state due to the coronavirus pandemic is not the same as the 2008 recession. He explains why it’s different.
- 11:09 Damon talks about his experience as a mortgage broker during the early 2000s. Ron discusses the importance of being prudent and shares his thoughts on what could happen in real estate when people are released from quarantine.
- 17:04 Ron and Damon share their opinions on what is disrupting the current state of the real estate world.
- 20:35 Damon asks Ron about his buyers. Ron talks about what the economy would be like if the quarantine lasts longer than expected. He also talks about what could possibly happen after the quarantine is over.
- 26:51 Ron poses rhetorical questions about the importance of helping others.
- 29:24 Damon asks Ron what advice he has for real estate investors who are just starting out. Ron talks about the advantages of having a small real estate investment business and offers advice on what to do right now during the coronavirus pandemic.
- 31:29 Damon talks about noneconomic common trends of now versus in 2008.
- 34:15 Ron discusses his new coaching program. Damon comments on the significance of providing training and education to one’s clients and users.
- 41:34 Ron provides what social media platforms people can find him on.
- 42:18 Damon asks Ron what marketing tactics he is doing for his businesses. Ron expresses the importance of working hard and offers advice on how to keep moving forward.
- 45:50 Damon suggests that real estate investors should seek out experienced real estate investors and hear what they have to say to stay ahead of the economic effects of the coronavirus pandemic.
Who Is Ron Phillips?
With 17 years of experience as a real estate investor, Ron has bought and sold thousands of properties, and has helped clients buy and manage more than 6,000 investment properties.
He is the founder and CEO of RP Capital, a highly successful real estate brokerage business that specializes in residential income-producing properties.
It was ranked in the top 25 percent on the INC 5000 list of America’s Fastest Growing Companies in 2015.
RP Capital offers software for clients to create their own real estate wealth plan using live inventory, in addition to producing proforma for those properties.
The software company also provides education and training to emerging and seasoned investors.
With his other company, RPC Exchange, Ron coaches and mentors real estate entrepreneurs by using the infrastructure of RP Capital to lead them to success.
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