Ever wondered what the real estate market holds for us in 2024? Marcus and I are here to illuminate the path, discussing predicted shifts in interest rates, legislative moves to enhance homeownership, and the ripples of the upcoming election on tax policies. With a landscape that's ever-changing, we underline the need for investors to adapt swiftly, ensuring their strategies align with the industry's pulse for that competitive edge. Also, don't miss the valuable advice from a Southern California real estate maven on staying proactive, even in unpredictable times.
When it comes to success, it's not just about the hustle—it's about smart time management and clear goal setting. Join us as I reveal my personal morning rituals and strategies that could be your ticket to productivity and achievement in real estate. We discuss the power of early risings, the importance of rest, and using special days not just for celebration but for reflection and planning. By setting realistic, actionable goals and getting a jump on the new year, we position ourselves not just to compete but to lead in the industry.
To wrap up, we reflect on the transformative potential of real estate investment and discuss how creating content on platforms like YouTube and podcasts can build your credibility and open doors. We underscore the dedication required to succeed in this dynamic field—it's not just about the hours you put in, but also about the passion you bring to the table. And as we look ahead, remember, there's a whole year of opportunities to achieve those dreams, at your own pace, relentlessly pursuing your goals. Let's embark on this journey together, and who knows where we'll end up by the next turn of the calendar!
Ever wondered what the real estate market holds for us in 2024? Marcus and I are here to illuminate the path, discussing predicted shifts in interest rates, legislative moves to enhance homeownership, and the ripples of the upcoming election on tax policies. With a landscape that's ever-changing, we underline the need for investors to adapt swiftly, ensuring their strategies align with the industry's pulse for that competitive edge. Also, don't miss the valuable advice from a Southern California real estate maven on staying proactive, even in unpredictable times.
When it comes to success, it's not just about the hustle—it's about smart time management and clear goal setting. Join us as I reveal my personal morning rituals and strategies that could be your ticket to productivity and achievement in real estate. We discuss the power of early risings, the importance of rest, and using special days not just for celebration but for reflection and planning. By setting realistic, actionable goals and getting a jump on the new year, we position ourselves not just to compete but to lead in the industry.
To wrap up, we reflect on the transformative potential of real estate investment and discuss how creating content on platforms like YouTube and podcasts can build your credibility and open doors. We underscore the dedication required to succeed in this dynamic field—it's not just about the hours you put in, but also about the passion you bring to the table. And as we look ahead, remember, there's a whole year of opportunities to achieve those dreams, at your own pace, relentlessly pursuing your goals. Let's embark on this journey together, and who knows where we'll end up by the next turn of the calendar!
What's going on world? Another episode of the Professors Real Estate Investing Podcast, some with my boy, marcus. How you doing today, marcus. What's happening?
Speaker 2:
world. Just, you know, maintaining right now, but I ain't trying to maintain too much longer. I'm trying to do more than maintain, exactly.
Speaker 1:
So this episode is about what's going to happen. What predictions do we think is going to happen for the real estate market for 2024?
Speaker 2:
Okay. So as far as interest rates, they're talking about cutting them maybe a little bit, but then they're supposed to go back up in June by like before summer or right around summer. I'm a lot of other things in housing supposed to be taking place too. I'm sure they're going to change rules and laws for investors. They're going to make it more in my eyes and trying to make it more of some kind of way. They're going to try to make it more affordable for just regular people to buy homes, families, people, you know, that are not investors. They're trying to make some kind of something happen so people, so more people, can get into homes.
Speaker 1:
Yeah, this is what I've heard so far for the for 2024 is the interest rate should be going down close to four times next year. Okay, and I don't know how consistent that is Right, but I know things will change because 2024 we're hitting election year, because things change when the election year comes up.
Speaker 2:
Yeah, yeah, yeah, yeah, that's for sure. Anytime there's an election year, there always seems like maybe Congress and Senate wants to change stuff, maybe for their favor or for the new president's favor or administration or whatever.
Speaker 1:
There's all, there's going to be something something that was going to pop up.
Speaker 1:
I remember not reading listening to something about that when they were talking about that, when, no matter what president it is, they always have their way. They want to structure taxes. Yup, no matter what they are, they have their agenda, how they want to structure taxes. So that's what, that's what as investors real estate investors that's what you look out for. What tax changes are going to affect the properties or the properties you want to get, or own Right, right, or being a syndication?
Speaker 2:
with yeah, exactly exactly you want to. You want to make sure. You know you got to make the right choices. You know and you got to see how cheap the money is going to be. You know you got to make the right choices on these properties and you got to make sure that like how cheap the money is going to be, because if the money is going to be expensive, man, you better work them numbers. The numbers better be right.
Speaker 1:
Yeah, you know this, like what Jay said, men, like women, like numbers, don't lie Exactly. So you got to make sure you get, you know, get that cash flow, make sure it's positive, not the negative. Yeah, yeah.
Speaker 2:
As best as you can. You know, because with rules changing and stuff like that, laws always changing you got to stay up upon it and figure out, like you know, what strategies to use, how to, how are you going to acquire properties? Like I said, what kind of what? Where's the cheapest money? Yes, where's the cheapest money at? Where can you find the cheapest money? And just you know, you have to, you know, stay up on it in 24, you're going to have to, like, make sure you know, you, you, you're reading and you looking at different information.
Speaker 2:
That way, you ain't left out in the dark.
Speaker 1:
Exactly I was talking with my the brokerage meeting I had today. I was talking to the gentleman who he runs the branch and everything I told him I said thank you so much. He says why is that? I said because everything that I listened to he did mention so it was consistent from what I was listening to, what I was listening to repeatedly a few times to buy what he said in front of all of us. And that's why you got to stay up to date on everything. I mean every. It seems like every day something is changing. You're not going to catch everything. If you catch the majority, you're going to be doing better than most.
Speaker 2:
Yeah, yeah, yeah. So like you just got to stay up, stay in tune, stay up on what's what's happening, what's going to go on the future of it. With real estate investing, stuff always changes new laws and the rules, regulations. So if you're going to start, you know, your 2024 as a brand new novice investor, brand new beginner, make sure you up to date on what's going on out here so that way you're not late to the party. You know, try to be as up to date as you can, you know.
Speaker 1:
Yes, I, even when it comes to real estate investing, even in the real estate investing field itself. I was telling you about this. They they're saying, like between real estate agents and loan officers I don't know if it's this high, but they're talking about 80% of the people who are in those fields. They probably won't have a job because is the? It's so bad right now?
Speaker 2:
Yeah, yeah, so bad.
Speaker 1:
I would say you know, maybe 50, maybe 50 probably 50. Yeah, this, this right here, this time period, right now that we're in here in December, yeah, and when we get into January, it's gonna it's gonna weave out who who are good real estate, who are really really really good in real estate, especially in the profession right, yeah.
Speaker 1:
Yeah, it's gonna. It's gonna we that? Because I know I've talked to a couple people. One he was a Friend of mine was telling me there's a guy was running a brokerage and he he doesn't know what to do Because there's no movement with him or his team at all. That's going on right now. Didn't you say he just kind of opened it up to. He just started like yeah he did like a major remodel and everything.
Speaker 1:
Right everything going in and like, right now, everything's it. There's always. There's never a right I should say, a right time. There's. There's never a wrong time to invest right. But I've always started it this way. We was, we was talking about this too early, when it was, like you know, setting up goals, our goals, and everything with real estate investing Mm-hmm. These months, like November, december, is the months where everybody, just you know, remains calm, waiting for the new year. No, this is time to amp up.
Speaker 2:
Yeah, the truth, it's time to amp up for 2024.
Speaker 1:
So you're ahead of the game. Yeah, you know. People have you know their goals of what the next year is gonna be. No, how about you set those goals and then Do what you need to do To make sure those goals are accomplished for next year?
Speaker 2:
Yeah, yeah so you're not sitting here at the end of 24 saying, well, I started something at the end of 23 but it really didn't go through. No, you have to like lay it out step by step. What are you going to start doing? So by the end of 24 you can be able to checklist stuff off a lick off a checklist, saying I got all this done. Like I said, I was you know yes, you're right. You gotta plan it out.
Speaker 1:
Yeah, you have to plan it out. You have this. You even know what it's time right now. I mean, we're in the holiday season, everybody, you know they want. You know I get eat that fat turkey.
Speaker 2:
You know Christmas is around the way, new Year's comes around the way family, family flying in and coming through and Sometimes that can stagnate what you want to get going. You know what I mean, because you got different people coming in want to visit you For the holidays, want to go out, want to do holiday stuff, and then you're sitting here like thinking like I'm trying to get ready. Yes, I'm like working on trying to get ready for next year. I really ain't trying to do the Christmas thing or I'm not really trying to. You know, hang out with a bunch of family, because this is my time to get ready for for the 2024.
Speaker 1:
You know, because I think that's the best thing to do is designate your time. You designate your time because when somebody tells me they don't have time, I remember saying someone I heard someone say this before they just like when a person says they don't have time, I just walk away. That person has 24 hours, just like me. Yep, yeah, they have 24 hours, just like me. They can get up early in the morning. The best thing, let me tell you something, for successful people, the best time to be up as early in the morning. Why? Because the surrounding area of the world that you're in they're not even awake yet they're not. That's, that's when you have a clear mind, you have no distractions and everything Mm-hmm. When people wake up and you know, you know, life, life, you know it starts to amp up. You know, get up, take, shower, fresh teeth, everything. I'm all that and all that and above right, right, but To get your thoughts together, like I'm always, get up. I always get up around, sometimes four, four, thirty, five o'clock. That's the winner schedule.
Speaker 2:
Right there for a schedule. Sometimes some people get up earlier, but depending on what time you go to bed, I try to go to bed like nine, nine, thirty, be up at like four or five. That way I can get up what I feel a full day is exactly yeah, and then go, and then go down by like Like nine, if I can earlier, if I can but go down about nine, nine, thirty.
Speaker 2:
So If I want to wake up at like four or five, seize that whole day and then you know, make sure I plan my day, but then make sure I get that right. Rest too, you know, gotta rest my body.
Speaker 1:
Oh yes, oh yeah, yeah, I, that's the. That's the goal you know to to go to sleep as early as possible, which I do, and then I get up at a good time frame. But I'm able to do things with, with the businesses and everything with real estate investing with my, my real estate. I'm able to do stuff in the morning, mm-hmm, when everybody's sleeping, there's no noise being noise. Yeah, that's like the perfect time and that helps out that that frame of mind, that clarity, how to begin your day. It helps you out in the long run of your day. Yeah.
Speaker 1:
Yeah, exactly yeah when to also think. Let me think some other things with this next year, I think. Talk about the interest rate being low. I Think more people have to be more creative when it comes to Do what they want to do in real estate investing, because there's so many different options. Do what's best for them with. Their goals are set first. I'll set your goal, yep, and Actually, instead of goal, that's achievable, right. Yeah, just don't go out there. It's like yo check this out. I'm gonna own like five sizes, five skyscrapers yeah.
Speaker 2:
You don't have no plan, you don't know how to execute like what, what's to do? Yeah, you got to make sure you execute that plan. You have a goal but then have a plan attached to that goal how to get to that goal?
Speaker 1:
exactly, I always. I know a lot people do things for the fun, but I've always do it though the old school way my mom taught me. I write everything down. I write everything down and that's like, right there, like it's, it's, it's printed in in my hand, writing, and I know exactly what to do. Right, that helps me out to my, that's my, that's my house. I call my little blueprint right there, mm-hmm, mm-hmm, and that's what, even what like goal setting for the year.
Speaker 1:
Yeah, anything that you're doing for your goals. Hey, write that down like that. You know, speak it into existence. Yeah, speak it into the in existence. That's the way to do it.
Speaker 2:
I know a guy real quick that every December 20th Ain't that your birthday?
Speaker 1:
Oh yeah, it is.
Speaker 2:
Hey, every this this is what he said every December 20th he goes to a certain place. He's been doing it for years. He said he goes to a certain place, or he goes to the same place that he's always been to, and he he Gets a reservation, he makes sure it's set and every December 20th he goes and he's to that place and he sits there and he writes down all his future plans for the next following year, all his Goals, and he says the reason why he does that on December 20th because that gives him a 11 day head start on Everybody else. That's smart, yeah, that's real smart, yeah, and he's been doing it for years and that's how he runs his, his life, like that, like he'll have a successful year all year. But once December 20th comes, he'll sit down, reevaluate his goals. We, you know, write up something new for the following year. And he said he does that every year because he wants an 11 day Head start on everybody else.
Speaker 1:
I'm gonna start doing that on my birthday, right? Start doing that on my birthday. Yeah, that's, that's so legit. Mm-hmm. Yeah, get that head start, get that mindset right. Cuz you get that mindset right, everything falls into place after that.
Speaker 2:
Yes, and and, and I guess he picked the perfect day because he's all he said. He's always been doing that, doing it on that day for years. But it totally makes sense because right around this time Everybody's with everybody's doing the Christmas thing.
Speaker 2:
Yes, I do with family and everybody's hanging out with who they love and care about, which is great. But it's just like you know, you still have to make sure things are gonna be ready for the new year. You know, if you determined to make your next year your best year, then you have to get ready, like now. You have to get ready early, you know, to plan for it.
Speaker 1:
Yeah, what's what they say? Got it, you got to stay ready, so you don't have to get ready exactly, yeah, you have to.
Speaker 2:
You know to stay ready. You know, and keep working and keep learning and just, you have to stay ahead of the game. You know you have to stay ahead of the game and make sure you take care of yourself and and you know if you're gonna be in this entrepreneur lifestyle or with anything? Whether it's real estate, any kind of business. You try to become an entrepreneur. You have to take care of yourself, you have to plan and you have to take all the right steps.
Speaker 1:
Yes, you do, you do. You have to take all the right steps. It's, it's. It's a little things. You know, people always I've said this before and it's so true and because people have, they think about it and they're like wow, that is true. They're like you know, how are you doing? Today, tony, I said how am I doing? I woke up. Some people don't wake up.
Speaker 1:
Mm-hmm, yeah, that's so blessed, so I'm blessed to wake up. And then, from that, what can better benefit? Help my family out? I Investing your time is like the most Hands hands down, like one of the most best things you can do. Invest in your time because when you start investing your time, you're investing in your future, you're investing with your family, you're investing for the next generation. Right, the moves, the moves that you do the moves, and it sets everything clear. Like Take, for instance, like my daughter.
Speaker 1:
She's about that, my daughter, she's about to have a baby, about to have a grandson. I'm already think she. She wants to get into real estate investing. I have so much information for her, but I'm gonna give her little nuggets. I'm not gonna just shove everything to her. I'm like here yeah, how about you read about this? I'll give you a few months. Yeah, you don't want to overwhelm her. Yeah, and I said, if you want some more information, I'll do it every two, three months. There'll be this, that, so you can just ponder on it. I said there's so much, there's a, there's a buffet of everything and when it deals with real estate investing, that you can do, yeah, and so her mind is already inclined.
Speaker 1:
And then with, with. With little man coming in January, she's already thinking completely different. She goes dad, how can I better my future? I? I Don't want to go to a four-year school, I want to. She goes I want to do something better. How are you doing in real estate? And I tell her, and like Millist, real estate market, it's, it's, it's crazy right now.
Speaker 1:
Yeah low low inventory, everything. But what do I do? I said I switched. I said I went for broke. I started a YouTube in a podcast. I said you got to think outside the box, right, I believe it was. It was think media that I listened to this past week. They said that of this, it's a 42% rate of people that will deal with Real estate agents who are on YouTube. Yeah, then they would any other person, because why the credibility? Right, right, and that's a lot of things coming out now. It's credibility now. Hmm, so I'm teaching her the ways how to get in real estate and if she has any questions, right, I'm gonna. If I don't know it off the top of my head, I'm gonna get the answer for her. Yeah, for sure. So at least she knows that how real estate investing is very, very powerful. She was like dad, they, they're always hiring for real estate agents.
Speaker 2:
I'm like yeah we're gonna real estate agent is actually it's hard, it is hard as an agent broker, exactly trying to do retail, trying to sell retail Super hard. But you just got to stay with it and just know where you want to go with it.
Speaker 1:
You know exactly in, like even what you and dealing with real estate, with the real estate niche of, with the podcasting in the YouTube, right, like there's countless, there's countless hours, like there's countless hours I spent in my office that no one knows about, right, that I'm dealing with, evidently, editing or what's gonna be the best, or how the worded, the algorithm, like it's so much that people have no idea about that goes into all the work that's done. That's why my mindset is waking up in the morning, for everybody else does, and Eventually, you know cuz I'm rewarded because I woke up in the morning, I said let me use it to the best of my ability. So, yeah, if anybody has goals, it doesn't have to even deal with real estate investing. Go from write them down. You know. You know, speaking into existence. I'm like you and like you were saying, marcus, that like the gentleman he did 11, 11 days of 40 year. Why? Cuz he gave me his self a head start. He's gonna prepare himself as soon as it. You know that ball drops January 1st 2024.
Speaker 2:
He's ready to go?
Speaker 1:
It's go season go, yeah, it's go season, so it's, you know, just just amp it up and I call these a low key months November, december, january, february day, like there's not really much going on, like you know I.
Speaker 1:
You know, I watch my basketball, watch my NBA, watch my college basketball yeah, I watch all that, but I make time for you know to invest in myself, especially in real estate, because Without real estate I mean I don't see another pathway where a person can gain substantial amount of money to help them out and in life. And then you can diversify that to many other different things, because I've said this before in another podcast, god's not making any more land, he's not making any more dirt, so someone needs a place to live. I mean that's the number one biggest expense. That's first. It's where do you put it? Cause that's the first question. It's not you got a car person's asking where do you live? Because that's the number one thing.
Speaker 2:
Yeah, cause that's the number one expensive for everybody. A family that has a home may have a mortgage. You don't pay that mortgage first before you do anything Exactly, and even when you rent, you gonna pay that rent first, really, before you do anything, cause you don't want to be out on the street.
Speaker 2:
You don't want to become in a situation where you're late and all that. So, yeah, most people put that rent or that mortgage. They have to do it first because you know you can't have your family out on the street. You got kids and the wife and all that man. You can't have your family out on the street you. Just you have to pay that first. So you know why not look into real estate to try to help build assets? That way you don't have to worry, maybe, about a mortgage or worry about rent. You know what I mean. You can possibly be in a situation where you can have somebody pay your mortgage for you. You know.
Speaker 1:
You know, diversify that portfolio, get that cash flow on yes, and then the better you get at real estate, the more people that you will incline that actually they'll be like you know how are you going about doing this, and then you'll meet other people that are doing they're in a whole better situation you that they can help you with with so many different avenues and everything. Like January, I can actually say this cause in January I did a YouTube, I'm doing a. It's going to be posted on YouTube and on the podcast platforms. I did a gentleman down in Southern California. We had an amazing time.
Speaker 1:
He was one of my first ones down in Southern California and he showed me different ways that I never thought about with when it came to real estate, investing podcast and also just real estate in itself. He changed like a lot of thinking. He did what I did when it came to the pandemic, which is AKA the pandemic. So when the world stopped, when the world stopped, we were starting to plan and that's exactly that's. He did exactly what I did and he was able to man move mountains. He was able to move mountains and, um, he's still going full throttle. I can't wait to put that episode out.
Speaker 2:
Yeah, I can't wait to watch that one too. That's gonna be, that's gonna be a good episode. Um, yeah, you just have to. You have to like make sure you plan. You have to make sure like stuff is in place. Um, you, just you got to be ready. You got to be ready. Um, nothing's gonna happen. Just with everything in your head that you're thinking about, you have to put it on paper. You gotta step it out. Okay, step one, step two, and just you've got to like follow the process. You got to fall in love with the process too. Yes, if it's bothering you and it's gonna bug you, you don't have a tough time, so you have to fall in love with the process.
Speaker 1:
It's a journey, it's a marathon. It's not gonna, you're not gonna, you're not gonna see You're, you're not gonna see the word I'm using, for you're not, you're not gonna see the outcome right then and there, yeah this ain't.
Speaker 2:
No, this is just not no overnight thing. You have no in the work. You have to stay consistent every day on doing the work and um it's. If you don't have a team it's a lot harder because you've got to do everything yourself. So you know, you start meeting people, start like if you can hiring people to help you, um, but yeah, it's a, it's a journey where Um, it's not nothing's gonna happen overnight. Um, even closing on a property takes like two weeks sometimes or a week. You know some people they can get them closed fast, but If you trying to even just close on a property, that can take some time, like a regular retail buyer, it'll take up to 30 days to close on a property. Yeah, so you got all that time to to figure out, like, how to get a deal done, how to structure it, make sure there's contracts right. So you know you got to be up on it, man.
Speaker 1:
Yeah, yeah, it's good. It's good to go. So I was thinking on the top of my head on this one it's good to go through trials and tribulations because trials and tribulations make you stronger. Yeah, because it's like, uh, I tell people if I'm doing something wrong once, show me what I'm doing wrong. Yeah, just one time. That won't happen again.
Speaker 2:
Yeah, exactly.
Speaker 1:
Yeah, because I'll know, okay, it plays so much of an impact on me. Then I know, I'm like, okay, I know not to do this to begin, because do this again, because it doesn't work that way, and this is the reason why it doesn't work that way.
Speaker 2:
So right, yep, exactly, exactly and, uh, you know, even if real estate isn't your like, passion or or something that you think you could do long term, um, there's been plenty of people that get into real estate just so they can reap the benefits of it because they've heard, and then they go back to Do whatever else they like really doing if it's acting or music or the job that they are still doing and they just like working there. They keep on working there.
Speaker 2:
Exactly, they just use real estate as just a little, maybe side hustle that text, that tax shelter or or yep, just use it for tax shelter and stuff. So, like I said, even if you're not passionate about it, just still get in, get some assets. At least get, like you know, a couple of properties. That way you can have some cash flow coming in. Um, you know, you ain't got to be a full out like you know A landlord where you got multiple properties, but just get a few Properties. That's gonna maybe help your current situation or something. So, right, get your feet wet. Yeah, so it's just not all about oh, I have to totally be all in and real estate. No, I'll just Just learn a little few things about it and if you are the type of person that it has a passion for, just jump in and learn as much as you can so you can, you know, try to make a living out of it, you know.
Speaker 1:
All right. Well, well, you know what, 2024 it's about to come up, 2024. And I want to say you got goals right, those goals, and everybody has goals right, those goals down right ahead of time. Yes, get ready and be prepared for next year coming up, uh, especially with real estate, investing in any facet of life, and I just you know, go, go at it, and it's a whole year, yeah, it's a whole year. You don't have to reach that goal that the first day of the year comes.
Speaker 2:
No, not even the first month. You got a whole year to work on your goals, what your vision is, and Amen, anything's possible.
Speaker 1:
You can make anything happen, man, exactly. But, and like you, like you said, you got to stay hungry, stay hungry Yep, stay hungry for it and just keep, keep going.
Speaker 2:
Everybody's definition of success is different, yes, so just know what you want and go for it.
Speaker 1:
Yeah, you know, don't say, don't be subtle and just be like the norm. No, get out that box, get out that, get out that rabbit hole.
Speaker 2:
Yeah, get, get all out of life that you can get. Reach your fullest potential and get all out of life that you can get, because you know what I mean. One once you're gone, you're gone. Yes, right, you got to make it the best when you're here.
Speaker 1:
And, on that note, a world just have a good one. Yes and uh, we got a lot of things coming up next year, all platforms Actually, me and my, me and my guy, we're gonna be doing some traveling and everything. So, yeah, so, on that note, more information to come, peace later.