This episode is part 3 of my conversation with Jennifer Joyce, an experienced real estate professional with over 500 units specializing in Texas. Her investing skills and experience span over 20+ years performing various real estate investment activities.

 

If you couldn’t follow this episode, please go back and listen to parts 1and 2 on episode 54 to 55.

 

Let’s jump right into this episode and learn more about the massive migration, the impact of COVID-19 on constructions, and how to mitigate the risk of future problems.

[00:01 - 07:19] The Massive Migration and The Impact of COVID-19

• Jennifer talks about the massive migration that is happening due to the pandemic.
• • People are not tied to a specific location, so they tend to move to a place with more square footage for the same amount of rent.
• The impact of the COVID-19 pandemic on the new constructions
• • The materials are becoming hard to get
  • Sub-contracted labor has dried up immensely.
  • Permitting offices mostly close down.
  • The price of lumber has jumped 5x
  • People have to get a rebid job. 
• Jennifer talks about the reasons why the lumber price has jumped quite high. 
• The broken supply chains

 

[07:20 - 15:29] Mitigate The Risk Of Future Problem

• Jennifer talks about the stock market vs. real estate.
• • In The real estate industry, things do not just happen overnight.
• Mitigate the real loss on the second job lost of your Residents
• • Look at what percentage of the least audit of where your tenants or potential clients are working.
  • Start dividing your rent roll. 
  • See how at risk one property vs. another.
  • Think about what can you do to help those people mitigate a future problem
• Preparing the health test for your property
• • Know how to pivot for those specific health tests.

Tweetable Quotes:

“People are not tied to a specific location, so they tend to move to a place with more square footage for the same amount of rent.”-  Jennifer Joyce.

“In real estate, things do not just happen overnight, It happens over a length of time, that gives you the time to plan.”- Jennifer Joyce.

“Having a member of your team that is very detail-oriented or analytical it's really important for operation, special right now.”- Jennifer Joyce.

 

You can connect with Jennifer on Linkedin.

 

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