Ricky Pok, owner of Wabi-Sabi Realty Group, has plenty of prior experience working in the mortgage industry. Today he’s sharing his insights on the state of the financial world.
Though no one could have predicted COVID-19’s intense and abrupt grip on our world, the real estate industry had been, in some senses, preparing for a shift; many in the business knew that the market would be at a peak level and that there would be some sort of shift toward major buying opportunities soon.
Real estate is still moving forward in light of the pandemic, although contracts are being extended 60 to 90 days (as opposed to the standard 30). Essentially, real estate transactions are slowing down, but by no means are they stopping altogether. The best strategy, according to Ricky Pok, owner of Wabi-Sabi Realty Group, is to double down on any type of marketing or self-improvement.
Now that the market is in a state of temporary panic, it’s best to over-prepare yourself. The market is expected to have a massive rebound after this health crisis, and you want to be in the right position when that happens.
Ricky, who has a background in the mortgage industry, said he stays ahead of the curve by having as many exit strategies for his business as possible. Right now, we’re seeing tighter-than-normal restrictions in the lending industry concerning hard money and private money lending. A good alternative, according to Ricky, is to purchase directly through the seller themselves; things like owner financing, or taking over the seller’s mortgage, enables people to still buy in a situation like this and even get better terms than they normally would.
To find sellers willing to work with buyers in this manner, prospecting is key. One of the best sources can be a data licensing company, like ATTOM Data Solutions, which Ricky prefers. Having compared many other options, he said that ATTOM offers the most accurate, up-to-date information out there.
How does Ricky keep his finger on the pulse of what’s happening in the financial world? Keeping in contact with banks and hard money lenders is important. “I’ve spent years developing relationships with these guys, and in situations like this, you want to be able to reach out and talk to them at any given time,” Ricky said. “Basically, you want to structure your strategy to sort of mimic what they’re doing because they’re always considering worst-case scenarios.”
Thanks to Ricky Pok for taking the time to share his insights with us. If you have any questions about what was discussed in this video, don’t hesitate to reach out to us. We’re always here to help, and we look forward to hearing from you.