Bank, Ryan Kelly, North American International discussed on WJR Programming

Automatic TRANSCRIPT

To you from the North American International auto show. We've been talking about some critical things you need to know when investing in real estate in the number one thing we've covered so far is to get familiar with overall market can dish conditions understand the unemployment rates the yield curve, the buffet indicator. This is going to give you a big picture view of what the economy as a whole is doing what direction it's heading. Now, these guarantees of what's going to happen. But they've been predictors in the past and going to take a look at now that we've such strut some light on this. We're going to talk about how to prepare yourself financially to actually purchase an investment property back with his Ryan Kelly, owner of Remax eclipse in Waterford Ryan before the break. We were talking about these current economic conditions in signals while neither one of us. Hold a crystal ball. Let's assume that we may see. Some shifts in the market, you know, maybe later this year going into next year. What are some things that people are investors can do to prepare for maybe a market shift or investing in this market? What I told my clients in some that are your friends of mine is well known one of my clients. I think twelve years old, but. He talked about this on a daily basis of what we both kind of talk about what I the information. I provided his telling him to hoard as much cash as he can get to prepare himself for the shift or is in this market. That's kind of people may feel like it's unsettling. So the safest way to insulate yourself is just saved the cash don't spend it don't go out there and don't just put your money out there for a thin deal. Hold it. Hold onto it keep it in the Bank. So you can't find one that has a much larger margin of profit. Okay. So profit margin cash is king is kind of what you're saying. You want to you really if you're having access to money, which is really the second critical of watching market indicators was the first the second critical thing is you want access to your money. And again, having that readily available to you make sense. Now, you mentioned folks by thin deals. Can you just explain what you mean by just having thin profit margin? So don't just don't spend forty fifty sixty grand just to get two thousand dollars back. Just it's not worth it. Hold onto it. Find a better deal because by insulin yourself by hoarding on the cash and your Bank, you'll be able to instead of having fifty sixty one hundred thousand dollars out just to make a couple of grand you'd have all that in your Bank account to find a dealer can make you sixty seventy thousand dollars hold the biggest pull the big trigger on the deal. You really want? Not. Yeah. Not something short term, correct. So let's talk about lines of credit. I know this is one avenue. That's available. Lot folks. Investors, included, and some investors definitely opened this open them up. Is it a good idea to have some lines of credit ready to go? And I think.

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