Ben Mallah On The 2024 Housing Bubble, Getting Rich, & Going Broke
Nov 28, 2023
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Real estate investor and expert, Ben Mallah, shares insights on the 2024 housing bubble, investing in real estate, and strategies for minimizing tax payments. They also discuss the impact of interest rates on the housing market and the importance of balancing wealth accumulation with enjoying life. Additionally, the speakers explore the potential of AI in computer technology and podcasting.
Prepare for the upcoming real estate market correction by stashing cash and being smart with money.
Focus on budgeting and saving money to prepare for future investments, such as buying a home.
Assess investment properties to protect and grow wealth while planning for retirement and the financial security of loved ones.
Stay informed, analyze properties individually, and be prepared for possible changes in the real estate market to navigate challenges and seize opportunities.
Deep dives
Preparing for the Real Estate Market Correction
It is important to stash cash and be smart with money as we await the upcoming real estate market correction. Sellers need to be realistic about property values and consider taking losses or buying down debt. The current high interest rates and growing numbers of non-performing loans indicate that there will be opportunities for buyers in the near future. Being prepared financially and strategically will enable individuals to take advantage of these opportunities.
The Importance of Budgeting and considering a Real Estate License
Young individuals should focus on budgeting and saving money in order to prepare for future investments, such as buying a home. Obtaining a real estate license can be beneficial as it provides opportunities to save on commissions when purchasing properties. It allows individuals to represent themselves and keep more of their money when buying property.
Impending Market Correction and Wealth Protection
With the market correction on the horizon, it becomes crucial to assess investment properties. Evaluating each property's performance, potential losses, and opportunities is essential. The goal is to protect and grow wealth while also planning for retirement and the financial security of loved ones. Establishing partnerships and creating a plan for heirs to continue building wealth becomes a priority.
Challenges in the Real Estate Market
The current economic and political landscape poses challenges for the real estate market. Rising interest rates, growing deficits, and political factors affect property values and investments. Hotel industry struggles due to decreased demand amid economic uncertainties. However, staying informed, analyzing properties on an individual basis, and being prepared for possible changes in the market will enable investors to navigate these challenges and seize opportunities.
The Challenges in the Insurance Industry
The podcast delves into the challenges insurance companies face in California and Florida due to factors such as wildfires, property damage, high construction costs, and legal issues. Insurers are at risk and are settling claims quickly, leading to skyrocketing legal fees. The high costs of insurance and rates are making it difficult for people to get into the real estate business.
The Impact of Natural Disasters and Lawsuits
Natural disasters in Florida and political and zoning issues in California contribute to the risks insurance companies face. The podcast highlights a situation where a slip and fall claim resulted in a settlement of half a million dollars, pointing out the excessive nature of some lawsuits. The insurance companies then pass the costs onto consumers by increasing rates and premiums.
Current Real Estate Climate and Opportunities
The podcast discusses the current challenges in the real estate market, particularly in terms of insurance costs and rates. It emphasizes the need for buyers to find deals and negotiate lower prices due to the unfavorable conditions. Despite the difficulties, multifamily properties and rentals remain strong, and opportunities for real estate deals may arise as the market continues to change.
Oracle: Free test drive of OCI at https://oracle.com/iced Streamyard: Start creating high-quality content easily with https://clickurl.ca/ICH-StreamYard Thanks to @BenMallah for coming on and speaking to us on the real estate market, the 2024 housing bubble, and how he's investing for the next year - Enjoy! NEW: Join us at http://www.icedcoffeehour.club for premium content - Enjoy! For sponsorships or business inquiries, reach out to: tmatsradio@gmail.com For Podcast Inquiries, please DM @icedcoffeehour on Instagram! *Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.