Investing in a Shifting Market with Guest Chris McLaughlin

On this episode we discuss with our guest Chris McLaughlin the current market we are in, the forecast for what is to come in 2023, and where some of the best opportunities will lie.  Chris owns 4 Keller Williams franchises in the Tampa Bay area totaling over 2.2 billion in retail sales volume in 2022.  With years of experience as an investor having built a large portfolio of residential and commercial properties, Chris is passionate about building wealth and creating a lasting legacy for his family and his community.  This episode features some incredible insight from one of the most respected real estate investors & entrepreneurs in the country.

Onward!

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Transcript

THE LEGACY WEALTH CODE PODCAST SHOW NOTES
Episode #3: 
Hosts: Michael Notbohm & Andrew Hoek
Guest: Chris McLaughlin 

Episode Summary
Welcome to this episode of the Legacy Wealth Code Podcast, a platform aimed at helping you build long-term wealth and a lasting legacy through real estate investing, tax strategies, and motivational stories from successful people. Meet our hosts, Michael & Andrew.
Today’s guest is Chris McLaughlin who began his career as the Founder of Smartportfolio.com, an online newsletter company that sold in December 2000 to thestreet.com, and currently owns 4 Keller Williams offices with 950 agents. They are ranked among the top 10 by Florida RealTrends, with total sales worth over 2.2 billion dollars as of the end of 2021. Also the founder of Loss Mitigation Training Institute LLC, Chris offers a free daily update on the real estate industry. His book, "Chris McLaughlin's Guide to Smart Real Estate Investing'' was the top seller in the business category of the New York Times bestseller's list. He obtained a Law Degree and an MBA from Georgetown University and is a husband as well as a father of 5 kids. 
In this episode, our hosts feature Chris McLaughlin, a highly successful real estate investor, as he shares his insights on the current state of the real estate market, offering applicable strategies from his wealth of knowledge on how investors can leverage opportunities for wealth creation in real estate.   

Episode Topics
[00:38] Meet today's guest, Chris McLaughlin. 
[02:50] What is the difference between the market shifts happening now and the 2008 situation? 
[09:07] What do you think prices are going to drop to?
[11:52] Foreclosure sales; the best opportunities in the next 12 to 24 months.  
[14:33] Chris's view on interest rates going into 2023; an expected dip in the 2nd half.
[20:29] What does your real estate portfolio look like right now? 
[29:38] Do you try to sell more properties than you hold on to? 
[34:00] What do you want your legacy to be?
[39:42] About Chris's plans to give back to his community. 
[41:16] Chris shares his entrepreneurial path to real estate. 
[45:44] Get Chris's book on Amazon.




Notable Quotes
"My crystal ball says that interest rates, believe it or not, could go below 6%  in the latter half of 2023" - [Chris McLaughlin]
"Be greedy when others are fearful, and fearful when others are greedy" - [Chris McLaughlin]
It's not 'timing real estate; it's 'time in real estate" - [Chris McLaughlin]
"I always call the rule of 1%, which means that 1% of your purchase price should be monthly rent" - [Chris McLaughlin]
"Refinancing and pulling the equity out is always a better option than selling when it's your property" - [Chris McLaughlin]
"I don't see any way to long-term wealth without real estate as a big factor in it" - [Chris McLaughlin]
"There's two ways to make money; you can leverage people or leverage money" - [Chris McLaughlin]