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How Will Global Warming Affect the Real Estate Market?
Joe: Hey, it’s Joe. How will global warming affect real estate investing? I’ve been talking about this with my mentor students and I think it’s going to have a big impact. We’re not doing anything to solve the problem. It is a real problem. We have more storms and weather that’s going to create problems. It’s going to create worldwide problems. But right here in the United States with real estate it’s going to create problems as well.
Joe: We’re already seeing communities that are on the coastlines like Miami that are going underwater even on sunny days. And we’re going to have, continue to have those problems as we have sea level rising, which we’re definitely seeing as the ice caps continue to melt. As the climate weather changes it’s going to damage more properties and it’s going to be a problem.
Joe: So what do you do as an investor? I can tell you what I’ve done. I’ve been selling out of property areas where I thought the weather was going to be most unstable, where it’s most likely to flood. Now, that doesn’t mean that I’m not willing to do deals in those areas. But I want to do deals that I’m flipping in those areas. So if you live along the coast somewhere, you live down in Louisiana, you live in Houston, we know that these areas are going to be challenging areas and we know that there’s a lot of places in the country that are going to be challenging.
Joe: If you live along the west coast and you see the fires and all the other problems that are happening out there, those things are going to continue. And you want to be aware of that if you’re looking at long term. Where are we going to be in ten years? Because right now, if you’re just getting started as a real estate investor, you’re thinking about, hey, next month, am I going to have money next month to be able to live on?
Joe: And you absolutely can do that and you absolutely can make money next month. As you start building a portfolio that’s when you need to think about climate change. If you’re just flipping properties and you’re not worried about what’s going to happen six months from now because you’re going to be out of that property, then that’s fine. You can buy and sell anywhere. But if you’re thinking about ten years from now and they tell us the sea levels are going to rise and we’re going to have some dramatic, perhaps catastrophic climate change within that period, you want to start thinking about where is it going to be least impacted? Where’s that going to happen?
Joe: And that’s not hard to find out. You can just Google and find out where climate change is affecting things the most. And try to buy into areas like that. Try to stay out of flood plains. Try to stay away from the coasts if you’re buying long term. And I would also suggest you want to look at properties that are low priced anyway. And a lot of the coastal properties are quite expensive. So you know, if you come inland a little bit into the Midwest you know, you’re going to find places that might be a little safer to purchase. And I think that that will serve you well for a long term portfolio.
Joe: Because I want to keep my portfolio. I want to keep the properties I have for the next 30 years. You know, we’re going to go in there and keep them up and keep them in shape. I’m going to continue to buy properties, but I want to keep the ones that I have and not have to worry about their values declining or having them impact the rest of my portfolio because those properties lose value because of climate change and because I’m not able to sell them.
Joe: So those are my ideas on climate change right now. Of course if we do something to solve the problems that would help. But I think that that’s got to be something that we do as a community. That’s got to be legislative process that spends money on infrastructure that will reduce our carbon output as a country and hopefully as the world and that will maybe save us from future apocalypse. Anyway.
Joe: Hopefully we’ll get our act together and be able to do those things. In the meantime protect yourself, protect your family and protect your wealth and buy in the areas that are going to be the safest for your long term investments.
Joe: All right. I hope that helps. Subscribe to the channel, go to ZeroDownInvesting.com and check out my mentor program. Go to PushButtonAutomarketer.com and check out my automation system that helps you get leads, helps you manage your leads, helps you manage your deals. And go to JoeCrumpBlog.com for my free newsletter you can sign up for and about 700 free videos, training videos that you can watch.
Joe: All right. I hope that helps. Good luck.