Pandemic and Real Estate Investing
This is a once in a lifetime pandemic. People who have been around for decades before us have said they have never seen anything like it. People are laid off of work, and we are set to have the worst quarter since the Great Depression. In all of this bad news, it seems like real estate investors will get hit hard as well due to their tenants being laid off and not being able to pay the rents which means either the investor will have to come up with that mortgage payment or they will have to start foreclosing on the investment property.
There are still some items being put in place by the current government to make sure that the economy doesn’t go into a full fledged panic and sell off which could trigger one of the worst economic events worldwide in a long time. These triggers are being used to help almost everyone that is affected along the lines of COVID 19. As a real estate investor, I think back to the ideals of investors before me that have said something along the line of, “ When people are panicking it is the right time to start looking and buying.”
Real Estate Investing COVID Style
As a real estate investor it can be very hard to keep yourself motivated when you are not able to get out of the house to see properties and to make the deals that you are used to making, however, this does not have to mean going and finding a new career or just taking a vacation until everything gets back to normal (although we are now proponents of taking time to live a full and balanced life). You, as an investor, can keep your business going and we are going to provide a few tips to help you push your business forward.
Keep Looking For Investments
In this environment, we at Synergy are always looking for new properties and new deals that we can get our hands on to keep our clients happy. For us, it is a time to take a step back and examine the work that we have been doing, find the flaws that we might have been able to gloss over beforehand, and then create a better process in which we can minimize inefficiencies and maximize our clients profits. This means that we are always looking for new investment properties, new investors, new types of assets that are returning on an unusual scale in respect to the remaining part of the market.
Pinch Pennies For Properties
In some cases, income may be tight currently, but we would recommend looking at your bank statements to find any excess charges which you can cut out, start to cook at home a little more (it is the safer option after all), revise your insurance and monthly fixed cost billing. There are different items which can put you in a better position to be in a better cash flow position coming out of this pandemic and as the new loan regulations have been coming out it seems that the old adage, “Cash is King” seems to be the case in this situation.
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