What happens in times like these is critical to your future and your family. Historically, it’s very clear that in a recession or downturn it is the people who SHIFT QUICK that make the greatest wealth.
Right now, the most important thing is to be prepared, and be sure your loved ones are safe. Stay at home. Make sure to handle your mental health. Get out of panic and move to the mindset of possibility. How?
Get support! We all need to connect. I’m a coach, and thank goodness I have a daily structure and mentors to connect with, process, and help me stay focused on what’s important. If you don’t have that, NOW IS THE TIME to invest in your well-being and get support.
If you own real estate and you are worried, or if you want to know what’s shifting so you can be ready…read on!
Here are a few tips to keep you up to date about the real estate market, what is happening, how to survive, what actions to take. Also…how to be positioned for the opportunity coming for investors.
What can you do NOW.
1. Get better prepared financially. Shore up your cash and credit. Cut your household expenses first. Preserve cash. Continue to pay your mortgage if you can do so.
2. Curb your emotions. Uncertainty feels uncomfortable. Practice being calm in the face of uncertainty.
3. Are your affairs in order? Do you have a will, a plan, a structure in case something happens? You don’t want to leave your loved ones with a mess. DO IT NOW. Get a power of attorney in place so someone else can operate around what you have built whether it’s a portfolio or your family finances.
4. Connect spiritually, however that is for you. It may be a walk, nature, prayer, meditating, or reading. Whatever works, we all need to have FAITH OVER FEAR.
5. Be a source of help for others. That will take your mind off the panic button. The world needs you to be at your best.
More real estate business tips: The Economic Stimulus Package for small businesses with Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) are ways to re-position your business. Use this money for reserves or to grow your business. You’ve got to be creative to build wealth, so get informed and use this stimulus to make sure you are still in business. Figure out how to shift.
Did you know you can borrow from your 401K with no penalties – Is this crazy?
I’ll share tips on facebook live so be sure you like my page.
The other question everyone is asking…Mortgage Rates…Today’s answer: Rates are low, and they will go up. When people are losing housing, rents stay the same or go up. If you are investing in real estate for cash flow for the long term, then you are the winners.
Real estate will come back and already there are opportunities. I see it, deals coming out from sellers who want to get some cash and change their financial position.
You’ve got to take advantage of what is offered. Get off the couch. I help ambitious people build real estate investing income without confusion or fear by using my proven system to cash flow quickly.