Soar to Success April 2020

didn’t have a plan or vision. Taking the long- term view in real estate will ensure that you are successful in periods of recession as well as during periods of growth. Given the inevitable, these downturns should be prepared for so that you are ready to make course corrections and not only weather the recession but possibly take advantage of opportunities. Real estate investing during a recession is just as easy as investing during a period of economic growth. Property prices are lower, and often there are below market deals. Just like the stock market, you should buy when prices are lower even though it makes you apprehensive. Continue to keep your ears open for amazing investment deals. Having extra cash can allow you to be in the right place for that investor who did not plan and wants to jump ship on a lucrative property. Some things you might want to consider: In advance of the downturn, review your portfolio SOAR TO SUCCESS / Core Business Strategies and convert underperforming assets into cash. Maintain your performing buy and holds, and tighten your systems until the market comes back. Use the extra cash to build up additional reserves to weather the storm of this downturn. In addition, tie up any loose ends on maintenance so that you will not be hit with large dollar repairs that you did not plan for. Focus on taking extra good care of your good paying tenants during this time. Turnover costs you money and puts you into a bidding war with other landlords. Your confidence and assurance during this time will build loyalty. Most of all stay calm, focused and educated. Gain your education from trusted resources, which is never the public media. Utilize the knowledge from your trusted financial advisors to keep your portfolio balanced which includes stocks and real estate. Those who do so, emerge from economic recessions relatively unscathed and in fact sometimes in a stronger position.