Many businesses have felt the impact of the coronavirus, and real estate is no exception. Many people have compared this to the 2008 crisis, but I want to come at this from a place of hope. You can still make money in real estate if you’re smart about your investment. Today, I wanted to share some advice regarding how you can ensure your investment is safe, and so is your business.
How to Safely Own Real Estate in Crisis
Rent Out Properties
One of the reasons I like investing in real estate is because there is always a demand. People will always need a place to live, which is why I like buying and holding. If you rent out your properties, there likely hasn’t been much of a change in your investments. The biggest hurts in real estate right now are vacation properties. People aren’t traveling, which means if you typically put your house on Air BnB, you’re likely getting less income. One solution is to look into renting out that house for a longer lease.
Section 8 Housing
Section 8 Housing is government guaranteed housing. They look into the tenants for you, and in terms of owning real estate in times of crisis, this can be a good option for your properties. With the economy taking a temporary hit, we will likely see more people applying for Section 8 Housing, which means your property is likely to get rented. My real estate manual has more details on how to do this properly.
Investigate Loan Options
This is a fluid situation, and a lot is changing by the day. However, there have been a lot of movement with interest rates and loans. I encourage you to stay on top of the latest news with this, and how it impacts the mortgage you have. When I teach on real estate, I teach you that having a real estate broker on your team is critical. They can help advise you on this as things change, so keep in contact with them.
I hope that this post has encouraged you. You should always have a nest egg tucked away, and make sure your investments are flowing into your level 2 or level 3 income.
If you’re serious about investing in yourself and your future, I hope you consider attending my Real Estate Workshop this June. I host this workshop twice and year and at the end of every event, I have attendees walk out the door and email me years later with a list of properties they have successfully invested in. I’m not telling you this to boast but rather show you that anyone has the ability to better their future. When you invest in real estate, you not only set yourself up for financial freedom but you also give yourself the ability to build wealth for the kingdom. Join me, Bill Bronchick, Karen Conrad, Dan Dyer, Mike Davis, and Chris Barnard on the weekend of June 12-14th in Denver, Colorado to learn more about how you can become an expert real estate investor. Click here for more information and to purchase your tickets.