What are the lessons we can learn from lockdown for real estate investing?
As property managers, owners, and investors this winter and spring has been a whirlwind of unknowns mixed in with assumptions. We have all been navigating the pathways together but also very much alone. Every situation is different even though the underlying problem is the same for everyone.
The unique issues for everyone are experienced in different ways. This means that you may have a question but find out that your need or situation has one little variable that makes it more personal and unique. For example, your HOA may be strong and well funded so late payments don’t need fee assessments right away. Or, perhaps, your tenants in a small complex are very close and have all jointly requested something from you or the property management company. Perhaps you are just starting out and only have a single rental property with one tenant who has a very critical issue.
The possibilities are endless of course so we thought it would be a great opportunity to add some insights and helpful words as well.
Who do you talk to about COVID-19’s impact on your multi-family property investments?
The chances are that you got involved with real estate investing because you knew someone else that was doing it. You saw how they were living their life and decided that you wanted to have the same financial freedom that they were having.
Start talking to your mentor
That’s why it is always an easy and great place to start by talking to your real estate mentor. It is very likely that they will have some helpful words and insights. Remember that they will be dealing with this new reality as well so it’s possible that you will be just as helpful for them as they are to you. But by making the simple effort to reach out to someone who is familiar with you and your goals you will find that the act of venting your needs and concerns out to someone else will make the correct pathway forward more clear.
Communicate regularly
Keep your stakeholders abreast of changes and choices you are making regularly. It may be a good time to start an outreach campaign with your tenants or investors. Every day is a brand new news day that seems to affect the length of the #lockdown or the severity of it. Every industry is finding out how they can return to normalcy as more data is registered. Your investments and actions are going through the same processes and it is important to let others know where your head is at, what your current action plan is, and what your policies are for moving forward.
Ask Thomson Multi-Family Group
Finally, we are here for you! Your questions; your needs; your concerns; your input is all the fuel for what we are running here. It is our hope that our website, podcasts, and social media channels are resources for you to learn with, share with, and receive support from. We want to take your unique need and combine it with all the other unique needs from others to build helpful resources and provide you with effective advice.
Sean and Abigail may take your story and feature it on our Next Level American Dream Podcast as well! Everyone is going to need more help and advice and lessons learned so your experience is a fantastic addition to the community at large.