I have always loved sports. I must confess that I am better at watching sports than I am playing them. One of the things that is common in the sports world is a coach giving their team a pep talk. The purpose of the pep team is to put a little pep into a team in hopes they will rise to the occasion to win the game. Today, I want to offer encouragement to you as real estate and note investors on some things that I think are critical right now as we as a nation and world find ourselves in this pandemic. I am calling this a P.E.E.P. talk and you will see why in these points below. Here are my points:
- This is a Time to PAUSE– Pausing is not necessarily a bad thing. Isn’t that what coaches do when they take a time out. Pauses can effective in playing music and they also can be effective in negotiating a deal. I encourage you to take a moment to pause in your real estate and note business.
- This is a Tim to EVALUATE– Here are some important questions right now to ask yourself. Where am I in my personal finances and business finances?.. Where can I trim expenses and increase income?.. How is my real estate income changed or going to change?…. Who do I need to talk to and communicate with- bankers, tenants, borrowers, etc.?…. Evaluate what cash flow will continue or what you need to change… Will your lender will take less or whether a tenant will pay less instead of not paying at all? Evaluation is critical right now in business including the real estate and note business.
- This is a Time to EDUCATE– Talk to fellow investors, mentors, coaches, others… Listen to podcasts… Attend webinars… Read articles and stay tuned on Linked In, etc.. Phone a mentor or someone who might offer counsel… If you think you know it all, you will soon be proven wrong in your arrogance. Volatility offers Opportunity and education yourself to try to see where opportunity might be in the days ahead.
- A Time to PLAN– If you fail to plan, then plan to fail. Perhaps you need to re-invent yourself or your business model in these days. what can you control and what is out of your control…. Cannot control the wind, but can adjust your sails. Do I need to seek new sources of capital
Yes, this is a P.E.E.P. talk. Pause…Evaluate… Educate… Plan. Best wishes in your real estate pursuits. – RLW