The real estate business isn’t easy to deal with, especially if you’re new to the industry. You may have to double your efforts to keep up with veterans and larger players in the field. You can contact money lenders who can help you with financing a real estate investment. And, during the lockdown, it’s best to use the time you have to be more productive using these suggestions:
Refresh Your Mind and Establish Clear Goals
Spend a chunk of your time during the lockdown freshening up your mind and reminding yourself why you’re in the real estate business. Take this opportunity to establish your goals. Try to look 5 or 6 years ahead. Picture what you want to be doing by then. If you’re having a hard time thinking of a set of objectives, it can help if you ask yourself these questions:
- “How many properties do I want to acquire in the next few years?”
- “Do I settle for becoming a landlord, or do I venture into other opportunities the industry offers?”
- “How old do I have to be before I start planning for my retirement?”
- “Should I join investment groups and let them manage some of my rental properties?”
- “Will I get by if I acquire numerous rental property loans?”
Self-reflection sets up a clearer path for you. Once you have a better idea of what you’d like to achieve in the industry, you can devise several plans for how to realize them. If your Plan A doesn’t work, you can proceed with Plan B or C or even D and E. Multiple options will keep you from getting discouraged if you don’t succeed the first time.
Get Review Pointers From Current Clients
If you have some commercial and residential properties leased, phone some of your tenants. Start by asking them about their status during the lockdown. Once you’ve confirmed that it’s a good time for a long and fruitful talk, let them know why you called. Tell them that you want to get some review pointers that you can use to improve your services as a landlord.
It’s a win-win situation for both parties. You’ll primarily benefit by learning how the way you run your properties can affect your tenants. And, they’ll tell you if they have any grievances that you need to hear. It can be about damage in the unit or your management as a whole.
If you have more time, you can send your tenants a handwritten letter of appreciation. The goal isn’t just to acknowledge their review pointers but to thank them for the trust that they give you as their property manager. No matter how short, a simple expression of gratitude can make them feel less alone while they’re in quarantine.
Watch Documentaries, Read Books, and Join Online Groups
Another way to spend your time during the lockdown is to broaden your cultural knowledge. Go online to view industry-related documentaries. Watching them can offer something beyond temporary entertainment while you’re staying at home. They can also help you gain essential information about the field and understand past and current trends that affect the real estate trade.
It’s also a great idea to study books that can help you become a better investor. Search online recommendations and browse through reviews. Then, you can buy an electronic copy of the publication and read it while you’re at home.
You can also join online groups and forums. This lets you meet and converse with other industry players, both newbies and veterans. It’s a great idea to open a discussion thread by asking a situational question about something that can happen to any investor. Then, let other participants and members tell you what they would do if they found themselves in that position.
Are you encountering different issues as a newbie investor? Get in touch with Investor Loan Source today. They’re a company that can help you if you need hard money lending services or other financial solutions.