The final video in this trilogy will reveal the best COVID strategies for real estate investors and give your real estate investing business an advantage over others who might be blindly throwing their money around.
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Best COVID Strategies for Real Estate Investors (Part 3 of 3)
Joe: Hey, it’s Joe. This is the third part of my series on what’s happening in COVID world to real estate investors. This one is titled Useful Strategies to Adapt to COVID for Real Estate Investing. The first couple of videos I talked about what the impact is on the market. The second one was how to protect yourself in this environment, how to protect your business, and this one is actually how to take advantage of that situation, of COVID, of the pandemic because there’s so many opportunities that are arising.
Joe: One of the most interesting things about this is that people are discovering that they can do all this stuff from home, something I’ve been teaching forever, you know, work from home. I don’t ever want to leave my house. Whenever I leave my house I lose three hours. So I try to do everything remotely. The most that I have to do is go out and look at a property before we close it to make sure that it’s what I want.
Joe: But, a lot of times I’ll buy properties for my portfolio that are outside my own state. So, I have people that I trust to help me with that process. You can do all this stuff remotely. You can put deals together, you can close them. You can sell them. You can buy them. All remotely, all over the phone, all over the internet using text, email, voice blasts. It’s really not that difficult to put a deal together if you can get good at talking on the phone and understand how these deal structures work. So, look at the other videos that I teach how to do that type of thing.
Joe: The other thing that you can do is get other people to work for you. I don’t’ like working in the same room with other people. I like to work by myself in my home office so I can sit down there in my short pants and T-shirts and relax and not really worry about having to be interrupted by anyone, if I don’t want to. I can turn off the phone, I can do the work, I can focus on what’s necessary and then when I need to I can get on the phone and do those things. But, everything can be done remotely through fax, email, text, online, through the database system that we’ve got set up. So, you don’t ever have to leave your home to make that work.
Joe: And that’s perfect for a pandemic world. If you’re living in a pandemic and you can’t go out anyway, or your locked at home, there’s no reason you can’t continue to have a really vibrant business which is what I’ve been able to accomplish. Honestly, my business hasn’t changed very much despite the lockdowns, despite the social distancing, despite all the other issues that we’ve had. There have been a few things that have popped up, but there also have been opportunities that have happened because of this.
Joe: The other thing that this COVID sort of teaches us to do is we can scale our business because since we can work at home, there’s no reason that we can’t work in a different state, or even a different country if we wanted to. If I was living in Canada, if I was living in the UK, if I was living in Europe, I could still work in the United States remotely. I could go sit on a beach in you know, Bali, and relax. As long as I have internet connection I’d be able to put deals together. Because I could have access to a phone that, you know, hooks me up through the internet, through a VOIP connection. And that’s one of the things that we can do through Pushbutton Automarketer, which is a software that we use to generate leads and to be able to communicate with our team and to be able to communicate with our buyers and our sellers, to be able to do sequential marketing campaigns with email and texts and voice blasts. It does so many of those things for you so that you can sit at home and have all that stuff done for you remotely.
Joe: I think one of the things that a lot of companies are discovering through this pandemic is that they don’t really need their employees to be sitting next to them in their office. And, in fact, employees can be even more productive working from home than they can be working with you. It’s not that hard to monitor somebody and make sure that they’re doing their work if you know what their work is and how much time it’s going to take to do that work.
Joe: So, once you understand how much time that takes to get something accomplished, then you can hire somebody to do that work and know how much time it’s going to take them approximately to do that work. And always remember, it’s going to take them longer to do it than you think it should, or you think you could do it. Because you could probably, it’s probably taking you longer than it’s taking you to do it as well.
Joe: And then, the other things that’s happening because of COVID and the opportunities that are arising because of COVID are the fact that so many people are not making their mortgage payments right now. So many people are not able to rent right now, not able to make their payments right now. And we’re going to see a lot of properties go into foreclosure. We’re going to see a lot of investors have a lot of stress and they’re going to lose their properties because they’re not going to be able to make the payments. They didn’t keep a reserve. And so, now as their payments are coming due they’re not able to make those payments. And they’re going to lose their properties. And when they lose those properties they’re going to go back to the bank, or they’re going to go back to the sellers or they’re just going to be motivated enough that they’re going to want to sell them before they trash their credit. Maybe do a subject to or thought a land contract. So, there’s going to be an awful lot of opportunities buying properties with zero down structures the way that I teach, whether it’s subject to, multi-mortgage, land contract/contract for deed, assignable cash deals or lease option.
Joe: All these different ways you can buy and sell property if you understand those zero down structure hierarchy techniques. So, learn those. I’ve got a lot of videos that teach that stuff and it’ll help you take advantage of the opportunities that are arising now and over the next year to eighteen months that are coming up here.
Joe: The market is going to be taking a big hit from all this unemployment when all these people, it’s 7% right now, people that can’t make their mortgages. We’re going to see a lot of people that are going to go through this and over this next couple of years we’re going to see a lot of properties come on the market. You want to be in a position to buy those properties and all it takes is a little bit of knowledge to do that.
Joe: If you’ve got resources, if you’ve got assets, if you’ve got money to spend it’ll be even easier and you’ll make even more money. And if you don’t, you’ll be able to find investors because there’s going to be people that have money that are going to be able to spend it and want to invest it, especially because they’re having problems with the stock market right now. So, they’ll be pulling money out of the stock market and they’ll be willing to invest in properties that you’ve got.
Joe: If you’ve got a good deal, it’s not that hard to find somebody who will invest in that deal. So, find good deals. Learn what a good deal is and what people are looking for and don’t go after just one investor, go after many investors and build an investor list that’ll buy these properties from you when the time comes. Or, better yet, keep the properties for yourself and build your own portfolio because that’s what’s going to make you wealthy.
Joe: Anyway. That’s what we’re going through right now. That’s COVID, that’s the pandemic. There’s lots of opportunity when you have a crisis. So, take advantage of the opportunities that arise. Get educated, understand how this stuff works and I wish you the best. Take care of yourself – be healthy – and stick with it. Because it’ll change your life if you do this work.
Joe: All right – thanks.