With many homeowners looking to sell their properties fast and other property owners looking to rent, the world will be a buyer’s market when the economy gets back up and running. For the right investor, this can be a good time to take advantage of lower rates.
In short, now is the time to start preparing now. You don’t want to wait until the pandemic passes to jump into real estate. You want to be ahead of the curve.
How do you do that? Start with what you have the most of right now, time.
If you’re under quarantine, use the time to build your skills, your relationships, and your tools that you will use after the pandemic passes to set up your future real estate investing career.
How to Prepare for Real Estate Investing (Even Under Quarantine)
- Get education
- Start saving
- Start networking
- Start using technology
- Create a plan.
- Avoid newbie mistakes
Your “After the Quarantine Passes” Real Estate Investing Prep Kit
- Education (Webinars, Podcasts, Books)
As an investor, your first (and most valuable) tool is your brain. The more educated you are about real estate strategies, the better you will be. The key is starting now. Use this time at home to watch webinars, read books, listen to podcasts, courses, and more to build your real estate knowledge and supporting skills (like communication, marketing, accounting, etc.)
- Emergency Fund
In real estate, things happen. No matter how good you plan or how well you budget, you will always need to have extra cash to cover the unexpected. Use this time now (if you can) to save money for a personal emergency fund and an emergency fund for your future investing business.
Being under quarantine should not put a halt to your networking as a future real estate investor! Use this time to connect with people in your network and to grow your network using social media and tools like Zoom or Skype for communication. Look into real estate investor Facebook groups and start connecting with people who have a similar interest.
Professionals in the real estate industry have turned to technology to continue buying and selling homes (even during the quarantine) using things like 3-D showings and virtual tours. As an investor, you can use these same tools to advertise and buy properties as well. You can use tools like CloudPano or FaceTime to view and sell property. You can use tools like DocuSign to digitally sign agreements.Take a look at what other investors and real estate pros are doing to sell their properties. See if you can learn or adapt their technology for your investing needs in the future
- After Quarantine Plan
You can only successfully and consistently invest only if you plan for it. While you’re at home to create a plan. Identify these three things in your real estate investing plan.
- Your present situation.
- Your strategies.
Use technology, networking, and education to help you create this plan to guide after the market rebounds. A good plan will also keep you from making newbie mistakes while investing in real estate. Those mistakes included:
- Not treating real estate investing like a business.
- Forgetting about costs.
- Not doing their math on a property.
- Not growing their knowledge or relationships.
You can avoid these mistakes by learning from the wisdom of other investors. Read their Books, listen to their podcasts, chat with them on social media. This will help you prepare smart so you invest right when the time comes.
Leverage Your Present, Get a Richer Future
The coronavirus has put society in a situation that they never expected. This has caused massive change in an economy that many experts believed already headed for a recession.
Having said that, even in these trying and difficult times, there are ways you can add to improve your life for the better now (and in the future). By taking advantage of the tools around (like technology, relationships, and time), you can set yourself up for a future with brighter goals…even as a newbie in real estate.
All you have to do is take that first step and keep moving.