This year has seen its highs and lows … and the hits just keep on coming.
Coronavirus, civil unrest, unemployment … an endless parade of bad news. If it’s all starting to wear you thin … listen in!
We’ve seen our fair share of calamity and catastrophe. While what is happening right now is unprecedented, many of the principles for thriving in tough times are timeless.
We’re talking trials and tribulations … and why you can still have a reason to smile.
In this episode of The Real Estate Guys™ show, hear from:
- Your optimistic host, Robert Helms
- His worn-out co-host, Russell Gray
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Finding good news to talk about
There is so much going on in the world!
It’s easy to get caught up in the negativity … but these types of human emotions can often be detrimental to real estate investors.
The big picture is that the need for real estate isn’t going to go away … we can’t imagine something that eliminates human beings from having to sleep under a roof.
So, this week we thought we should talk about some good news.
Tom Hopkins, a personal friend, and mentor said, “I never see failure as failure, but just the feedback I need to improve my performance to adjust my technique.”
What a great attitude!
The world is going to go on. People are going to be here 10 … 20 … 30 years from now and real estate is a viable asset class.
The business model is sound … all the rest of it is just noise.
You’ve got to calm your spirit a little bit and assess what’s going on. Then, it’s time to move forward with your wits about you.
Bad stuff happens … but in the grand scheme of things, you can find a silver lining and let these events mold you into a better person.
Managing your psychology
How do you manage your psychology and live to become the best investor possible in light of what’s happening?
The key is to set your filter correctly.
If you filter out ALL the bad news because you just can’t handle it, then you will be dragged down. You’ll miss the obvious because you filtered it out.
The flip side of that is there are people that are permanently negative that can never take action because all they can see is the downside.
If you want an excuse to quit, life is going to give you a million of them every day.
But, the fact is that there are people out there in the exact same environment that are able to take effective action.
That’s why the first step is to take your filter off. Look at it objectively. Clean it out. Then, start listening to people that you wouldn’t normally listen to, and read things that you wouldn’t normally read.
You don’t need to accept things blindly … but you do need to hear them.
Understanding different points of view is like being a general in an army. You have to get down in the weeds … but you also have to be able to step back and look at the big picture from a mile high.
Real estate investors by their very nature tend to be in the weeds. We’re very transactionally detail-oriented, which means we can miss a lot of the big picture stuff.
Remember to take a step back and try to see larger trends.
Adapting to how things really are
There are people who believe that the housing market is tanked … but a recent article shows that home prices in April 2020 saw their biggest gain in two years.
There are fewer homes on the market, and there’s still demand … coronavirus or not.
Even though the number of sales may be down, the price being paid for real estate is up.
That’s why it is so important for real estate investors to learn to remain cool, calm, and collected. The saying goes, when emotions run high, intelligence runs low.
Humans have found a way over the millennia to find a way to adjust to whatever the world gives them … disease, natural disaster, war, and oppression.
The only thing you can be certain of is that people are going to find a way.
One reality to face is that inflation is probably headed our way. When inflation happens, the rich get richer.
If you don’t want to have your feet taken out from under you, you need to find a way to add value to the people who have resources.
That’s what syndication is all about.
When markets fall apart, they create a lot of opportunity for private equity and private capital. That opportunity keeps getting bigger … especially for syndicators.
You may not have capital … but you probably have time that those with capital don’t have. It can be the perfect partnership.
Let’s take a look at another example … with riots and unemployment, many businesses are rethinking their very existence.
These things are causing businesses to evolve and find better ways to do business and new ways to create jobs.
The opposite of any crisis is opportunity … and we could be seeing some of the best opportunities … especially in real estate … that we’ve ever seen in the coming months and years.
You can’t control what happens in the world … but you CAN control how you adapt and respond.
What are some practical things you can actually do to be ready for the opportunities that will come?
The biggest is to be financially ready to go. Shore up your financial house, and make sure you’re in a position to make the right investments.
See if there are some places you can grab some equity … or find those ways you can be of value to people that have money.
For more on the good news hidden in all the bad news out there … listen to our full episode!
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