This year will surely be a year to remember with all of the challenges that many of us have faced due to the COVID-19 pandemic. The good news is that you can not only survive in this climate, but thrive as a real estate investor!
Here are 5 success tips for navigating 2020 and the COVID-19 pandemic as a real estate investor.
1. Educate Yourself
If you're working from home, you have no excuse not to keep up with your continuing real estate education. Attend online events, webinars, find books to read, listen to podcasts, watch tutorial videos, go on real estate forums, and find new real estate investor blogs to follow.
2. Re-evaluate Your Investing Goals and Criteria
What are your long-term goals for investing in real estate? Think about what you really want to achieve in your life and if your current investing strategy is helping you get there.
3. Volunteer to Help Others and Seek Out Mentors
You can learn a lot from other's successes and failures. Hiring a personal coach or mentor could make one of the biggest differences in your life. If you have money to spare, look into hiring a coach or mentor. However, if money is tight, you can offer to volunteer your time in exchange for a mentorship.
4. Get Your Personal Finances In Order
Is there anything that you could do right now to reduce your overhead costs and save more money? Could you earn additional income with a side business? Take this time to look over your budget and make adjustments so that you have the money that you need to reach your long-term financial goals. Any time you waste money that you could have saved, it will make reaching your financial goals even more difficult.
5. Learn From Your Past Mistakes
If you haven't really had a chance to reflect on aspects of your investment experience that haven't gone quite right, take the time to really explore what went wrong. If you're relatively inexperienced and still learning, read others biographies, seek mentors and ask other people at their lessons learned to help reduce your own learning curve.