Well we all know these days the world of Real Estate investing is in the tank (so to speak). No need to go into all the negativity in the media and general news because it has gone on for long enough for all to hear. Those that have abandoned Real Estate investing have, hopefully for their sake, have gone on to bigger and better things, but there are folks like myself who have been in this game for a very long time and truly love it. You might say it is “in our blood’ but what I have found through the years that committed Real Estate people approach the business with extreme passion.
While things are going from bad to worse we just refuse to just give up and go home. So while we all know this down cycle will not last forever, what exactly can we do in this environment? I for one say it is time for major adjustments. If you truly wish to be in this business in a few years then now is when you may want to start looking at doing things differently. If you are still using the same old tired methods then you may ask yourself why?
1. Seek opportunities where you have never considered before. – If you have always worked in residential maybe it is time for commercial? What about apartments, wholsaling, mortgages, rehabs? You don’t really know till you have tried. You may have a knack for it or you may see things differently with a new outlook and perhaps a few opportunities.
2. Try a new market – Las Vegas, Phoenix, and parts of Florida have been hit extremely hard and although it may seem they will not recover anytime soon. Right now there are countless opportunities in these and other areas of the country. Maybe entering a new area you might see things differently. With a fresh approach another city and no preconceived ideas of the marketplace you may see things where others cannot.
3. Search for new associations or better yet, put an end worn out old ones – If you have always worked alone maybe taking on a partner may help. Finding a good partner can be a major benefit in terms of financial and will help leverage your time and ability to get things done. On the other hand if you are associated with a partner who is not on the same page as you or is anti productive your goals, then it may be time for both of you to move on. I urge you to carefully consider doing either of these choices because the impact of either decision can be long lasting, so take your time and if you need to, sleep on it, just to be sure.
4. Maybe it is time to teach – There may be plenty of folks out there that just might benefit greatly from your wisdom. Teaching or Coaching may provide you with a great income or it may be a great way to give back?
These are challenging times and maybe none of the above is for you; however I am trying to wake you up to the fact that if things aren’t working for you right now and you still love Real Estate and want to continue your investment career it may be time to change.