The Coronavirus Pandemic & Your Property Business... Practical Tips To HelpJun 11, 2021
In this video I want to give you some updates on the corona virus and how it affects
businessand give you some ideas on how you can make the best of a bad situation. Hello, my name is Tony Doll from Universe for Houses, my channel is everything. about
helping you earn a work-based income, which is a handful of investment properties that I've acknowledged are the last thing on almost everyone's mind right now with all the
coronavirusstuff going on, I think that we all recognize it. that things are probably going to get worse before they get better on the positive side, the government seems to be being really decisive, taking decisive action, which I think can only be a good thing now I recognize that there is a lot of really good content out there already and I don't want to step on anyone's toes, but I wanted to give you some really
helpthat will hopefully support you and help you with the following topics and
First of all, I want to talk. briefly about your tenants, I want to give you some practical ideas, some things you can do right now and I also want to briefly share my views on the future and give you an idea of how I see things in the future, but I'm not going to do that. really talk about any health related topic because there's already a ton of stuff out there and just follow the government guidelines and there will be descriptions to put in the box below so let's start with your own personal finances first of all, really en There was so much sport out there at the moment, an unprecedented amount of support, which is fantastic;
More Interesting Facts About,
the coronavirus pandemic your property business practical tips to help...
You should go out and do your own receipt research on this, but I'll present some links in the description box below if you'd like. If you are worried about being able to pay your mortgage, perhaps because tenants say they won't be able to pay you, the first thing I would suggest is to contact your lenders and keep them informed. You may already know this. I'm sure it is. They are already aware that there is a possibility of a three-month mortgage holiday, which basically means that they take the next three-month mortgage payment that you were going to make, screw them on the back of the mortgage, which of Of course, you should pay interest naturally, but that can be a big help to you.
I have heard from a source that this can negatively affect your credit rating, but go back on my word to do your own research on this. I just wanted to let you know. Knowing this, now is the time to look at streamlining your finances. I made a whole video on this, you want to uncheck it, but now is a good time to look at the money coming out of your accounts and I know there will be things you can do to optimize and reduce the amount of money that's actually leaving your account. Now is a good time to consider other sources of income.
I'm very lucky to have several different companies that really put money in my pocket each. month in addition to the properties, now is a good time to analyze some of them. I would suggest if you don't already have a cash cushion, if you can, now is a good time to build up as much of a cash cushion as possible because, honestly, I think that's important in this particular market and I know it's going to be important for you. , although I can't give you any financial advice. I am not allowed. I would ask you a question. Now is a good time to consider remortgaging your current
The interest rates on all the properties in the portfolio are a joke in terms of how low they are, so this could be a very good opportunity for you to get a much better deal, maybe withdraw some cash to give it a little cash reserve again. I'm not giving you any advice on this, you need to seek your own advice, what I will share with you is that re-mortgaging is exactly what I just went through. Let's talk about your tenants. The first thing I want to tell you is think about it right now, if you haven't already, you should not be communicating with your current tenants, communication is key, these are all of course your clients now, if you have a lettings agent managing your
propertyor properties, you may already be communicating and reaching out to tenants, but they may not see it, allowing agents to be in this really horrible place right at the time when they are overwhelmed.
Can you imagine being a live agent right now with what is really happening in the market? You have to feel sorry for these people that you actually have and they may not be reaching out to tenants as much as they normally would so maybe you should ask them if they are connecting with tenants, if not maybe this is something that could do if you find that your tenants are in some sort of difficulty, of course you need to be empathetic, you absolutely do, but you need to direct them to the government guidelines. There is a lot of help and support for tenants available, including help and support for self-employed tenants in the future, perhaps instead of AAA with no rental period, you could consider doing a reduced rent if that would be entirely appropriate?
Could you perhaps offer a vacation rental which is in no way the same as saying free rental? You're not letting them pay rent, you're giving them a vacation rental, so maybe they'll pay you back the rent they were going to pay you this month or next month, for example, for a period of time in the future, recognize that some tenants will try. To take advantage of this situation, I don't really like to say not really, but unfortunately I've had it personally before, so I think you really need to look to go, you need to make sure that testing is necessary if someone is in a difficult financial situation.
I think you need testing, obviously visits are virtually impossible now, but have you considered doing virtual visits? Although I have done this on one of my properties. I have a path from the front door to each individual room. It is this? something you could maybe organize let's talk about some practical ideas some practical steps you could take this is an unusual time with many of us working from home now and many of us actually having more time could we use this time incredibly productively? So what kinds of things could we get right first? I think we should follow up on any leads, any sellers that we've been talking to, maybe follow up and progress, and existing deals that are already coming through.
Now is a fantastic time to implement business systems and that is all I've been doing for the last two weeks: implementing new business systems, so maybe accounting software, maybe some automated checklists. Could we organize some follow-up sequences? Look at what jobs we can do, maybe we could outsource to a freelancer and maybe make some videos of exactly how to perform that task so the freelancer knows exactly what he needs to do. Now might be a good time to consider taking some online courses and maybe work on some of your weaker areas. I always talk about lynda.com.
I love it. I always talk about LinkedIn and Udemy. These are really good sources for online courses. Maybe do
propertyrelated courses. Maybe I'll consider one of my own, but if not, that's absolutely fine, maybe do more business-related courses, maybe a course on negotiation, a course on finance, a course on tanks, maybe do a course on how to talk to A video like this, how brilliant it would be. I would love for you to do it. Now could be a fantastic time to create your website. Maybe you'll do it yourself, or maybe you'll just spend a few days gathering the information you need for your website so you can hand it over to a website designer.
Now might be a good time to send those letters to owners. Do you know there are a lot of homeowners out there who are really worried right now? Could you connect with some of these owners with violent and attracted cards and maybe propose a great win-win solution, something that works first and foremost for them, but also makes it a fantastic deal for you. Lodging and vacation rentals are probably the ones I would be most concerned about if I had those types of properties that I might not have. you reached out to some of these people and sent letters to the owners and they came up with a great win-win solution and then maybe we pitched that building to you and turned it into something else.
Now is a fantastic time to build relationships that we all can. Jump on the phone or maybe jump on Skype or FaceTime with people and build really good relationships with the state and allow agents to maybe build brilliant relationships with sources. There were some fantastic fonts, there were some bad ones too, but there is one great one. that's building some really good relationships with good sources or fellow owners or mentors, maybe you form a small group, sort of a group of six, if maybe and you get along, you do a sort of Skype call with different owners, so example, and something like that. help and support each other moving forward, so let's talk briefly about the future as I see it, obviously I don't have a crystal ball, but I want to give you some thoughts on this, you know, maybe it's a point of discussion, really first thing What I would like to say is that I think there will be some really big changes in the future, many, many companies.
I'm not just talking about property, but in general, many, many businesses will have to rethink the way they operate. When they are working, they are forced to rethink the way they work. A lot of companies are obviously used to interacting with people one on one, maybe in a kind of store environment, for example, or maybe you know, walking into an office environment, a lot of these are being forced to rethink this. and now they are working from home and putting systems in place to allow that to happen. I think that will mean big changes in the way we work in the future.
I think now is a great time to learn to adapt to move forward and in particular you should be advised to dedicate time, effort, energy and maybe a little money to yourself to learn to evolve and develop in all kinds from different areas. Recognize the power of multiple streams of income. I think it's a great help. What you should focus on moving forward is generating multiple streams of income, not just from the property, but from other sources as well. I know I already mentioned this, but now is a good time to do it or if the future is a It's a good time to optimize and make sure you're continually moving forward by reducing your expenses as much as possible and I think you should look at ways to work from home in the Future, one of the biggest changes I've made in my life was the ability to be able to run my businesses remotely so I can do it from a really nice laptop anywhere in the world I want, even if it's in my RV. and that has been a huge change in the way that Liana and I live and I love it so I encourage you to look at ways that you can work primarily from home or remotely and most of all I think it's now a fantastic time or if the future is a fantastic time. to help others, I think we should all help other people more, we need to recognize that this whole situation will pass, it really will pass, ultimately you need to think about the future, you need to recognize that helping others I think will only help you you in the long term and with this in mind, if I can be of any help to you in any aspect, please do not hesitate to contact me.
I'm here. I want to help you in any way I can if you haven't already. If you do now, it might be a fantastic time to check out my completely free property mini course or simply click the link here or the description box below to sign up or have lesson number one sent directly to you.
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