Ways to build your property portfolio and financial freedom despite covid-19
We find ourselves in challenging times. The COVID-19 virus has brought the world and economies to a near stand-still. The social and economic repercussions of this crisis is severe. Moody’s has further downgraded South Africa.
Now is the time for us to be wise, but also positive as there are always opportunities no matter what the circumstances. For example, our Reserve Bank cut interest rates with 1% last week, which is a HUGE positive for your cash flow and returns as a property investor with bonds.
Baron Rothschild, a member of the Rothschild banking family, once said: “The time to buy is when there’s blood in the streets”. And right now, it’s chaos out there! So here are our five ways to keep building your property portfolio despite the circumstances.
1. THINK ABOUT YOUR FUTURE, GOALS AND PUT AN INVESTMENT STRATEGY IN PLACE
No one is going to look after you. Only YOU are responsible for your future. Not your employer or anyone else for that matter. Use this time to plan for the future and how you can build wealth through investing in property. In our previous article, If You aren’t Investing in Property, You’re Wasting your Time, we discuss the opportunity that property investment creates.
2. INVEST IN YOURSELF BY SELF-EDUCATING
You can only produce what is in you. If you are not going to invest in yourself and self-educate, you will not make good investments and choices. Use this time to read, watch educational content and attend webinars. Also, read our Q&A Section in Real Estate Investment Magazine (Reimag) to learn how you can invest in yourself.
3. START PUTTING STRUCTURES IN PLACE
If you are serious about building wealth with property, you cannot do it in your name. You must buy property in the correct entities. In one of our previous articles, Trust Us, You Need Trusts, you can read why trusts are such a great investment vehicle.
We are also doing a FULL LEGAL SERIES in Real Estate Investment Magazine (Reimag) about structuring. Read the first article in the series to see Why You Should Invest in a Legal Structure.
4. START LINING UP PROPERTY DEALS
Now is the time to BUY property. I have not seen this many buying opportunities in the last ten years! You just need to know how to buy a property at a discount and why someone would sell their property at a discount. Read our article, Ready, Set, Negotiate on this topic.
5. BUILD YOUR PROPERTY INVESTMENT TEAM
You are going to need experts around you if you want to build anything significant. Use this time to look for the right investment team members to walk this investment journey with you. Read our article, How to Build your Property Investment Team, to learn more.
Remember, hoping is not a plan of action. It’s not enough to just want something; you must do something to reach your goal. And there is no better time than now!