Times of crisis can be wrought with fear, uncertainty, and concerns that can erode away the confidence of even the most resolute investor. It is times like these that allow leaders to emerge, seize the opportunity while maintaining a heart for humanity.
This guide is a reference for those who want to transform fear and apprehension into strategic progress and opportunity.
COVID-19 has gripped our minds, hearts, and finances in short order. It is imperative, now more than ever to keep our eyes focused on what is most important in life and follow investing principles based on solid fundamentals.
- Open with heart. All businesses are ultimately people’s businesses. In times of crisis, it is important to show love to everyone you can. As the adage goes, no one cares about you until they know how much you care. Show people that you care and they will want to do business with you. This goes for vendors, residents/customers and any other professionals we engage with during this time. No business transaction is more important than the person. Remember that.
- Focus on your reaction, not the circumstance. You cannot control everything…indeed, in times of crisis it can feel as though you control nothing! At the end of the day you simply cannot predict black swan events or chance misfortune. You can, however, control how you react to a certain situation. In times of financial crisis it is imperative to remove emotion where possible and focus on the tools you still have at your disposal.
- Reframe your perspective. It’s easy to focus on yourself and your concerns in a crisis situation. Real progress comes from considering how you can serve others. Look at the situation from another perspective – likely there is an opportunity you are overlooking because you’re in your own head.
- Don’t make excuses. There’s no time for excuses in a crisis. If you made a mistake, own up to it, course correct, and keep going.
- Be proactive. Nothing good happens by letting circumstances happen to you. Think about how you can take the first step to creating the outcome you seek. Can you send a communication? Who can you reach out to? How can your network serve you in this situation? Communicating early and often is the best way to take control of a situation and gain intelligence you otherwise would not have had. By sitting back and letting the tidal wave hit you, you are allowing yourself to be a victim. Which brings us to our next point…
- Be a leader. Let’s be honest. Leadership is a quality that is often lacking in times of crisis. Heck, leadership is lacking even in good times! How can you set the tone for others around you? Fear is infectious. But so is optimism. So is gratitude. Show leadership among your peers by modeling behaviors that will serve you and them well in times of uncertainty.
- Keep your mouth shut. Most people allow circumstance to dictate their outlook and mental space. By reading this manual, you are an elite player. Your brain works differently. You are a rare breed who is willing to consider that a crisis can bring opportunity. There is no need to bring undue attention to yourself. Attention breeds jealousy. Remember the adage “loose lips sink ships”
- Create your own future. Now is not the time to retreat! Now is the time to remember your goals and who you want to be. Remember you create your own future by your mindset and what you think about. Who do you want to be? Now is the best time to “act as if”.
- Think long term. Crisis does not last forever. A long term perspective will help you displace short term concerns for what actually has solid fundamentals and presents legitimate opportunity. Use this as an opportunity to go back to proven business models and value. Everyone is looking for the most value for their money, bring consistent value and invest where the long term potential is almost guaranteed.
- Lead with gratitude. Be thankful. We have a duty to pay it forward to those with less, especially in times of crisis. Remaining grateful helps you keep a level head and an open heart.
In times of increasing uncertainty – with technology, poor information and crisis – it is more important than ever to take control of you and your family’s financial future. You have nothing more to lose and only your future to gain.
Housing Joint Venture’s Residential Real Estate Investing Bootcamp offers professionals that are tired of having a future outside of their control the ability to create a tangible, action-oriented business plan for passive income through real estate. Professionals learn how to make the most of their financial future using their background as a foundation to grow and realize the future of their dreams.