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Tips on surviving the Real Estate Meltdown
| | Tuesday, November 27, 2007 @ 03:35 PM EST
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Contributed by: Wajed Salam
Wajed Salam Properties
Read more archived articles about Selling
Peter Drucker said "The greatest danger in times of turbulence is not the turbulence. It is to act with yesterday's logic." Turbulence in the real estate market will shake out the real investors (professionals) from the dreamers (amateurs).
The media is full of doom and gloom and situation is likely to get worse before it gets better. Depending on which pundit you listen to, it will take anywhere from two to ten years for the market to turn around. My bet is three to five years. Those who survive the market will reap the benefits when the market turns around as it will, sooner or later. However, if one looks at the history of Real Estate, it can be seen that the market has ALWAYS bounced back to be bigger and better.
Survey shows that many investors are giving up because they don't have the cash flow to survive the down turn. Cash is King and cash flow is vitally important to ensure your survival. You need cash flow to cover your mortgage payments (some with adjustable rates kicking in at a higher rate), taxes & insurance and general upkeep. We could go on and on why cash flow is so vitally important. Now consider the plight of those investors who have vacant houses and making their life hell.
Perception is reality - The best tip I can give you is Not to believe all that you hear in the media. Whether it’s true or not, your perception will become your reality. There are plenty of investors who are doing well in this market. Start with your new belief that you can survive and make money in this market. The Chinese symbol for crisis and opportunity are the same. You can make a great deal of money in a down market if you understand the new rules and strategies and position yourself correctly.
Ride the down turn - Don't sell. Yes, don’t sell. Whether it’s good times or bad, my advice is always to hold on to a house if you can. Your wealth and passive income will come from holding on to Real Estate, not selling it.
During slow times, tool up. It’s not going to be like this forever. Get yourself ready for the next go around. Use any extra time to further your education. Take courses in not just real estate topics (e.g. short sale, probate, foreclosure, etc.), but also general business skills like management or accounting. Attend Real Estate conferences so you can learn both new information and meet people.
Note: If you’d like to get your hands on the new Rules and strategies to “Not only survive but THRIVE during the Down Turn in the Real Estate Market," then go to www.2008SurvivalGuide.com to download the 50+ page special report FREE. Investors will get practical ideas that they can start using today to create alternative ways of generating cash flows.
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