Investing During Covid
May 15, 2020
The great Warren Buffett once said, "Be fearful when others are greedy and greedy when others are fearful."
I've never found this wisdom more true than during the current pandemic.
Despite the enormous tragedy in our country, Covid has proven to be an incredibly opportune time to acquire real estate — often at even better prices then we would be able to during normal times. As real estate investors, our job is to solve people's problems with their homes/mortgages, and we are now in a time where people are having (or going to be having!) more problems than ever before.
As unemployment levels continue to skyrocket with no sign of returning to normal anytime soon, it appears that these opportunities are going to be the new norm for investors, at least for the foreseeable future. That also re-emphasizes an important element of being a successful real estate investor — your ethics. With the number of people in financial jeopardy, an unethical investor would have no shortage of people to take advantage of.
The short term decision to find extra profit by acting unethically will always be outweighed by the long-term hit to your reputation, and so I want to encourage my fellow investors to use this unprecedented opportunity wisely.
This is an exceptional time when those with specialized knowledge and education will continue to thrive, while those who don't will likely struggle — this brings us back to one of my most important nuggets of wisdom.
Never stop investing in yourself.
“Waiting for the right time” is the number one reason why the average aspiring investor hasn't found their first deal yet. If you've been looking for the opportunity of a lifetime, I want you to know that time is now.