The Coronavirus pandemic has spun many property investors into a tizz. We’re in uncharted territory without a crystal ball.

We could recover in a month, but it could be a year. Nobody knows.

Property investors everywhere are asking themselves:

‘Should I invest?’

‘Should I pause my investment plans?’

‘What’s going to happen to the economy?’

‘How can I make sure I’m in the best position to ride this out?’

Unfortunately, as great as Rob & Rob’s property predictions usually are, we can’t see into the future. But we can give you pointers on how you can come out of the Coronavirus pandemic a stronger investor.

So here are 7 ways you can use this time wisely and be ready to take action:

1. Do a financial health check

It’s human nature to go into survival mode at times like this, so existing investors should be doing an evaluation of costs – both personal and business. It’s not wise to continue spending at the same rate you did pre-Coronavirus, so all spend now should really stack up.

We’re going into ‘coping territory’ – even if that means investors simply break-even while we ride this pandemic out.
Got an empty property? Look at dropping the rental prices – any rent is better than no rent, right?

If your tenants are struggling with paying their rent due to Coronavirus, consider taking advantage of the buy-to-let mortgage breaks.

Right now, it’s a case of doing what you need to do to keep things ticking over.

2. Don’t put your feet up

We’re not saying you can’t relax on a Friday night, but we are saying don’t rest on your laurels. It’s easy to get wrapped in a negative mindset right now as we’re seeing many businesses affected and household finances hit hard, but use this time wisely.

If you’re new to investment, think about your goals and what exactly you want to achieve out of property.

Research locations of interest and keep an eye on the targets you’ve identified.

Now is the time to double down on your education – read books, take a few courses, watch YouTube, listen to podcasts. Any free education you can get your hands on – consume it all, so when we enter back into some degree of worldwide normality, you’ll be in a much stronger position.

3. Stay positive

You’re allowed moments of worry – this is natural. But a positive mindset can make the world of difference.

You could feel negative about property right now. And you might not feel bold enough to invest – and that’s fine.

But staying positive will not just help get you through the lockdown period, it’ll help you come out of it with the grit and determination to achieve your property goals when we spring back into action.

We talk a lot about taking action, and the mindset needed to do this. There’s a podcast here that’s a worthwhile listen.

Let’s face it, if you believe the property world is over, you’re probably not ready for the highs and lows of property. You can listen to our podcast on the brutal truths of property here.

4. Be sharp

Follow the market.

You should be paying close attention to new property listings and the price movements of existing ones. Any properties coming to the market right now are highly likely to be distressed. They’ll need to sell. So if you’re in a position to move quickly and the property aligns with your goals, then there are deals to be done.

5. Don’t make rash decisions

Take action – but don’t do it blind. If you’re in a position to invest right now, this isn’t the time to cash in on cheap properties because you can. You won’t come out of this stronger if you pounced on every opportunity presented to you.

It’s important not to blindly carry on as you were, as we don’t know the full extent of what effect Coronavirus will have on the property market.

Remember: solid research will help you make the right decisions here. If you end up reaching the conclusion that property prices will drop and take a while to peak again, you might be inclined to shelve your investment plans for the time being.

However, if you have a bias for income and think the market drop won’t be that bad, you might be more inclined to continue with your investments. You could even get quite excited at the prospect of doing deals right now!

Align every decision back to your goals. We’re not saying property prices don’t matter, but if you’re investing primarily for income, for example, the price you pay for the property might not be a deal breaker as long as it’s got strong rental potential.

However, if you’re investing for capital growth, the price you pay will mean a great deal – no matter what the rental returns are.

Make sure your decisions now are educated and not rushed. You’ll be a stronger property investor as a result of this.

6. Strengthen your economical understanding

The government is attempting to prevent an economic disaster right now, and understanding the steps they’re taking will help you make key decisions and put you in a strong position to separate the economical facts from the media hype.

Take a look at the work of Ray Dalio who’s widely known for his practical delivery of complex economical information. He’s recently published ‘The Mechanics of the War Economy’ over on Linkedin which is a thought-provoking great read. He’s drawing comparisons between now and the 1930-45 period where interest rates were zero, the global economy was weak and debts were huge – sound familiar?

But if this is your first foray into understanding the economic machine, this video on How the Economic Machine Works might be a good place to start.

7. Kindness goes a long way

There are landlords who have been offering struggling tenants a helping hand throughout this pandemic, then there are those who have been unwilling to meet tenants half way.

At a time when financial hardship is being felt across the world, it’s important to remember we’re in an industry dealing with humans and feelings, and we should be doing our bit to help. Yes, landlords are operating a business and not everyone will be in the fortunate position to help. But for those that are, we’d recommend thinking about the long-term.

Would you prefer to exit Coronavirus with a tenant who is grateful for the support you gave and stays in your property long-term? Or would you prefer to be slapped with a notice and a host of re-let costs as soon as we exit lockdown?

So there you have it. Seven ways you can come out of the Coronavirus pandemic as a stronger and more educated property investor.

And if you’re looking to make a start on that education, you’ve come to the right place. Take advantage of over 350 property podcast episodes here, a YouTube channel packed with information here, and access a range of FREE online property courses here.