The most important factors to keep in mind right now are the following:
1. Why did you make the decision to start investing in property?
Draw on your reasons why you wanted to invest in property in the first place and know that nothing has changed. The world has changed in response to the current health challenge experienced right around the world but your goals to improve your financial future remain the same.
2. What goals do you have in place that will help you to hold the property for the long term?
You might be starting to question the original goals that you had in place to hold the property for the long term. These are, and still remain great goals. Depending on how long you have held the property and what your current cash position looks like, there may need to be some minor changes made to carry you through the next 6-12 months. Developing a strong investor mindset needs to be employed when these tough times come along.
3. If your investment plan is not working well because of unforeseen circumstances, what can you change to improve the situation?
Start asking questions of those who can assist you. A professional accountant should be able to offer some guidance on what is available to you regarding government payments, tax relief or cash flow guides. A mortgage broker or Bank could be instrumental in offering you an interest rate decrease, a mortgage payment freeze or deferment or it may be time to refinance your loan. Also, look at any other utilities that can be decreased – insurance (car), phone, internet, electricity, gas etc. None of these changes can happen until you request them.
4. How can I stop the unhelpful “chatter” to focus on my end goal?
There’s so much unhelpful “chatter” right now in the media and it’s focus is on everything ( economy, investment and employment ) being fear, doom and gloom. This has a negative effect on our mindset and if you find yourself being influenced in this way, it’s very important to speak with an experienced investor or advisor to understand what your options are in this situation. Now is the time for rational thinking, information, understanding of your circumstance and a way to move forward. Switch off the news reports that feed on negativity.
5. Here’s some great advice from a mentor of mine “Don’t give up when times get tough, double down, take a deep breath, get the right advice and keep moving forward. These challenging times will pass. Stay focused on your end goal and don’t be deterred by negativity. Go forth and prosper!