I have been a Real Estate investor for about the past 20 years and I must admit; it was rather easy to make a great income when the market was booming. No matter what I touched seemed to turn to gold. Almost every property I purchased turned a huge profit and there was no end in sight to what I could earn. I was a genius… not.
Then around 2005 I started to realize that things were changing dramatically and today it seems that Real Estate is not the smartest place to invest. Values are dropping all over, foreclosures are at an all time high and things are getting worse. Unemployment is rising, money is getting tight and things are looking grim. Listen to the negativity out there and we may as well just put everything on hold or give it all up. There is more than enough bad news to go around.
The question is ; Will things ever get better? What to do in times like this when it seems all opportunity has dried up and there is no light at the end of the tunnel? If history is any guide we know that yes this too shall pass. Most true entrepreneurs know there is always opportunity. There are new opportunities in down markets as well as up markets. You just have to know where to find it. The first thing you have to do is develop a different mindset.
Yes these are challenging times and I myself have taken more than my share of losses in the past two years, but what else can you do except take responsibility for your actions, look at where you are and then move forward. Steer clear of negative people who like to dwell in gloom and doubt, they are energy zappers. If you begin to tolerate the negative people in your life you will quickly find yourself living a life of negativity. You must set yourself apart, not letting the media, the stock market, the job market or anything else shape your attitude. Yes “positive thinking” will help and it is necessary to maintain a positive attitude, but you can always do more than just think positve. Develop a plan and once you have set the plan in motion work at it relentlesslyevery day .
- Take Control – Write down your goals short, and long term, look at them twice a day. Put them in a place where they will be constantly in your face.
- Develop the habit of writing a daily “to do list” – Every evening write down what you want to accomplish for the following day. Then in the morning start working on your list, start with the more difficult tasks. Once you get those out of the way you will breeze through the simple stuff. Throughout the day if new tasks need attention, don’t get hung up, put them on the list and move forward.
- Prioritize Everything – Don’t spend time on things that don’t help you get what you want. Shuffling papers may be tension relieving or keep you in your comfort zone but you will have accomplished nothing at the end of the day. Fight the urge to spend time on less important things.
- Rethink and Reevaluate – Look at your plans weekly, are there things that can be modified or improved? Review budgets for savings; you should always be looking for ways to save money. Stop and evaluate your plan once a week to see if you are on track or need to make adjustments
Yes the recession impacts you, it has impacted most of us, but you can grow during the recession. Only you must first decide what your future is? Are you going to let these times take control of you or vice versa? Just decide and you will be amazed how things will begin to improve al around you.