let’s talk: WHAT CAN I DO FOR MY RE BUSINESS DURING THIS PANDEMIC
|Good Morning! |
There is no doubt that all of us have been affected by this pandemic in one way or another. I actually read a quote the other day, that really puts things into perspective on how this is all such a different experience for every single person. I will end today’s post with it but for now, I want to focus on business and how this pandemic has affected my goals, plans and strategies for 2020, in hopes to hold myself accountable, potentially provide inspiration for YOUR next steps and to learn about what YOU guys are focusing on!
So, as we do, let’s talk Real Estate, let’s talk PANDEMIC TIMES – WHAT CAN I DO FOR MY BUSINESS…
In January of this year I was beyond determined to outdo what I had been working on the past couple of years. My start in REI was way slower than I could have anticipated. I am someone who is okay taking a risk… but not too many at once, and they have to be very planned out, and I need a lot of assurance that I can still live life if all goes wrong… so maybe I am not a risk taker?! But starting in REI was a HUGE risk for me – and especially Project Philly. Once we had our current portfolio operating and in place, I felt like it was time to take on another big project and I had myself determined that this was going to be “my year” – L O L.
As soon as we were rounding the corner to close on a refinance for our Philly project so that we could start something new, the pandemic hit, and EVERYTHING HALTED. That loan we were hoping to close back in February was going to provide us the capital we needed to start our next project but guess what – that closing never happened and we are now looking at a loan closing that has been pushed backed to JULY… I know, nuts. So where does that leave us now? Trying to navigate how to operate for the rest of this year. While I cannot sit here and give you concrete goals and figures, mainly because I have no clue what the rest of 2020 looks like, I can give you a list of what I plan to focus on during this lockdown.
I am using this “down time” to learn more about REI. Specifically from investors who are where I want to be. Youtube is starting to become my BFF. I honestly had never explored it much for educational purposes but have been networking a ton during this quarantine and have been introduced to so many educational channels and podcasts. Below are a few of my current favorites.
Podcasts: The Goal Digger, The Real Estate Investher, The Marie Forleo Podcast, Biggerpockets
YouTube Channels: Three Birds Renovations, Mr. Kate, Graham Stephan, Fearless Flipping, Transform Real Estate
2. Optimizing Operations of Current Portfolio
I am taking this time to assess what is working well, what is not, and ways we can potentially improve our profit margins. While most of our properties are 150+ miles away, 100% of our property management is done online through me. This is a time for me to take a step back, see how it is working, what processes we can improve upon, etc. One thing I know for sure I need to automate better… our bookkeeping. This is 100% on me to fix as I do tend to let this “to do” fall to the wayside more often than I would like to admit.
3. Building Out My Website (www.erinkelly.org)
Right now my website only really houses my blog. I would love to create more functionality and make it more useful to other investors, real estate lovers, and entrepreneurs.
4. Brainstorming Next Steps
Pre-pandemic, I was determined for my next project to be an AirBnB. Now that we are in the midst of this pandemic – I am not so sure. In PA, we have a pretty strict stay at home order and renovations, construction, home tours, etc – all of that has stopped for now. This is actually giving me a second to really think about what I can do next. I noted a few weeks back that I would like this business to have some sort of greater purpose, other than providing housing. So I am working on figuring that out!
I am cleaning out my closet – MAJORLY. And that means updating my Poshmark page – anything to make a buck! Okay that sounds desperate… but I do like to try and find new ways to earn $$$. And honestly, you can earn a pretty penny on Poshmark if you keep up with it. So over the next couple weeks I will be adding a TON of new items. Now I do want to note, that I don’t just try to sell everything & anything I own. We do donate a ton of our clothes. But items that are newer or were never worn, I try to sell!
What are you focusing on during this time at home?! How have your goals and plans changed for the rest of the year?!
A Reminder on Our Current Times That A Friend Shared
**I felt it was important to pass on as it is easy to get sucked in to our immediate surroundings. This was the big picture perspective I needed to help me think outside of myself, and find ways, even if small, that I can try to help others. **
I heard that we are all in the same boat, but it’s not like that. We are in the same storm, but not in the same boat. Your ship could be shipwrecked and mine might not be. Or vice versa.
For some, quarantine is optimal. A moment of reflection, of re-connection, easy in flip flops, with a cocktail or coffee. For others, this is a desperate financial & family crisis.
For some that live alone they’re facing endless loneliness. While for others it is peace, rest & time with their mother, father, sons & daughters.
With the $600 weekly increase in unemployment some are bringing in more money to their households than they were working. Others are working more hours for less money due to pay cuts or loss in sales. Some are doing everything in their power to save their businesses.
Some families of 4 just received $3400 from the stimulus while other families of 4 saw $0.
Some were concerned about getting a certain candy for Easter while others were concerned if there would be enough bread, milk and eggs for the weekend.
Some want to go back to work because they don’t qualify for unemployment and are running out of money. Others want to kill those who break the quarantine.
Some are home spending 2-3 hours/day helping their child with online schooling while others are spending 2-3 hours/day to educate their children on top of a 10-12 hour workday.
Some have experienced the near death of the virus, some have already lost someone from it and some are not sure if their loved ones are going to make it. Others don’t believe this is a big deal.
Some have faith in God and expect miracles during this 2020. Others say the worst is yet to come.
So, friends, we are not in the same boat. We are going through a time when our perceptions and needs are completely different.
Each of us will emerge, in our own way, from this storm. It is very important to see beyond what is seen at first glance. Not just looking, actually seeing.
We are all on different ships during this storm experiencing a very different journey.
Charities That Need Our Help
“This organization helps feed communities and individuals facing hunger across the United States through a nationwide network of food banks.”
No Kid Hungry
“With coronavirus forcing mass school closures across the country, millions of children are losing the daily meals they depend on. No Kid Hungry uses donations to send emergency grants to food banks and local community groups. It diverts resources to feed kids in the hardest-hit communities. The organization also has plans in place to ensure families know how to find food while schools are closed and making sure kids get three meals a day.”
Meals on Wheels
“This organization delivers meals to the country’s elderly population. Many of its local programs are struggling with the additional costs of delivering meals during the outbreak.”
The CDC Foundation
“This nonprofit organization for the CDC is raising funds to help respond to the public health threat when federal and state funding is not available. The foundation said it will use the funds to support state and local health departments in the US as well as support the global response including logistics, personal protective equipment, and critical response supplies.”
The American Red Cross
“As the number of coronavirus cases increases in the US, the number of people eligible to give blood and platelets for patients in need could decrease further, the Red Cross said. The organization is urging all eligible, healthy donors to donate blood and platelets to help maintain a sufficient blood supply flow and avoid potential shortages.”
|Happy Wednesday! & Stay Healthy!|
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Me – this is based on my own personal experience!