Coronavirus Crash? Do's and Don'ts from Recession Veterans Joe Asamoah and Steve Rozenberg
It's a new week... and, seemingly, a new world. So -- we've got a new (and very fresh) episode for you... with a twist on our usual format. On Tuesday, March 17, Ashley and Felipe sat down with Joe Asamoah and Steve Rozenberg to discuss the topic on everyone's mind: the COVID-19 outbreak and its inevitable impact on real estate investors. Think of it as a virtual coaching session with two seasoned, successful investors who have withstood several downturns and lived to tell about it. Joe and Steve have a combined 50 years of experience under their belts, so they offer a valuable perspective to younger or less experienced investors -- our fearless co-hosts included -- who haven't yet seen a full real estate cycle. This episode covers it all -- from the mindset successful investors use to accelerate wealth-building through downswings, to the shifting competition you're likely to face, to how to whip your finances into shape and secure lines of credit BEFORE you need them. Plus -- Joe breaks down how renting to Section 8 voucher holders can be a lifeline during a recession (assuming you do a few things exactly right), and Steve shares his tips for designing systems and checklists (he's a pilot after all!) so you can think clearly... even when you're steering into economic headwinds. This episode is GOLD for investors on the hunt for their first, second, or third deal in 2020... Stay safe, everyone -- and we'll see you next Wednesday. In This Episode We Cover:Why the first thing we should all do is "take a breath"The importance of a well-thought-out business planLearning from local investors who thrived during past crashesWhy you're likely to see more flippers leasing out housesWhy taking out a HELOC may make sense right nowTreating tenants like customers to reduce turnoverWhy Joe believes "your tenant is the true asset"What Steve learned from 9/11 and Hurricane HarveyLearning from your own (and others') failuresAnd SO much more! Links from the ShowRookie Request Line: 1-888-5-ROOKIE to leave a voicemailReal Estate Rookie Facebook GroupBiggerPockets Podcast 356: 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe AsamoahBiggerPockets Podcast 343: Want to Work Less and Earn More? Think Like a Pilot! With Steve RozenbergNational Real Estate Investors AssociationBiggerPockets EventsGrant Cardone on Multifamily Investing and Why You Should Never Buy a House!BiggerPockets Business PodcastBiggerPockets Real Estate PodcastMynd.co Check the full show notes here: http://biggerpockets.com/rookie3