A lot of real estate investors are wondering what they should do right now as COVID-19 sweeps the nation. Should they sit and wait for everything to calm down? Or should they push ahead and keep investing?
We think you should be active AND proactive.
Take the bull by the horn and find a way to BOOST your cash flow during this strange, uncharted time in our world.
How can you do that? Here are a few tricks to consider:
- Lower your rates: Rates are at an all-time low. If you wait until the market rebounds, you might miss out on those rates and get locked into much higher, more expensive rates.
- Improve your return on credit (ROC): Wherever you are with your financing, it’s always worth a checkup to see if you can get a Return on Credit increase.
- Skip a payment or two: With rising job uncertainty, some of your tenants might have a harder time covering their rent. Put yourself in the best financial situation possible. Give them a couple months of no payments. And once they start paying rent again, consider lowering their payments. If they’re safe, you’re safe.
- Get out of private loans. One simple point can increase your cash flow. For example, a $300K loan could mean hundreds of dollars in your pocket.
- Look at interest-only loans.
- Lower your term and rate.
Don’t wait until the markets rebound. You might miss out on months or even years of lower payments.
NOW is the time to act AND be proactive.
Let’s get the process moving today.