Surviving COVID -19 & The Effects on Your Property Business

COVID-19 has thrust a whole new set of challenges upon the world, and so to address this properly, Simon has temporarily elected to talk not about property investment strategies, but how you can protect yourself in the face of upcoming challenges. In this week’s show, he talks you through how to deal with such instant issues as what to do if your tenants can’t afford to pay rent, how to deal with the sharp impact on serviced accommodation, and where to find the positive opportunities right now.     KEY TAKEAWAYS The fear being alongside the virus itself, is actually more contagious and worrying than the illness. People are terrified, and are having their fears compounded by the escalating hysteria on social media and news reports. By focusing on what we can do, rather than what we can’t do. The most important thing to do immediately is adjust that mind-set and focus on productive solutions and positivity. One of the best ways of ensuring you stick to social-distancing regulations is to act as though you already have the virus. Work remotely when possible, and be responsible for not making the problem any worse. As a landlord, check in with your tenants, work with them to find a way through any monetary difficulties they may be experiencing. There are rent reliefs out there for both you and your tenants. Make sure you’re both up to speed on current government legislation. Ensure your mortgage payments are still made, but do remember that the government and mortgage companies have made allowances, including reliefs for buy-to-let mortgages. If you need a payment holiday, then make sure your mortgage company are kept informed. This is providing a valuable lesson in diversification. Many people have all their eggs in one basket, and a huge takeaway from this experience is that we need to spread our interests, so as to ensure our robustness in times of crisis. Try to repurpose your serviced accommodation properties whenever you can. SAs can be easily turned into HMOs. The profits might dip slightly, but it’ll be another form of income The importance of a cash buffer has never been so critical. Even if it’s an overdraft or credit facility, get one in place. Stay out of it whenever possible, but do use it if the situation becomes difficult.   BEST MOMENTS ‘Fear is false expectations appearing real’ ‘It’s really important that we work with people’ ‘Co-operate and see if there’s some sort of win-win’ ‘Always have a cash buffer’ ‘Fix your oxygen mask before you help other people'   VALUABLE RESOURCES Property Magic: How to Buy Property Using Other People's Time, Money and Experience by Simon Zutshi Download the pin meeting app here: iphone:  http://bit.ly/pinAPP1 Android https://bit.ly/pinAPP2 PIN Meeting - www.pinmeeting.co.uk (Use ZUTSHI as your voucher code to get your first meeting for free) ABOUT THE HOST Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32. Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003 www.pinmeeting.co.uk.  pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors. Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way.  How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth. Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book. Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals. CONTACT METHOD Contact and follow Simon here: Facebook:http://www.facebook.com/OfficialSimonZutshi  LinkedIn:https://www.linkedin.com/in/simonzutshi/ YouTube:https://www.youtube.com/SimonZutshiOfficial Twitter:https://twitter.com/simonzutshi Instagram:https://www.instagram.com/simonzutshi/