I'm riding this thing out in my home in Austin. Safe and sound with a good supply of Starbucks.
I haven't left since this thing started, and probably won't until it ends.
I do miss going out to dinner, but I'm not complaining (will Olive Garden still be a going concern when this ends--I hope so).
The people who have it rough are are those who've had W2 job losses (no work-y no eat-y).
For instance the hair cutters, retail workers, etc... and those on the front lines of dealing with the public such as grocery store workers.
I have been catching up on CE, updated my CRM, and doubled up on catching up with my past clients. Business is still moving along, just slower. This should be an interesting next few weeks.
@Nathan G. Hello Nathan, I think just staying involved with your investments is an important aspect. Regularly doing your accounting, reviewing market rents & recently sold properties in your area, checking with your bank if there is anything they can do to lower the interest rate on a commercial loan or defer payments for a couple months if needed, reviewing your properties maintenance needs, etc.
Being proactive & aware with your investments will in turn help protect them. Yes, you will need to spend some money doing this, but then it will force you to even better understand some concepts such as the important of sufficient reserves. Implementing the same attention to detail when there is a crisis in the economy to when the economy is stable and thriving will results in long term wealth growth. There is no limit to educating yourself on the investments that you have made.
I'm playing the long game. For my 401k, for my Vanguard accounts, for my rentals. The good news is; this downturn in the markets is from an external source and not economic related, so perhaps the downturn will recover quickly once the virus is under control.
I have not changed my investments at all. However, I am holding onto more cash than usual in case some tenants are late on rents, more unexpected repairs, etc. I'm one of the lucky ones that has no chance of my day job laying me off. I am working from home and collecting a full paycheck.
We are doing pretty good. We moved the week before the craziness started so we are using this time to get settled in and making some minor repairs. We have four kids in the house with us 5,5,7, and 9 so it is a little hectic. We spend a lot of time playing outside and working out.
The brokerage team that I'm with is putting on a lot of training which is really good. I've also been keeping up with my clients. I like working from home and the flexibility it brings. I'm introverted so not being around people is not an issue for me.
@Max T. . What are you doing?! You're going to run out of a projects list before summer comes! My teacher significant other and myself are doing more relaxing and reading than projects right now.
Oh, and good job on being financially prepared, just in case. Now, time to evaluate that beer supply...
We are hard hit with both the virus and the oil drop. I normally am pretty aggressive at fixing up houses and doing improvements. I think I will back off on that a bit and start saving up a bit. The good news is my banker called this morning and said they are offering a 2 month deferral on payments with no penalty and no questions asked. I declined, but gathered that some had taken it. Unfortunately my day job is beginning to demand a lot of my attention and it is pretty stressful. then next month I start filing for some retirement benefits. So far that is the only benefit to being old right now.
I've bought a good scanner and plan on scanning and shredding everything I can over the next week or so .It will be nice to get rid of file cabinets.
This is a very difficult time. the situation of the economy is getting worse day by day and it is also affecting our renting business. I came across a renting platform Sandora. which helped to keep my complete renting lifecycle online. I posted a property on sandora website and with 24 hours I got leads for my property. Talked to all the leads. showed them the property via facetime/zoom and one of the lead was interested in the property so he submitted the application on Sandora Itself. Once I verified his application. We signed the e-contract on Sandora and now the tenant is moving into my home in 2 days. A must try platform for all th landlords