286: How To Protect Yourself Financially During The Pandemic, Collecting Rent, Mortgage Update
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 30 March 2020
⏱️ 37 minutes
🧾️ Download transcript
Summary
A 10-step plan to ensure that your tenant pays the rent is revealed.
In order, they are: proactivity, commitment, empathy, requirement, options, late fee, installments, security deposit, assistance, documentation.
Real estate investors have time to react to the pandemic. Stock investors often didn't. They lost 10%, 20%, 30% within weeks.
Learn how volatility hurts stock investors.
If the pandemic were as visible a threat as a fire-breathing Godzilla, more would adhere to shelter-in-place orders.
For active real estate offers, pay more attention to where the tenants' income originates. Large retailers are hiring, small retailers are firing.
Caeli Ridge, President of Ridge Lending Group joins me to tell us about how coronavirus has changed the mortgage lending landscape.
Jumbo loans and non-QM loans are no longer offered.
Credit score, DTI requirements could soon become more stringent.
Verification of employment now occurs right before loan funding.
Mortgage rates still hover near historic lows.
Loan forbearance, loan modification discussed.
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Transcript
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| 0:00.0 | Welcome to Get Rich Education. I'm your host Keith Weinhold. Learn how to get a tenant to pay you the rent, |
| 0:06.9 | even if they've lost their job, real estate versus stocks, and then more guidance for real estate investors during these exceptional times. |
| 0:14.9 | Finally, learn how current events have altered the mortgage lending landscape for real estate investors with a great guest. |
| 0:21.2 | Today on Get Rich Education. |
| 0:27.1 | Finally, with Total Control Financial, get checkbook control of your existing 401K and IRA funds to |
| 0:33.1 | invest in real estate. Yes, you can move your retirement money into your own checking account, |
| 0:39.5 | but you must avoid the little-known tax that you'll get hammered with in a self-directed IRA. |
| 0:44.9 | Instead, start your QRP. Learn more and get your free copy of the QRP book by text messaging |
| 0:51.2 | QRP in all capital letters to 72,000. |
| 0:58.0 | You're listening to the show that has created more financial freedom than nearly any show in the world. |
| 1:05.3 | This is Get Rich Education. |
| 1:20.6 | Thank you. Get Rich Education. Welcome to Get Rich Education. I'm your host Keith Weinhold. If you're concerned that you have tenants that may not be able to pay the rent due to losing |
| 1:28.9 | their job or some other reason, I've got a 10-step plan that will substantially increase the chances |
| 1:35.4 | that you get paid. So go ahead and try these 10 steps in this order. Number one is that |
| 1:42.4 | depending on whether you use a professional property |
| 1:44.9 | manager or not, start with the mindset of proactivity rather than passivity in this case. |
| 1:53.1 | This is going to make you feel better because you'll know you've done what you could. |
| 1:56.9 | The second step is to commit, have a written plan, because making decisions on the fly |
| 2:03.3 | usually results in bad decisions being made. |
| 2:06.8 | So step three is empathy. |
| 2:10.1 | Reach out to the tenant and just see how it's going without even bringing up the hint of a potential |
| 2:16.8 | problem. |
... |
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