The real estate business will always be an evergreen business. Amongst other things, this is because it solves one basic need of man – and that’s shelter.
You probably have been thinking of real estate or maybe you are already into the business, but, need guidance on how to do real estate in 2021. You should have no worries as one of the most brilliant people in that space has some tips for you. He is none other than Winston Deloney.
Winston Deloney is a Chicago-based real estate entrepreneur and investor. He has had multiple ground-breaking successes in real estate investing and is sharing some of the ways you can go about repaying such in 2021.
Know What the Opportunities Are
One important thing to know is that it is unwise in real estate to purchase just anything. In fact, 2020 was the year real estate investors had to become very discerning and that has extended into 2021.
The COVID-19 pandemic transformed – negatively and I other cases, positively – the way we used to do things in the past. The real estate business was heavily affected as well. There were so many things that changed and a number of new trends that came up. For the foreseeable future (at least, for most of 2021), the trends set by the pandemic are likely to remain with us.
However, these trends have thrown up some massive opportunities for discerning investors. Some of them include:
- “Depressed” Markets: The lockdowns and stay-at-home aura brought about by the pandemic led to many people making significant lifestyle changes. One of such was relocating away from big cities and states to cheaper, smaller and seemingly more “peaceful” ones.
As these evictions occurred, it depressed real estate demand in several places with some property owners putting their properties for sale. The truth is that it appears this is not a trend that will last forever.
Thus, these so-called forced sales provide ample opportunity for investors to acquire these properties cheaply in anticipation for the boom that will likely happen when the pandemic and its trends are over.
- Adaptive Real Estate: There was far less use for office property in 2020, and we’ve started to see that trend continue into 2021. The same was the case with recreational and other commercial spaces.
These spaces sell cheaply currently. Discerning investors can acquire these and adapt them to other thriving forms of real estate.
- Industrial Real Estate: This has generated several returns over the years and it is poised to continue doing so. Fortunately, it was not heavily affected by the pandemic.
- Fixing and Flipping: This will always be a superior real estate investing strategy, and in 2020, it didn’t slow down. We are poised to see that play out in 2021 as well.
- Vacation Rentals: From a personal and investment standpoint, vacation rentals make every sense in 2021.
Take Care of Your Finances
Winston Deloney recommends that you first take care of your personal finance before building a real estate portfolio.
Try to pay down your debt or improve your Savings. The real estate market does not allow for spontaneity but requires consistent building.
Leverage the Internet
We are in the digital age, and real estate has come online. In 2021, there is no better way to do real estate business than via the Internet. There are many ways to do real estate from the corner of your room.
For one, you can advertise your properties online either independently or via real estate directories.
You can even finalise deals online, and host property tours virtually.
The mobile apps he recommends include HomeSnap, Landlord Studio, Personal Capital, and Dotloop.
Real estate is interesting and rewarding and is definitely something you should try in 2021. However, don’t go into it without the necessary secrets needed. For more insider tips, check out Winston Deloney’s real estate blog.