Here is a 10-minute video I put together on: How to protect yourself, your biz and your real estate holdings as well as clients, employees, suppliers, guests, residents, tenants… in a time of covid-19.
This is what I cover off:
IN THE GREAT DEPRESSION INDUSTRIAL PRODUCTION CONTRACTED BY MORE THAN 40% in Canada, US and Germany between 1929 & 1933
China’s GDP growth in Q1 2020 was -40% (in just three months!)
Canada can expect similar results: 3-months and 40% decline in GDP
But Canada and Canadians are to the job… our parents and grandparents coped with:
Spanish Flu (25 to 39 m dead)
Great Depression (25% unemployed)
World War II
Cold War & potential nuclear Armageddon
“Tenant rescue package”
(For both commercial & residential portfolios)
1. On case by case basis, tenants get… reduction in rent (by half or more) for three months followed by six to nine months of higher payments to catch up
2. Results in good reputation for landlord + loyal tenants who stay longer reducing tenant churn and, as a result, landlord make-ready costs and vacancies, crucial to longterm portfolio profitability
Colonnade BridgePort provides dental practice with full rent deferral until crisis passes
Make your clients aka tenants more successful to make yourself more successful…
Stock up on… CASH
Prompt Financial up to $40k?
Your mortgage broker really is your… CFO, chief financial officer
Freeze or reduce spending including deferring payments to suppliers and tax payments
What will the future bring now?
No one really knows
It’s time to make our nation, our cities and ourselves more resilient and self-sufficient
Eg, Pinhao Portugal Backyard Homesteading–grow local
Barcelona’s vision is to become self-sufficient by 2050…
-in manufactured goods (eg 3D printed cell phones)
-in meds …
Even their own Barcelona currency to promote buying local
We already have the Calgary dollar, the Salt Spring dollar, the Kawartha look, why not an O-town dollar?
After crisis is over, Canada should seriously look at implementing a UBI, universal basic income… if we had this in place today, we wouldn’t have millions of Canadians in a desperate situation…
Add to landlord & community resiliency via?
Home micro retail*
Backyard storage sheds*
* Part of FEHAJ (for every home a job) movement
Add Tech Packages… to your apartments and other rentals; it’s now an essential service for work-at-home
Less need for office and retail space, more mixed use, just add microsuites…
STOP building mono-cultured office buildings; if someone wants to build an office tower in your town or city for 500 workers, don’t let them unless they also include in the same building 500-microsuites so people can live and work in one place
It’s part of the new FEJAH movement (for every job a home)
Bank of Canada Cuts Interest Rates
Historic buying opportunity?
New homes in south Florida in 2007: $875,000 USD
Bought two on same street in 2009/10: $350,000 (both from one seller in foreclosure)
Sold one in 2016 for: $850,000
Kept the other one, free and clear
We need to be more humble about human frailties and capabilities, and treat each other and the planet with more respect and love…
BE WELL EVERYONE
FOR REAL ESTATE INVESTMENT AND BUSINESS COACHING THAT’LL HELP YOU PROVIDE FOR YOURSELF AND YOUR FAMILY FOR 3-GENERATIONS, PLEASE CONTACT:
Bruce M Firestone, B Eng (civil), M Eng-Sci, PhD
Real Estate Investment and Business coach
Century 21 Explorer Realty Inc broker
Ottawa Senators founder
BOOK YOUR FREE CLARITY CALL WITH PROF BRUCE NOW, https://brucemfirestone.com/coaching/prof-bruce-real-estate-investment-and-business-coaching/talk/
• MAKING IMPOSSIBLE POSSIBLE
• FREEDOM VIA REAL ESTATE INVESTMENT AND PB4L, PERSONAL BUSINESS FOR LIFE
• FEHAJ, FOR EVERY HOME A JOB, FEJAH, FOR EVERY JOB A HOME
• MAKE YOUR HOME WORK FOR YOU, INSTEAD OF YOU WORKING FOR IT
• HIGHER ROI NOT JUST FOR OWNERS AND INVESTORS, BUT FOR TENANTS, GUESTS, VISITORS, NEIGHBORHOODS, COMMUNITIES, TOWNS, VILLAGES, CITIES AND THE ENVIRONMENT TOO
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