Financial Freedom with Real Estate Investing MB 213: Keeping Your Mindset Right in the Face of COVID-19 – With Vinney Chopra
What are you doing to keep your mindset right during the Coronavirus shutdown? Are you making the most of the extra time at home? Taking advantage of the opportunity to invest in yourself and learn something new? Taking care of yourself, your family, your team, your investors and your tenants?
Vinney Chopra is a sought-after multifamily real estate expert with 12 years of experience and 28 successful syndications under his belt. To date, Vinney and his team of 67 control and self-manage a portfolio of 4,100 units worth $330M. He is also the bestselling author of Apartment Syndication Made Easy and the host of two podcasts, Syndication Made Easy and the Mr. Smiles Motivation Talk Show. Vinney came to the US 43 years ago with just $7 in his pocket, and he credits his success to the power of positive thinking.
On this episode of Apartment Building Investing, Vinney joins me to discuss how his team is dealing with the short-term impact of COVID-19 and what they are doing to support tenants in his properties. Vinny compares his experience in 2008 to the present circumstances, discussing why multifamily is the best business to be in during a recession and sharing his prediction for a V-shaped recovery. Listen in for Vinney’s insight on cultivating a positive outlook and taking care of your physical and mental health through the current crisis.
Key TakeawaysHow Vinny’s team is dealing with the short-term impact of COVID-19
- Community managers + leasing agents helping people remotely
- Keep mind right, remember that this will pass
How Vinny’s experience in 2008 compares to the current situation
- Little money or experience in 2008, start with just 14 units
- 4,100-unit portfolio today (cash rich and optimistic)
What Vinny’s team is doing to support the tenants in his properties
- Talk to banks, utility companies and authorities for reprieve
- Look for creative ways to help tenants (e.g.: prorate rent)
- Educate residents on available government programs
Vinny’s take on how the stock market drop will impact multifamily
- Properties currently on market will decrease in value
- Lending tough right now, look to individual investors
How a V-shaped recovery is likely to play out
- Short-term cashflow problem resolved in next few months
- Temporary dip in NOI, use cash reserves to get through
How Vinny thinks about buying opportunities in multifamily
- Change in seller behavior likely to shake loose good deals
- Investors who lost $ in stock market looking for better asset
What Vinny is doing to keep his mindset right
- Dress up for day and do morning routine as before
- Make best of time with family, virtual meetups with friends
- Focus on spirituality, mental and physical health
What’s most important to Vinny right now
- Health of family, team and fellow citizens
- Giving back to people in need
Vinny’s advice on making the most of the extra time we have
- Hone in on skills
- Build investor list
How Vinny cultivates a positive outlook
- Feed mind with positivity, make lemonade out of lemons
- God gives us trying times to grow our inner strength
Connect with Vinney Chopra
Apartment Syndication Made Easy by Vinney Chopra
Mr. Smiles Motivation Talk Show
Text LEARN to 474747
ResourcesRead Michael’s Free Report—What’s the Best Investment: The Stock Market or Real Estate?
Join Michael’s Deal Maker Mastermind