Pros of COVID-19 for Real Estate.

[Devin DeLosSantos]

Hi I’m a 23 year old business owner in NYC. I have had to temporarily shut down two businesses in the middle of busy season.

COVID-19 took everyone by surprise including myself. I try and look at things from a glass half full perspective. Being in my apartment 24/7 alone for the last two weeks I’ve been able to work a lot on myself. Since I spend majority of my time on both of my businesses I’ve barely studied up on real estate which I would love to get into sooner rather than later.

COVID has given me time and made me realize that it’s the most valuable thing in ones life so I am somewhat grateful for this experience if I may say. I’ve been watching lots of videos and reading. I finally think I’m getting a lot closer into putting what I’ve learned from this great community and other resources to the test.

I wanted to hear if anyone else has seen some Pros during this pandemic that has defiantly affected us all negatively. Also if anyone wants to share any hot markets or any tips for a newbie it will be greatly appreciated!

[Abel Curiel]

Originally posted by @Devin DeLosSantos:

Hi I’m a 23 year old business owner in NYC. I have had to temporarily shut down two businesses in the middle of busy season.

COVID-19 took everyone by surprise including myself. I try and look at things from a glass half full perspective. Being in my apartment 24/7 alone for the last two weeks I’ve been able to work a lot on myself. Since I spend majority of my time on both of my businesses I’ve barely studied up on real estate which I would love to get into sooner rather than later.

COVID has given me time and made me realize that it’s the most valuable thing in ones life so I am somewhat grateful for this experience if I may say. I’ve been watching lots of videos and reading. I finally think I’m getting a lot closer into putting what I’ve learned from this great community and other resources to the test.

I wanted to hear if anyone else has seen some Pros during this pandemic that has defiantly affected us all negatively. Also if anyone wants to share any hot markets or any tips for a newbie it will be greatly appreciated!

Hello Devin and welcome to BiggerPockets!

You have a great outlook despite having to shut down your businesses for the time being. 

Some of the pros:

- A buyer's market is here or at least its coming very soon. Interest rates remain low and up until yesterday, showings and open houses were disallowed for over 2 weeks. This has put fear in many potential investors/buyers. This is a good thing for 'glass half full' people like you who can capitalize on opportunity with limited competition.

- With NY Real Estate at a standstill - you have a great chance to research local markets, consider different investment strategies and gather as much information on the process as needed.

- FHA is tightening up some of their guidelines. Less people will qualify for loans which turns many prospective buyers into renters. Increased rental demand can raise rents in high-demand areas. If you end up going down the rental property route, you can set yourself up to live for free or at least significantly lower your current living expenses.

- Large group gatherings, including Real Estate investment networking events, are not allowed at this time. This means everyone is going virtual! Instead of attending one 3-hour networking event for the week, you can possibly attend 2 per day from the comfort of your own home. Grow your network twice as fast in half the time.

The list of pros can go on depending on your goals and what you're looking to do.

Best of luck to you moving forward!

Abel