How are you protecting your financial situation through covid-19?

[Chris Soignier]

For those of you who depend on real estate for your income, whether it be rents, commissions, flips, notes, etc., what steps are you taking to fortify your finances to reduce the risk of a liquidity crunch?   Many if not most of my multifamily investments have already suspended distributions, and I expect that my commission and revenue sharing income will take a hit as well through the duration of this pandemic and possibly beyond.

Right now, cash is king, and cash + debt is far better than little/no cash and little to no debt. I have ample available credit lines, but I'm not counting on them to remain at current levels. I just drew $25K on my HELOC and deposited it into my savings account. All discretionary purchases are on hold, and I'll be reviewing my recurring/subscription billings to cut charges that are no longer needed. Maybe I can even "hire" my homebound wife as an assistant!

Regardless of what the markets do, this is not the time to Netflix & chill.  Consumers and companies will still need to buy, sell, and invest in real estate, and they're spending a lot more time online.  This will be a great period of time for aggressive investors and agents to grow their online presence while many others retreat from normal business development activities.

For those of you whose incomes have been &/or will be impacted, what are you doing to mitigate the impact of current events on your personal and business finances?