When storms come upon us, we have two choices…. give up or dig deep into our character, draw strength and fashion a solution that takes everything into account in order to pull through victoriously.
One such example of exemplary character that might encourage you comes from Admiral Jim Stockdale a survivor of the Hanoi Hilton, a prison camp during the Vietnam war. As a result of his eight-year journey we have come to know it as the Stockdale Paradox. “We retain the faith that we will prevail in the end, regardless of the difficulties AND at the same time confront the most brutal facts of our current reality, whatever they might be.”
These men maintained an unwavering faith that they would not just survive but prevail by becoming relentlessly disciplined at confronting the realities of the present while keeping the hope for the future.
How will you as a real estate investor and provider of homes to others approach your challenges during Covid 19? U.S. Secretary of Housing and Urban Development, Dr. Ben Carson expressed “We have to recognize that, by shutting down the whole country, we also have some significant economic consequences. So, we’re going to have to fashion solutions that take everything into account. We don’t want to destroy one area to say that we’ve succeeded in another area.”
What are some of the principles that you can put in place do your part:
Maintain your character by continuing your good habits of taking care of your business. Give confidence to your tenants, your vendors and your creditors that you intend to uphold your commitments through it all.
Commit to looking for solutions and not focusing on media dooms sayers. Practice relentless discipline in your daily activities by continuing reviewing and refining your definite plan for your business. Be kind to yourself. If you did not set enough reserves aside do not punish yourself. Use this time to better develop your contingency plan.
Outline communication to share with your tenants. Be the first to call them and lead them through a conversation of assurance. Help them to know that while the rent is still due that you will work with them on a payment plan if needed. Have resources to help them with assistance such as how to talk to other creditors. Develop regular communication channels through newsletters, mailings and phone calls just to check in.
Practice persistence and perseverance. It will take a while for us to recover from this disruption in life. Keep vigilant in your persistence to do the next right thing. This like many other calamities in our lifetime will build our character. We will prevail in the end!
