In the best of economic times, many people get caught in the loop of “what if?” And the more you find out, the more you find you don’t know. That’s the vicious loop of learning more to find out how much more can go wrong.
This morning (at least morning at my California beach house), the federal government took over Freddie Mac and Fannie Mae. This was done in an attempt to stabilize the mortgage market. That’s a good idea, but there are obviously a lot of details to work out. What if this truly dooms stated income loans forever? What if the more onerous Freddie Mac rules now apply to Fannie Mae? (No more than 4 loans, for example) We can worry till the cows the home. But the Power Question is: What now?
If you’re still actively looking at real estate, what will you do on Monday? How will you find the next deal? How will you find your next tenant? How will you prosper when others are panicking? What now? And it’s not “what now” in an “Oh my gosh, what am I going to do now?” type of panic. It’s what clear cut steps with good strategy behind me can I take NOW?
I guarantee you, that 10 years from now you will look back at 2008 as a time of huge opportunity. The real question, then, is will you look back and say, “Thank goodness I took action and kept my head.” or will you say, “If only I’d done something.”