New’s came out late yesterday stating Disney World is set to close on 3/15 at close of business. What we are seeing in the world today is something that is unprecedented. At least I think so which makes for a timely post of this nature. There will be a significant impact to short term rentals in the coming weeks with no end in sight. This leads me to want to touch on and continue to remind myself. Here is something that recently came out about Disney World closing that is completely outside of my control, link.
You have two choices in life, focus on what you control or what you don’t control.
The Power Of Your Thoughts
You have a choice in life. You can sit and dwell on things you have zero control over, or you can acknowledge the things outside of your control and put your focus to controllables. It sounds so simple, yet we as humans love to sit and think about the things that are outside of our control. Want a great example of how I am using this thought in my current situation? Here we go.
How The Economy Shake Up Is Impacting Short Term Rentals
Disney World and Universal announced late yesterday that they would be shutting down their parks beginning on 3/15 at close of business. They are currently projecting to remain closed until the end of March. I don’t believe there are any plans after that at this time until things settle in.
I recently closed on my fourth property in the Orlando area. I use three of them for short term rentals and one for long term renting. The main reason for buying where I bought was for renting out to people who are coming to visit Disney and Universal!
With everything going on and both Disney and Universal shutting down, there is going to be a ripple effect to short term rental owners.
Here is the thing. I have 0 control over Disney or Universal shutting down. I have 0 control over the virus spreading. I have 0 control over guests canceling their trip to Orlando.
So what do I plan on doing? I plan on letting any guest who reaches out to cancel to cancel. Safety is always first. If my calendar goes unfilled for two months, that is part of why it is called investing!
How I Am Cash Flowing Things
I am not worried about this situation. I have enough cash to handle mortgage payments for a while. I am also receiving my bonus from work in the next few days. There is no reason to worry! This is part of the process. You have to be ready and prepared for no income coming in. You must be prepared and ready to take a hit in the mouth for things that are outside of your control.
This is what makes investing fun! You must learn to roll with the punches and rock and roll!
Key Takeaways:
- Focus on the things that are within your control.
- Don’t dwell on the things that are outside of you control.
- Always have a plan to be able to pay for your investments in case of a worst case scenario.
Don’t forget @TheYoungRetireeBy33’s 3 Core Principles:
1 – Your money should make money for you⠀⠀⠀⠀⠀⠀⠀⠀⠀
2 – Start early to realize the power of compound interest⠀⠀⠀⠀⠀⠀⠀⠀⠀
3 – Eliminate your largest expense by house hacking
