The COVID-19 crisis has thrown us all into unchartered waters. It is easy to panic at a time like this, as we are bombarded with information, but it is important to remain calm, rely only on credible news sources, and work through any problems methodically. Rahul B. Patel, a friend of the show, who has made several previous appearances, joins us today to provide us with some crisis management guidelines. In this episode, Rahul points to some reliable news sources such as federal and state websites, which get updated constantly. He also talks about the importance of balancing good business decisions with showing care and compassion towards your tenants.
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As a syndicator, it is likely that your lender gave you some abatements, and now is not the opportunity to cash in. It is critical to pass that good fortune onto your tenants. It is possible to come up with a plan that benefits both you and the end user, the tenant. Being a business owner during this time is not easy, and Rahul provides some guidance on the kinds of conversations you need to have with your staff. Bosses have to lead by example and he believes that if there are any cuts to come, those at the top should be willing to take them as well. He also sheds light on communicating with investors, ensuring any restructuring is done legally, and the importance of staying connected. While this is an unprecedented moment in history, Rahul feels that this is an opportunity to re-evaluate, slow down, and band together to be stronger than before. Be sure to tune in today!
Key Points From This Episode:
- How to handle the barrage of information about the crisis: Stay tuned into credible sources.
- Some of the short and long-term exposure multifamily operators and investors need to keep in mind.
- The importance of making good business decisions and helping tenants out and examples.
- Find out some of the legal steps to take to amend leases and tenant agreements.
- As a syndicator, pass the concessions you get from your lenders along to your tenants!
- Don’t be afraid to ask your vendors for help. They are in the same boat as you.
- Some of the other facets of the business multifamily syndicators can make adjustments to.
- Rahul’s tips on dealing with staff and the importance of transparency and openness.
- Leaders need to take cuts themselves before they make any payment cuts for staff.
- Tips on communicating with investors and Rahul’s thoughts on holding back distributions.
- Learn more about Rahul’s real estate plans over the next six to 12 months.
- How this time will reveal who was being appropriately conservative and who hasn’t been.
[bctt tweet=”As real estate entrepreneurs, we tend to take risks. We tend to take calculated risks. Now is the time to make some safe decisions, not for safety of your business but safety of the health and safety of others that are out there. — Rahul Patel” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
Rahul Patel phone number — 210-460-7787
About Rahul Patel
As Managing Partner of the fifth fastest growing law firm in the nation, Rahul B. Patel has a flair for delivering simplicity and superior client service. Over the last decade, he has developed a reputation for his innovative approach to commercial real estate and property tax litigation where he currently represents over $8.5 billion in commercial property. Not only does Rahul lead the Patel Gaines team, but he is also a certified NBPA Agent, a guest speaker for multiple organizations, and Professor of Hospitality Law at the University of Houston. Rahul was named on the San Antonio Business Journal‘s 40 Under 40 and Outstanding Lawyers list, and was their Man of the Year. He has also been featured in USA Today, Forbes, Fortune, BusinessWeek, Texas Lawyer and more.
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