Tony Robbins’ Top Real Estate Tips in Today’s Economy

The real estate market has never been easy, but it’s been incredibly challenging over the past two years. Interest rates remain sky-high, rent has remained stagnant in most areas and housing prices have dipped in some of the pandemic hot spots.

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However, uncertainty presents an opportunity, especially if you know how to plan for long-term trends. Tony Robbins recently laid out some real estate investing tips for people who want to grow their portfolios in today’s economy.

People Still Need Places To Live

No matter how challenging the real estate industry becomes, people will always need a place to live. Single-family rental properties still carry demand, but if you have more resources, a small apartment may make more sense.

Apartments offer more units in the same location, making it more efficient to stay on top of tenants and manage your portfolio. If you don’t have enough money to buy an apartment, you can join a real estate syndicate that lets you invest $25,000 into an apartment project. Some syndicates have higher minimum investment requirements.

Robbins encourages people to remember that rental income remained solid for most apartments. When people lose their homes, they still need a place to live, and many of them turn to apartments during that time.

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Senior Housing Presents an Opportunity

Robbins has also mentioned senior housing as a promising opportunity for investors. That’s because boomers represent the largest portion of the population, and as they get older, demand for senior housing will go up.

Landlords may boost the cost of these services as demand increases. Some boomers are still in their 60s and 70s, so it can be another decade before some of them get into senior housing.

There’s already a strong demand for this service, as Robbins and other real estate investors note. You can get started with a real estate investment trust that buys these types of properties if you don’t have enough capital to buy a senior housing project or join a real estate syndicate.

Steer Clear of Office Buildings and Shopping Centers

Although Robbins recommends apartments and senior housing, he warns against office buildings and shopping centers. These real estate properties get hurt the most during recessions, but current trends suggest these properties can lose value in the long run.

Offices need workers in the buildings to retain value, but with remote work becoming more common, many offices have vacancies and are losing a lot of value. Shopping centers are also suffering as more people buy products online. This trend will likely accelerate with each passing generation getting more comfortable with e-commerce.

Adopt a Growth Mindset

Robbins has been a long advocate for a growth mindset. Looking for new opportunities and setting ambitious goals for yourself will inspire you to work harder, sharpen your skills and build a massive real estate portfolio.

A growth mindset can also translate into taking more action. Being grateful for your accomplishments, learning new things every day and meeting like-minded people can help you build a growth mindset. Real estate investors should get to know other real estate investors in their area, and participating in online groups can also help a lot.

Diversify Your Investments

Robbins also regularly suggests diversifying your investments across various assets. He believes you can quickly diversify with index funds, but when it comes to real estate, you have more options.

Investors can diversify across multiple asset classes: Apartments, senior housing, and commercial real estate. However, diversification also includes buying real estate in multiple towns, cities and states.

Expanding your horizons to multiple locations also makes it easier to find great real estate deals. Some investors are stuck with bad deals where they live, so they branch out to other locations when making their investments.

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This article originally appeared on GOBankingRates.com: Tony Robbins’ Top Real Estate Tips in Today’s Economy