When you think about voting, the first image that comes to mind is casting ballots in a voting booth.
In our present democratic order, voting is mostly associated with political activity.
While generally true, people are constantly voting in different ways throughout their life.
Just look at your daily routine. You vote with your dollars to patronize restaurants, clothing stores, theaters, car dealerships, computer stores, etc.
By buying a certain product brand you are in effect voting with your dollars in favor of said product.
This act is a form of consumer sovereignty that people exert on a daily basis.
Such behavior can determine if a company enters the ranks of the Fortune 500 or if they close their doors forever.
As individuals, our actions may seem trivial.
But in totality, they can shape business, culture, economic conditions, and politics.
Paradoxically, in the last case, otherwise apolitical individuals’ behavior has the potential for transforming a given jurisdiction’s economic and political profile.
This is often the result of people voting with their feet.
You would think that moving, something all of us are accustomed to doing, would not have such implications.
But for other countries, who are not as economically blessed as the US, the departure of its most talented can spell all sorts of economic mayhem.
When we focus our attention down south, we see how impactful the concept of people voting with their feet is.
Countries like Venezuela have sat front and center of contemporary economic collapse stories.
Its unreal levels of hyperinflation and pronounced food shortages are the stuff of economic horror stories.
What ended up causing this crisis is a story for another day,,,
But what’s more pertinent to this discussion is how Venezuelans have responded to their economic predicament.
According to reports from the BBC, 5.4 million Venezuelans have left the country and have settled down in countries like Colombia, Panama, Peru, Spain, and the United States.
Most who have fled are among the country’s most educated and talented.
With that said, the Venezuelan exodus is an extreme case that will likely not take place in the US.
Nevertheless, you are seeing notable internal movement within the US.
After all, Covid-19 and the government response to it have been pretty disruptive.
Regardless of what one believes the proper response to the pandemic should have been, lockdowns have undoubtedly caused enormous disruptions in American supply chains and put millions American out of work.
In this grueling process, many Americans have started to question the merits of living in big cities.
You see, high cost of living, high taxes, inflexible labor markets, and rising crime have prodded Americans to move to more business-friendly states in the Sun Belt prior to Covid-19.
The pandemic was simply the final straw for millions of Americans who quickly realized that perhaps big city life ain’t what it’s cut out to be.
This has created a great “re-sort: of the American population.
They’re leaving the big cities and heading towards the American interior, especially suburbia.
Simply put, these areas are much more affordable and calmer to boot.
As they say in the real estate space: Location, location, location.
States and localities that have more flexible business regulations, housing development regulations, and friendlier tax systems tend to be the spots Americans are moving to en masse.
You, the empowered real estate investor can exploit the current economic situation to your advantage.
Here’s the thing.
Economic crises often force people to downgrade their living standards.
That means cutting down on fancy dinners, cancelling spa memberships, skipping out on buying the latest car model, etc.
But there’s one thing that all Americans — irrespective of their race, creed, and income strata — will always need:
Housing.
The home is at the center of the universe.
Every human has three basic needs: food, income, and shelter.
The last will always be in demand, even in times of economic tumult.
Hard times often force people to tighten their belts and lower the living standards by a notch or two.
Nowadays, more people are renting properties.
You heard that correctly.
There is no longer a taboo about renting houses, which should be music to the ears of the empowered investor.
Income property is the most historically proven asset class in the entire world. No questions asked.
For far too long, your average real estate investor has been chasing unicorns in highly unstable cyclical markets in coastal metro areas in the US.
The result has been thousands of hours wasted and hundreds of thousands if not millions of dollars lost using suboptimal investment strategies.
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