Wow, 2010! Last year was a year of transition and adjustment for many real estate investors. When 2009 started many people were wondering when things would return to the way they were. Now it seems that just about everyone has accepted the fact that we not be returning to the boom anytime soon. Good thing.
If you are a serious investor you have most likely set your goals for the coming year. But what about your strategy? No matter which aspect of real estate investing you have chosen to pursue, you need to constantly make adjustments. A pilot flying from New York to LA will start off on a certain course. Numerous things along the way will require the pilot to make adjustments as he flies to his destination. Real estate investing is no different; every strategy needs to be adjusted. If you are happy with your chosen strategy then just make your corrections and keep cruising.
Changing Course
What if things haven’t been going so well? Perhaps it’s time to reassess everything. Start with your long-term goals and work backwards. Will your current strategy get you where you want to go? If not, perhaps you should scrap it and start over. The great thing about real estate is that there are so many different ways to participate.
If you’ve been flipping, maybe it’s time to buy and hold. If financing has been your biggest challenge, maybe you need to start doing subject-to deals. Tired of being a landlord? Sell your properties with seller financing or do a wrap of your existing loan. How about investing in notes, becoming a hard-money lender, or wholesaler?
A Chance to Begin Again
Changing strategy may just give you the adrenaline rush you had when you first started out. However, you now have a head start with the experience you’ve gained. The New Year is a chance for a new start. Just remember that the definition of insanity is doing the same thing over and over while expecting different results. So if it hasn’t been working, try something new.
You cannot expect to achieve new goals or move beyond your present circumstances unless you change.– Les Brown
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Article Author: Richard WarrenRichard has written 176 articles for us.
Visit Richard's Website: http://www.rehabberseye.com
Joshua Dorkin
{ 3 comments… read them below or add one }
Great post! The beginning of the year
is a great time to set new promises/goals.
Create the path… and watch it all unfold:)
.-= Mark Arenella´s last blog ..Renovated Single Family Colonial, Midblock Location On Quiet Street, Copiague =-.
that’s the great thing about investing that I enjoy. Things change so often that you really have to stay on your toes to stay ahead or even keep up!
I’m still only sticking with my two preferred strategies of short sales and sub2′s but I’m always adjusting them as they need to be to keep up with the changing market.
Richard,
I like the perspective you bring on changing course.
You idea about selling existing properties with seller financing is a great idea for those real estate investors who want to participate in a different way.
Of course, as we know, we see a lot of real estate investors who are tired with their portfolio of properties do this.
Related, a friend of mine this year purchased a 22 townhouse complex in Hamilton Ontario Canada. He was able to make this deal happen because the seller was willing to offer seller financing. Had the seller not been willing to offer seller financing, the deal would not have come together.
Best Regards,
Neil.
.-= Neil Uttamsingh´s last blog ..What is RSS and how do I use it? =-.