{"id":164434,"date":"2024-01-10T11:56:06","date_gmt":"2024-01-10T18:56:06","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=164434"},"modified":"2024-01-19T08:30:45","modified_gmt":"2024-01-19T15:30:45","slug":"how-im-growing-my-portfolio-in-2024","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/how-im-growing-my-portfolio-in-2024","title":{"rendered":"Here\u2019s How I&#8217;m Growing My Portfolio This Year\u2014And How You Can Too"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC5058716161\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Over the last few months, I\u2019ve been frequently asked how I intend to approach real estate investing in 2024 and what the \u201cbest\u201d&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/which-real-estate-investing-strategy-is-best-for-your-goals\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">strategy<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;is for the coming year.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I want to answer these questions, but unfortunately, it\u2019s not possible. Real estate investing isn\u2019t objective. What markets, deals, and tactics work best for one investor may not work well for another. There is no such thing as \u201cthe best strategy\u201d\u2014only \u201cthe best strategy for you.\u201d<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Given this, I think the best way to share my thoughts on 2024 is to show you how I craft my strategy each year so you can create your own strategy for the coming year. I\u2019ll also show you exactly how I plan to grow my portfolio this year.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">When I think about my portfolio strategy, I break it into three different parts:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-preserver-spaces=\"true\">Vision<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Deal design<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Portfolio management&nbsp;<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Let\u2019s get into each of these.&nbsp;<\/span><\/p>\n\n\n\n\n\n\n  <div class=\"lg:block\" x-data=\"{ ad_block_block_659ee76896275: popAds(1) }\">\n      <template x-for=\"ad in ad_block_block_659ee76896275\">\n        <a\n          :href=\"ad.linkURL\"\n          class=\"no-underline text-black\"\n          x-on:click=\"adClicked('https:\/\/www.biggerpockets.com\/blog\/how-im-growing-my-portfolio-in-2024', ad.sponsor, ad.title, ad.id, 'blockAdClicked', 'blockAd', '')\"\n          target=\"_blank\">\n          <div\n            class=\"py-4 border-b flex flex-col flex-nowrap text-sm border-t px-0 rounded-none\"\n            x-init=\"\n              analytics.track('blockAdLoaded', {\n                referrer: 'https:\/\/www.biggerpockets.com\/blog\/how-im-growing-my-portfolio-in-2024',\n                sponsor: ad.sponsor,\n                ad_title: ad.title,\n                ad_page_location: ''\n              })\n            \"\n            x-intersect:enter.once=\"adViewed('https:\/\/www.biggerpockets.com\/blog\/how-im-growing-my-portfolio-in-2024', ad.sponsor, ad.title, ad.id, 'blockAdViewed', 'blockAd', '')\">\n            <div><span class=\"text-xs text-slate-light block bg-slate-50 p-1 inline-block rounded-md\">Sponsored<\/span><\/div>\n            <div class=\"flex items-center text-sm space-x-4\">\n                <img :src=\"ad.imageURL\" :alt=\"ad.imageAlt\" class=\"h-10 w-10 object-cover rounded-full\">\n\n                <div clas=\"text-sm\">\n                    <span class=\"font-bold block\" x-text=\"ad.sponsor\"><\/span>\n                    <span class=\"text-slate\/80\" x-text=\"ad.description\"><\/span>\n                <\/div>\n            <\/div>\n\n            <div>\n                <span class=\"font-bold\" x-text=\"ad.title\"><\/span>\n                <p class=\"mt-2 text-slate\/80\" x-text=\"ad.body\"><\/p>\n                <span class=\"mt-2 text-themeBlue block mt-2 underline\" x-text=\"ad.linkTitle\"><\/span>\n            <\/div>\n          <\/div>\n        <\/a>\n      <\/template>\n  <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Vision<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Vision details why I invest in real estate, what my goals are, and what resources I can use to pursue those goals. I always start here because if you start with the end in mind, you can work backward on the best way to get there.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Vision is made up of many different variables, but the ones I pay the most attention to are my personal values (why am I investing in real estate in the first place), the resources I want to contribute to my portfolio, my risk tolerance, and my personal financial goals. I think through these elements each year and then visualize them using my Personalized Real Estate Portfolio (PREP) framework.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1104\" height=\"840\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/image3-1.jpeg\" alt=\"vision framework\" class=\"wp-image-164439\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/image3-1.jpeg 1104w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/image3-1-300x228.jpeg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/image3-1-1024x779.jpeg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/image3-1-768x584.jpeg 768w\" sizes=\"auto, (max-width: 1104px) 100vw, 1104px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Having this all clearly laid out in front of me serves as the basis of my strategy. I know what I\u2019m aiming for, what I can and want to risk, and why I\u2019m doing this in the first place.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Deal Design<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Once I have my Vision set, I move on to deal design, which is where I narrow down all the great ways to invest in real estate into just those that are aligned with my Vision. Should I&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/guides\/how-to-flip-houses\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">flip houses<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;or&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/are-rental-properties-a-good-investment\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">invest in rentals<\/span><\/a><span data-preserver-spaces=\"true\">?&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/passive-real-estate-investing\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Passive<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;or active?&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/should-you-invest-locally-or-long-distance\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Local market or long-distance investing<\/span><\/a><span data-preserver-spaces=\"true\">?&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">These are all great questions to ask yourself. You need to narrow down your list. If you\u2019re constantly thinking about the many options you have, it can overwhelm, confuse, and distract you. So, each year, I take a look at my Vision and decide which types of deals are going to work best for me.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">As an example, I am only going to look at&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/how-to-analyze-a-market-for-long-term-rentals\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">long-term rentals<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;and&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/business\/finder\/lenders\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">commercial<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;deals in 2024 because flipping is too time-consuming for my Vision. Given that I live in Europe, I will only focus on passive deals.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">These are just a few examples of how I narrow down my deal options, but I recommend you think through the eight different categories of deal design shown in this example.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1094\" height=\"670\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/image2-2.jpeg\" alt=\"deal design framework\" class=\"wp-image-164438\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/image2-2.jpeg 1094w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/image2-2-300x184.jpeg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/image2-2-1024x627.jpeg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/image2-2-768x470.jpeg 768w\" sizes=\"auto, (max-width: 1094px) 100vw, 1094px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">By aligning my Deal Design to my Vision, I am able to focus on the deals that are aligned with my long-term goals and can ignore everything else.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Portfolio Management&nbsp;<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Portfolio management<\/span><em><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/em><span data-preserver-spaces=\"true\">is the last step of setting my strategy and is the most tactical. This is where I do&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/real-estate-investment-analysis\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">market research<\/span><\/a><span data-preserver-spaces=\"true\">, reallocate resources, create an investment thesis for the coming year, and create a buy box.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The first step is to take stock of my current portfolio and how it\u2019s doing. How close am I to my goals? Are all my deals doing well, or are some lagging behind? Am I taking on an appropriate amount of risk?&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Before deciding what you\u2019re going to do next year, see where you stand today. This allows you to prioritize your next few moves.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">After analyzing my portfolio, I look externally at the market\u2014to macroeconomic conditions and the conditions within the markets I invest in\u2014and determine what deals make the most sense. Are buying conditions good? Should I focus on optimizing my existing deals? By looking at what\u2019s going on around me, I can properly mitigate risk, identify opportunities, and decide what moves will be best for me in the coming year.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Lastly, I take all this research and information and form a plan. This comes in the form of an investment thesis (the guardrails I will follow for the next year), my action plan (the specific things I am going to do, which include, but are not limited to, buying new deals), and of course, a buy box.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1118\" height=\"1488\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/image1-2.jpeg\" alt=\"portfolio management framework\" class=\"wp-image-164437\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/image1-2.jpeg 1118w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/image1-2-225x300.jpeg 225w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/image1-2-769x1024.jpeg 769w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/image1-2-768x1022.jpeg 768w\" sizes=\"auto, (max-width: 1118px) 100vw, 1118px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">After filling out my portfolio management plan, I know exactly what I am going to do in the coming year. I have considered my goals, resources, and current market conditions and decided what makes sense for me in 2024.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Final Thoughts<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Hopefully, showing you my strategic planning process demonstrates why I can\u2019t just tell you the best strategy for 2024\u2014as mentioned, there is no \u201cbest strategy\u201d; there is only the \u201cbest strategy for you.\u201d You need to take into account who you are as an individual and an investor and decide what real estate investing approach is going to bring you closer to your goals.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">For me, that starts with creating a vision, narrowing down my deal designs, and then deciding on portfolio management. Following this process has allowed me to build a successful portfolio for more than a decade, allowing me to live the life I want and to achieve financial independence. I believe it can do the same for you.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">If you want some structure and guidance on setting your personal real estate strategy, make sure to check out my new book,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/store.biggerpockets.com\/products\/start-with-strategy\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">Start with Strateg<\/span><\/em><span data-preserver-spaces=\"true\">y<\/span><\/a><span data-preserver-spaces=\"true\">, coming out on Jan. 18. It will help you figure out exactly what type of portfolio is best for you. We\u2019re still in the preorder phase, so if you buy now, you\u2019ll even get a free copy of the Strategy Planner, access to group coaching, and tons of other bonuses.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">As always, if you have any feedback or questions, let me know in the comments below.<\/span><\/p>\n\n\n\n<div id=\"hero-block_4f3337dfdbc10d9e1f96de4d5bf97b1c\" class=\"first:mt-0 hero-block py-4    has-background has-theme-slate-dark-background-color has-text-color has-white-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-2\/3 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-white-color has-text-color has-large-font-size wp-block-paragraph\"><strong>Smarten up your 2024 personal investing strategy with Dave Meyer<\/strong><\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-white-color has-text-color wp-block-paragraph\" style=\"font-size:16px\">Set yourself up for a lifetime of smart, focused, and intentional investing with Dave Meyer&#8217;s guide to personal portfolio strategy. Play to your unique strengths, make investing enjoyable, and achieve your specific life goals on your own timeline. <\/p>\n\n\n\n<div id=button-custom-event-block_30fed8bdf43c8b3f27c08a42beb57832 class='button-custom-event'>\n      <a\n    href=\"https:\/\/store.biggerpockets.com\/products\/start-with-strategy\"\n        x-on:click=\"window.analytics.track('Blog Block | Publishing: SWS', {\n      referrer: 'https:\/\/www.biggerpockets.com\/blog\/how-im-growing-my-portfolio-in-2024',\n    });\"\n    class=\" btn-shape inline-block no-underline has-background has-theme-gold-background-color has-text-color has-white-color\" target=\"_blank\">Get Your Copy<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/3 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/SWS_Front-Cover-3.jpg\" alt=\"\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Building a portfolio strategy doesn&#8217;t have to be difficult. It just requires a little thought and time. Here&#8217;s how I&#8217;m expanding my portfolio this year.<\/p>\n","protected":false},"author":108611,"featured_media":164436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4241,7119],"tags":[],"class_list":["post-164434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-business-management","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/164434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/108611"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=164434"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/164434\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/164436"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=164434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=164434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=164434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}