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.
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