Let’s face it; we’re all here for the same reason, to learn about real estate investing from other investors and to hopefully improve and grow our own real estate businesses. Every year around this time people from every walk of like to reflect on what practices worked for them during the previous year and look forward with new goals for the coming year. With that in mind I thought it might be helpful to propose some real estate related goals for 2013 for investors of any level.
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New Year’s Resolution #1: Buy Something
For the novice investor this may mean buying your first real estate investment that you owner occupy or just buying your first investment property to rent out. For the veteran investor it could mean trading up to a large mixed use or multifamily property. For the multinational real estate expert it could mean buying your first property in another, city, state, country, hemisphere or adding a specific amount of monthly cash flow to a portfolio!
It doesn’t matter if you plan to fix and flip or buy and hold, most investors know that the best way to succeed is to keep identifying and purchasing the right kinds of properties. My goal for 2013 is to buy two properties that I can renovate and hold for my portfolio. I was able to purchase and renovate two properties last year and I will attempt to replicate that feat this year.
New Year’s Resolution #2: Refinance A Property
For those of us who already own several properties maybe this is the year you take advantage of historically low interest rates and refinance a property or an entire portfolio with a blanket loan. Cheaper debt service equals greater profits so refinancing is another way to increase cash flow that doesn’t require acquiring new properties.
New Year’s Resolution #3: Build/Improve Your Real Estate Investing Team
This could be a goal for a seasoned investor or someone who has yet to make their first purchase. Putting together a team that includes contractors, real estate attorneys, accountants, lenders, and real estate agents that you can use as resources to get opinions and analysis will exponentially increase your odds of succeeding as a real estate investor. If you already have a team then take a few minutes to evaluate them and see if alternative, cheaper options exist.
New Year’s Resolution #4: Get More Organized, Systemized, Streamlined, and Consistent
This one isn’t only related to real estate but almost everyone has room to get more organized, systemized and streamlined which will allow you to work more efficiently (i.e. less) but still consistently put out a reliable product. Take a few minutes to review your systems and consider if there are better ways to do them. Take advantage of technology like computer programs, apps, iPads, iPhones, tablets, clouds and all of those things you may have heard about but don’t really understand.
And for those of you who don’t own any properties yet and are not quite ready to take the plunge, don’t worry I have some 2013 resolutions for you too!
New Year’s Resolution #5: Continue Learning About Investing So You’re Ready To Start In 2014
If you’re reading this that means you are interested in and attempting to learn about real estate investing. Keep reading, learning, networking, analyzing and trying to get comfortable with real estate investing. Develop a game plan that can be easily executed and put all of your ducks in order so you can be one of the people who finally buy their first investment property in 2014!
New Year’s Resolution #6: Save Down Payment Money For Your First Investment Property
If you’ve already done your reading, learning, networking, and analyzing maybe the only thing you have left to do is save up the money for your first purchase. If that’s the case then your goal for 2013 should be to save the down payment required for your first property.
2013 offers a fresh start and plenty of opportunity for improvement for real estate investors of all skill levels. Hopefully this post will help you start the year off right so you when you reflect on 2013 it will have been the best real estate investing year of your life!
What are your new years resolutions for 2013? Leave me a comment below and let me know!
Good luck and Happy New Year!
Photo: Ed Yourdon