If you didn’t set your real estate investment goals when the clock struck midnight to ring in 2018, it’s not too late. Now is a great time to focus in on what is and what isn’t working for you when it comes to your real estate investments. Setting the following goals will help you get on track:
Connect with people
Many times real estate deals are found by word of mouth. But, you’re never going to hear about any unless you’re talking to people. Attend conferences and industry related events. Get involved in your local chamber of commerce which is full of business people…people who know people. Strike up a conversation at these events and pass out your business card. Set a goal to make five new contacts every week. Don’t underestimate the power of social media, it’s greatfor reaching out to let people know what you may be looking to buy.
Sure it sounds simple, but not being organized can become a person’s greatest downfall. When you’re organized, you clearly know what needs to be done and therefore are more productive. Something as simple as getting a planner can make a difference. We’re not talking about using your phone all of the time to set appointments; although the phone calendar comes in handy. Seeing what needs to be done and where you need to be, written down on paper, helps to better visualize what needs to be done. When you know what needs to be done, you can set goals and be on your way to finding success.
Learning doesn’t stop at a certain age. Always be open to learning new things. In the world of real estate investing, there are many ways you can continue learning. Seek out courses on investing, read books and blogs, listen to podcasts; the opportunities are endless. Part of the learning process also means staying on top of market trends as well as any changing laws. If you’re going to be part of the real estate investing game you need to always be aware of the rules. You don’t want to be surprised and then ultimately lose out on a deal because you were uneducated in a certain area. Give yourself the knowledge to succeed and get an advantage on the competition.
Analyze Your ROI
Taking a closer look at your ROI will boost your bottom line in the long run. Write down your expenses when it comes to your properties. See where you may be able to save a few dollars. Look at each dollar spent to see exactly where it is going. If your analysis discovers you’re spending more than you’re taking in, you know it is time to make changes. You may be surprised at where you can save money.
If you are able to invest in turn-key properties, you will see that your expenses will be significantly lower. This will lower your costs for maintenance up-front. Many turn-key properties may also already have tenants which can save you money when it comes to finding renters.
These goals may seem like little things when taken separately, but when you combine them all, they can be a major help when it comes to finding success in real estate investments.