The New Year is just around the corner, and that’s a time for staking stock of the past year’s achievements, mistakes and goals for the future. For income property investors, there’s no shortage of suggested resolutions for building more wealth in 2015. And most of them echo the advice Jason Hartman’s been giving all year long.
Whether you’re just starting out or a seasoned investor looking to expand your portolio, the year’s end is a handy time to take stock of what worked and what didn’t in the previous twelve months and fine tune strategies for improving things in the year to come. In the investing world, that might mean taking stock of three key parameters: yourself your assets, and the markets.
A recent article from Memphis Real Estate Investing suggests a few key resolutions for investors and points out that even small changes can have a big, and unexpected impact on investing success in 2015.
With that in mind, here’s a look at some ideas for ways to jumpstart investing success in 2015 and beyond:
Revisit your investing goals and make new plans if necessary.
Short and long term goals are a reflection of ourselves and the world we live in. You might be investing in rental real estate to build a nest egg for retirement, to provide a legacy for children, or for many other reasons that arise from your life and priorities. But those can change.
Reevaluating investing goals can involve reevaluating the larger context of your life and its circumstances. Career and family changes are among the many things that can affect how and why you invest – and what you do to make it work.
Evaluate your knowledge and improve it
Taking stock of goals also means looking at your own knowledge and skills. Are there things you need to learn about investing to make your plan work? What will you need to do to educate yourself?
That might include taking courses or seminars about investing. It might involve finding a financial adviser or investigating new ways of managing your properties. Finding ways to improve your knowledge depends on your goals and overall investing plans – and that’s always subject to change.
Maintain control and discipline
Successful investing depends on staying in control of your investments. It can seem easy to hand over all your investing decisions and the day to day management of your investments to “experts” and managers who promise to tae care f everything for you. But the real estate world is full of scams and fraudulent experts. The person who takes your money might be incompetent – or worse yet, an outright con artist.
But taking control of your investments calls for discipline and organization. Managing your investment directly might mean becoming a hands on landlord/entrepreneur. It might mean working with a property manager or other professionals. Staying in control of your investments might mean making schedules, keeping better records or making other arrangements to keep things running smoothly.
Get good investing advice
Staying in control doesn’t mean going it alone, though. And one resolution for 2015 might be to consult with professionals in areas where your own expertise is thin. Taking stock of your goals and refining your strategies might point up areas that need a boost from outside experts. Finding knowledgeable support is also a part of the learning process, as you discover what you know, what you need to know and how to find out.
Investigate new directions
Taking risks is a part of investing and so is knowing your own tolerance for risk. Whether you’re highly risk averse or willing to go out on a limb, being open to new avenues and opportunities can yield major dividends. One way to explore new directions in investing is to diversify holdings into new markets, perhaps far from your local area. Jason Hartman calls this being an “area agnostic” – being open to investing opportunities wherever they might be.
New Year’s resolutions are usually made to be broken. But for investors working to build wealth from income property, keeping a few essential ones just might open doors to big returns in 2014 –and beyond. (Featured image:Flickr/mikhailchurkin)
Cooper, Chris. “5 Mew Year’s Resolutions for Real Estate Investors.” Memphis Real Estate Investing. memphisinvest.com. 26 Dec 2014
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