Okay, amongst our hectic schedules it is important to take time for yourself and nurture your body, mind and spirit. It is a very cold week across the country and everyone is complaining about freezing their fannies off. I am fortunate to live in the sunshine state and while it may be a bit cool for us we are blessed to be warmer than most of the country. I awoke to a crisp 68 degrees and sunshine.
I took this awesome privilege of great temperatures and sunshine and went for a nice walk around the neighborhood where I live. This was perhaps a perfect postcard morning with sunshine, golf courses, people walking and jogging and more birds singing and swimming in the ponds than I have seen in a long time. I thought to myself why do I not enjoy these beautiful morning walks more often?
As I stopped to take this picture of all these birds sunning themselves on the water side another woman walked by. I raised my arms and said: “this is what it is all about” She smiled, nodded her head in agreement and replied. Oh I know, I wish my whole life was like this”.
As I continued my walk I could not help but think about her body language and her voice reflection and the words that she responded with.” I wish I could spend my whole life this way”.
I thought she maybe is not from Florida and she is in awe at the weather or perhaps she is referring to the freedoms of having time to just go out and enjoy a nature walk whenever you want to. One Thing For Sure is she was totally enjoying herself!
Are you planning your life or just letting your days unfold?
It is moments like these that make you sit back and take stock of what is important to you and are you doing the necessary things to be able to enjoy life. As we are in the first couple weeks of a new year, it is an appropriate time to dust off your investment plans and perhaps update them. Are you getting out of life what you want, are you getting out of your investments everything you can? Or worse yet do you not have any plans in place at all? (Investment or otherwise)
Creating your real estate investing strategy
As you are reading a real estate post there is a very strong probability real estate is your thing. Like so many others it is the vehicle you wish to use to help you live the life you wish to live so as we are at the beginning of a new year it is paramount to plan and be purposeful.
Learn and duplicate what works
I always encourage people who truly want to invest in real estate to get involved. This is a great opportunity to learn which real estate investing model you prefer. One thing I have identified over the years is that most investors love to share their stories so talk to fellow investors and duplicate what resonates with you. (Word of caution) pick one model and stick with it. New investors get caught up in the rat race of chasing the next and greatest shining object fail to ever make an investment, do not let this happen to you.
What do you realistically want from an investment?
Identify what you want from an investment. “I just want to make a lot of money” is a common response to this question and one that is not an investment strategy. With lack of focus you will get lackluster results. Here you will want your results to be realistic and sustainable so be purposeful when identifying what your expectations are.
Be purposeful and think of what you want as a long term outcome when establishing your criteria
Things like: What do you want to invest in; single family, multi families, distressed property, fix and flips, buy and holds? To be terrific you want to be specific. What types of properties and investment style excites you the most. As you identify this, you will be on your way to an investment that will be worth owning.
How will you pay or finance?
I always recommend to not even look at property until you have your cash or financing in place. The best deals move extremely quickly and you will want to move quickly on the good deals or you will lose them to the more seasoned, better prepared investor.
Establish your entity structure
Especially for buy and hold investments, you will want your LLC or trust, etc. set up. An accountant and an attorney can best assist you in establishing an entity that will both save you tax dollars as well as liability protection for your investments.
Create a plan
Create a plan for yourself and share it with all your team members. Your Realtor, your accountant, your attorney, your trades people. If everyone you work with understands what you want to accomplish, they can all have their eyes and ears open looking to help you find solutions to your investing wants and needs.
Want to talk about your investment strategy? Schedule a one-on-one strategy call today.