2019 is already here and most of us are making resolutions for the year ahead. As a beginner real estate investor, you probably have some New Year’s resolutions you hope to accomplish in 2019. It’s actually essential to take this time to re-think and refine your role as a real estate investor and set goals for the coming year. Successful real estate investors know that setting SMART goals is important in their investment journey. At the end of each year, they reflect and identify which real estate mistakes to avoid in order to make wiser decisions. And you should too. So, here are 4 New Year’s resolutions for the beginner real estate investor.
1. Find Your Focus
There are so many realms to explore when investing in real estate. As a beginner real estate investor, make 2019 the year where you put your focus on a particular niche in the real estate world. You should then commit to a deeper understanding of that niche.
By focusing on one area, you will be able to become the best in your field. Whether you want to start investing in multi-family real estate or single-family homes, finding your specific niche will help build your confidence as a real estate investor. Moreover, you will be able to limit distractions that would keep you from reaching your goals.
Be sure to find a strategy that you love which is in line with your goal to make money.
Related: Top Six Real Estate Investment Strategies
2. Network and Seek Advice
New Year’s resolutions for the beginner real estate investor are about growth. It is impossible to grow if you keep moving in the same circles. Networking is vital in the real estate industry since it is a people-focused industry. You need to leave your comfort zone and acquire real estate skills from other people. There is always so much that you can learn from interacting with others. You will learn better about real estate investing from investors who have done it already. Networking is also a good way to connect with real estate experts who can offer professional advice as well as new investment opportunities.
Up your game by teaming up with people that have skill sets that can complement yours. The more people you connect with, the higher the odds of doing better. Work on always getting new contacts that could be beneficial to your investment career. You just never know who you will meet. Attend real estate events, meetings, and workshops where you can meet experienced real estate investors from whom you can learn. As a beginner real estate investor, you can set yourself a goal to meet ten new people each week. You can also work to pass out at least ten business cards each week.
Related: 7 Real Estate Agent New Year’s Resolutions for 2020
3. Work to Increase Your Return on Investment
Your goal as a beginner real estate investor should be to find opportunities with low risk and high profit. Make 2019 the year where you are focused on maximizing your ROI.
You need to be realistic about your rental property budget and avoid wasteful spending. Review your real estate portfolio and look for ways to save money without compromising on quality. You can begin by conducting a utility audit. This will help you ensure that you avoid overpaying for your services.
You should also review your rental rates frequently to ensure that what you charge is consistent with the local market. Make any needed improvements that would make your income property more attractive to tenants. This will help you earn more rent and boost your return on investment.
If you realize that you have made a wrong decision with a particular investment, be ready to let it go. Sometimes, we may get too attached to our income property to let it go and sell in the hopes that market conditions might fall in our favor and things may change. Deciding to hang on to a poor real estate investment may hinder you from investing more favorably elsewhere. Always examine how your investment property is performing and immediately cut your losses if needed.
Related: What Is a Good Return on Real Estate Investment?
4. Keep Learning
Make a resolution to make 2019 the year you learn as much as possible about real estate investing. The better educated you are as a beginner real estate investor, the better the investment decisions you make will be. Successful real estate investors never stop learning.
Take the time to learn the best strategies in the industry, research the real estate market, and be familiar with current market trends. Stay in the know by getting that training you have always wanted, sign up for courses designed for real estate investors, listen to podcasts, read books, or attend seminars. If possible, you can also find a mentor that can walk you through the process and share their expertise and experience with you.
There are many great resources out there that beginner real estate investors can use, most of which are free. Be sure to take advantage of the many property sites on the internet together with their free newsletters, webinars, videos, and blogs. Mashvisor is one of the leading real estate sites that you can use to learn more about investing and the US housing market 2019. Be sure to make Mashvisor your number one stop for blogs and educational materials on property investment.
Related: 10 Best Real Estate Investment Books to Read in 2018
The Bottom Line
As a beginner real estate investor, having New Year’s Resolutions is important if you want to become better. However, a goal without a plan is just a dream. It is not enough to set a New Year’s Resolution. You ought to create a workable plan to achieve these goals. With the right goals and strategies, 2019 can be your year to build your property portfolio and crush your financial goals. If you are looking to reach your investment goals in 2019 as a beginner real estate investor, Mashvisor will help make it a reality.
To learn more about how we will help you make faster and smarter real estate investment decisions, click here.