It is finally 2021. Happy New Year!
We know a lot of us were eager to see this new year as last year was a strange and trying year for all of us in one way or another. For the real estate investor, we know there were indeed trying periods that had you all worried and distracted from what you wanted to do and accomplish.
Even if 2020 was not all we hoped that it would be, we have confidence in our ability to move forward in the new year. While a new year in and of itself does not radically change us or our circumstances, it does offer us a great opportunity to reflect, refocus, and rebound. Real estate investing is not for the faint of heart. It demands your dedication, your time, and attention — regardless of your investment model. Even passive real estate investors benefit from a refresh and a refocus on their investment goals.
HERE’S HOW YOU CAN START 2021 OFF ON THE RIGHT FOOT AS A REAL ESTATE INVESTOR.
While the value of honesty and transparency is often emphasised upon, this is more about being honest with yourself. Real estate investment is not a one-size-fits-all venture. It’s time to be honest with yourself. Confront the things that you are dissatisfied with and the things that you feel are missing from your experience. Be honest about whether or not you enjoy your current investment model, or if you feel you should be more or less active or passive. Be honest about what you want out of your experience. If you’re not getting it where you are, it’s time to start looking for other methods and strategies that will get you to where you want to be.
Realign your goals.
More importantly, know why you’re investing. Your motivations, your reasoning, and those deep-set, unchanging goals will guide your decision-making this year and for years to come.
2020 probably threw some things off-kilter for you. 2021 is the perfect time to realign your goals. While your overarching goals may stay the same, timelines may need tweaking or adjusting based on your changing financial situations or priorities. While we must stick to our goals, we can’t be so stubborn that we reach for unrealistic or unsustainable standards.
Push forward, absolutely, but ensure that your goals are something you can do where you are. Don’t ascribe to someone else’s standards of success if they’re not right for you. Now is the time to really look at where you are and map out the steps you must take to level up.
As always, communication is key. It might be that 2020 was busy for you or that you grew complacent. Whatever the reason, renew your determination to keep the lines of communication open and free. This is communication between you and your turnkey provider, your management team, your advisor, and your colleagues. Express your fears, desires, and frustrations. Be open about what you want. Be an advocate for yourself and your investing future. Only when you communicate these needs and desires can you cultivate the best outcome for your real estate portfolio.
Continuing your education as a real estate investor is essential. You can renew your focus and your excitement for investing in real estate by continuing to learn more about your markets, your strategy, and other investors. Now is the time to connect with and learn from other real estate investors. Read more books. Stay up-to-date on your markets and the markets you want to be in. Keeping real estate investing top-of-mind motivates you to carry on and inspires you to step outside of the hum-drum comfort zone you might feel stuck in.