In this weeks podcast, we outline our 12 step guide to starting or growing your real estate portfolio in 2017.
The end of the year is fast approaching and while Christmas time can be very hectic, a few days away from the normal day job can be a great time to set and revise our personal and finance goals for 2017.
Today we outline 12 simple and actionable steps that ANYBODY can take to seriously increase their net worth in 2017.
1. Commit. Make a promise to yourself that you are going to do it.
2. Get Your finances and your Life in Order
3. Study and gain general Knowledge
Ultimate Beginners Guide to RE Investing by Brandon Turner
ABCs of real estate investing by Ken McIlroy
The Millionaire Real Estate Investor by Garry Keller
5. Set Your Goal(s) and decide what strategy can get you there. Be ambitious.
6. Analyse different areas but choose one location at a time.
7. Figure Out Your Financing and get pre approved.
8. Get Your Core Team Together: sourcing, rehabbing, manager, maintenance, CPA
9. Start Looking for Deals and get lots of practice analysing them. Review your numbers and get second opinions.
10. Make offers and take the plunge. Don´t let anybody intimidate you but don´t get angry or aggressive either - stay calm and professional at all times.
11. Keep Yourself Organized - have spreadsheets, funnels, to do lists, deadlines, cashflow projections etc. Set aside time to review performance every month. Look at incomings and outgoings of your properties. Nip problems in the bud.
12. Always be networking and alert for new opportunities. Keep reviewing your goals. Have a great Christmas!