Make 2018 Your Most Prosperous Year in Multifamily Real Estate Investment Yet
It’s that time of year again, when many of us make our resolutions for the year ahead. As a multifamily real estate investor, it’s essential that you have your sights set firmly on the future. Focus on the things that have held you back in the past year, and think about what you can do to overcome them. Even small changes can make a difference, so don’t hesitate! Set yourself some realistic New Year’s resolutions and watch your real estate investments prosper in the year to come and beyond.
Keep Focused on the Big Picture
Maybe you want to but two new multifamily properties this year, maybe you want to sell a property and reinvest, maybe you want to diversify your portfolio. If you haven’t already, set some real estate investment goals. Once you have defined your goals, you can use these to guide you in all of your decision-making throughout the year.
Now that your real estate goals are defined, you should give yourself deadlines to help you keep up momentum. Without them, you will not move forward. Break your larger goals down into the smaller goals and set a deadline for each. Track your progress throughout the year so you can see how things are going, and where you need to pick up the pace to reach your investment goals.
Save Money and Demand a Higher ROI
Review your property portfolio and look for ways you can save money. Start by conducting a utilities audit, to make sure you’re not overpaying for any of your services. Review all of you rents regularly to ensure what you’re charging is in line with the local market. By the same token, if improvements are needed, don’t put them off. The sooner you invest in making your multifamily property more attractive to tenants, the sooner you will start earning more rent to boost your all-important return on investment.
Try Networking and Seek Advice
Networking is an often-feared but essential tool in business, and it can be especially lucrative for multifamily real estate investors. Attend industry events and set yourself the target of meeting ten new people. You never know who may be looking for a property just like yours, or you might just be the perfect buyer for their brand new listing. Networking is also a great way to connect with multifamily experts who can offer advice and new investment opportunities.
Learn Something New
Have you always been interested in learning something real estate related or not, but put it off because you feared it would take too much time? Set aside one hour a week to devote to learning and you’ll be surprised at how quickly your knowledge grows.
If you’re looking for help setting and reaching your investment goals this new year, the team at 100Units.com can help. As highly driven and passionate multifamily property advisors, we can help you wherever you are on your investment journey. We can help you identify the ideal multifamily property to buy, as well as being there to make sure you get the best return on investment when it’s time to sell. We can also offer expert advice on how to scale and diversify your portfolio. Contact us today to make your multifamily real estate New Year’s resolutions a reality.