In the spirit of spring arriving, today we’re going to talk about growth. Specifically, we’re going to dive into the importance of keeping tabs on your portfolio’s growth, and some ways to stay on track with your goals.
On this episode of Investing in Real Estate, we’re going to talk about why spring is a great time to revisit your goals for the year and take a look at your progress. I’m sharing six action steps you can take to keep the ball rolling on your investing journey, plus my best advice for sustainable portfolio growth. Enjoy!
More About This Show
- The first thing you should really be doing is revisiting your Freedom Number. Examine where you are vs. where you want to go. This is an important exercise because it keeps you honest and it can help renew your motivation.
- Another action step you can take is to have a “brain dump” session and write down some different ways you could potentially purchase your next property. A few weeks ago I did a video on ways to buy real estate you might not have considered. I’d suggest revisiting that video, and writing down any strategy that you think could possibly be in your playbook for 2022! Remember, not every strategy is going to be a fit for you right now, but you should be able to come up with a few ideas that can help you move forward.
- Schedule some check-ins. Set up a meeting with literally anyone and everyone who is involved in your journey to talk about how you can reach your goals for 2022. This can be your spouse, a mentor or business partner, your tax planning team, or your point-of-contact on our team. It’s easy to keep putting off these types of meetings, but working some accountability into your routine can be super impactful.
- Consider leveraging your equity. If you’ve already secured your first property, you may want to consider leveraging the equity to buy your next investment. This is a powerful strategy because it doesn’t require you to save up a down payment from scratch. See my full video on utilizing equity to learn more.
- Outsource. One big mistake I often see new investors make is trying to do it all. I don’t care who you are or how smart you are, you can’t do it all. As the CEO of your real estate business, you need to be focused on big-scale things like growth and planning. Don’t get bogged down by tasks you could easily outsource such as property management or accounting. If you’re spending time in these areas, you’re stunting your growth.
- Don’t get distracted. You’ve already found your niche, you’ve got a cash-flowing rental property that’s building up your net worth…. now don’t try to reinvent the wheel! Once you’ve seen success, stay in that lane and keep going. Yes, it’s fine to diversify, but the most successful investors I know have largely stayed focused on one strategy. Especially as you’re getting started, it’s important that you keep building!
Book a Call with Our Team
10 Ways to Buy Real Estate You Might Not Have Considered
The Ultimate Guide to Leveraging Your Home Equity
The Extended Mind by Annie Murphy Paul
Q&A: What’s My Favorite Investing Strategy?
|morrisinvest.com/bootcamp ← Download your FREE 90-Day Bootcamp!
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
Ready To Build Passive Income Through Rental Real Estate?
Ready to talk about your goals? We're here to show you the tools and teach you the process to begin earning legacy wealth for you and your family.