How to Grow Your Real Estate Portfolio in 2023 and Beyond – Episode 978

I always like to say that getting the first property is the hardest, and I do think that’s true. When you’ve never done something before, the first step is usually the hardest. If you’ve got one or two properties under your belt, you probably feel pretty accomplished—as you should! But it’s important to keep that momentum going, and use it to keep growing your portfolio.

On this episode of Investing in Real Estate, I’m going to walk you through some specific action steps you can take to make sure you’re continually growing your portfolio. You’re going to hear six tangible things you can do to ensure you’re on track for your goals this year and beyond. Click play to learn more about growing your rental portfolio!

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1. The first thing you want to do is update your Freedom Number, especially if it’s been a while. Look at where you are vs. where you want to go. Regularly updating your Freedom Number is important because it keeps you honest, helps you identify any changes in your finances, and can help reignite your motivation.
2. Another action step you can take is to have a “brain dump” session – write down some different ways you could potentially purchase your next property. Think of potential strategies that you could put in your playbook for the year ahead! Remember, not every strategy is going to be a fit for you right now, but you should be able to come up with a couple of ideas that can help you move toward your Freedom Number.
3. Schedule some check-ins. Set up strategy calls and meetings with everyone who is involved in your financial freedom journey. This can be your spouse, a mentor or business partner, your tax planning team, or your portfolio manager on our team. Remember that these people want to see you succeed, and working some accountability into your routine can be impactful and inspiring.
4. 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.
5. Outsource. One big mistake I often see new investors make is trying to do it all alone. I don’t care how smart you are, you simply 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, it’s likely holding you back from growing in other ways. Besides, it makes your life a lot easier!
6. 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’re enjoying success, keep after it! Yes, it’s fine to diversify, but the most successful investors I know focus on one single strategy. Especially as you’re getting started, it’s important to stay focused and keep building!

With all that being said, I want to see you reach your goals, but beware of trying to scale too quickly. Investing is a long game, so don’t put yourself in a position where you’re over leveraged or financially vulnerable. I don’t want to see you in a pinch over a tenant turnover or costly repair… so be smart about this. Growth is important, but buy-and-hold real estate is not a sprint. Set goals that will help you build wealth at a sustainable rate.

As always, if you need help setting investing goals or figuring out what your next move is, my team is ready to take your call at morrisinvest.com

Episode Resources

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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.

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