When the new year rolls around, everyone start to make resolutions. Whether it is to loose weight, find a new job, or even buy their very first investment property. However, after a week or so, people often throw their resolutions to the wayside. In 2020, don’t let this happen! As a real estate investor, here are a few new year’s resolutions you can make for the upcoming year.
Examine Your Short and Long Term Goals
The beginning of a new year is the perfect time to look at your goals. If last year you got off track, this is the time to plan how you are going to achieve those short term goals. Something that is beneficial to do at the beginning of the year is to meet up with a financial advisor. Sometimes after investing for a few years, you find that your long term goals have evolved. A financial advisor will be helpful in discovering what new long term goals you want to achieve in 2020.
Refine Your Investment Portfolio
This year, is the year, that you get the perfect portfolio. Last year you may have found your niche, so it’s time to look at properties that just don’t fit anymore. Or maybe this year, you want to diversify your portfolio, and that’s okay too! Start off 2020 planning how you portfolio will change and evolve throughout the upcoming year.
Develop Your Network
When hearing the word networking, many professionals groan. Yes, it may be a chore for some, but it is vital for any business, especially in real estate. If you think you have let a few relationships fall through the cracks, spend 2020 reconnecting. You never know who you can help or who will be able to help you reach your goals if you don’t reach out more.
Expand Your Knowledge
Throughout the year, it can be easy to get wrapped up into your own investments. It’s important to step back once and while and take in the world. In 2020, learn something new about the real estate market. There is always something new to learn, from strategies to new trends. By expanding your knowledge you are sure to experience new things, whether they are successes or failures.
Be More Disciplined
You last New Year’s Resolution should be the promise to be more disciplined with your real estate investments. In 2020, be more organized and communicative. Be open with your team, and be sure that they know the ins and outs of your vision. Try looking at where you can make improvements. An improvement doesn’t have to be big to be impactful, you can get a new planner, or you can go big and rearrange your approach entirely.
The new year is almost here, so it’s time to start thinking about where your next investment property will be. For real estate investors there is a rising risk for recession and economic growth may start to slow. Even with these possibilities at hand, the US housing market for 2020 is still quite favorable. Today we will look at what cities are taking the top five spots for real estate investment in 2020.
#1: Austin, TX
Looking back at 2019, Austin took 6th place, but now this city has risen to the top. Austin is a sought-after city due to its unique lifestyle as well as its promise for business and real estate expansion. The city has quite a strong economy, and many of its residents pick up high-paying tech jobs with companies like Google and Apple. It is projected that Austin will have the highest population growth rate in the United States for the next five years.
#2. Raleigh-Durham, NC
Next on the list is Raleigh-Durham. In the past year, the Raleigh-Durham market has had quite the impressive real estate investment performance. One of the most profitable sectors has been in multi-family real estate. In the first half of the year, Raleigh-Durham had reached $385 million in investment activity.
Part of why Raleigh-Durham is such a desirable place to be is due to their fine educational institutions such as the University of North Carolina, North Carolina State University, Duke University. The city is also known for its availability in tech jobs. Ranking 3rd, behind Silicon Valley and San Francisco, Raleigh-Durham has a thriving tech industry and offers more than 89,000 jobs. A diverse economy such as this, is a strong market fundamental that real estate investors are sure to get a great return rate on.
#3. Nashville, TN
For quite some time, the Nashville real estate market has been an attractive location for investors. Nashville moved up from 5th to 3rd place this year, and it’s expected that the demand won’t go away any time soon. Nashville has one of the lowest unemployment rates, 2.6%, out of the other large metropolitan cities in the United States. The economy is both diverse and fast-growing which makes it attractive for commercial and residential real estate.
The Christmas season is upon on, and although your focus may be on holiday dinners, visiting family, and buying the perfect gift, in the back of your mind, you can’t help to think about getting back to real estate investing.
There are so many helpful real estate investing tips out in the world, but many of them are for real estate market during the non-holiday season. Your real estate investing efforts don’t need to stop just because of the holiday. You can use this time to get ahead of your competition and plan for future deals in the new year. Below are just a few real estate investing tips that will give your business an extra boost during the holiday season.
Tip #1: Don’t Stop Making Deals
Although it’s the holidays, don’t stop making deals. Throughout the month of December a lot of investors take time off. This is your time to swoop in on some great deals. You will find that during the holiday season, there is far less competition than any other time of the year.
Tip #2: Generate Leads No Matter What
Take the holidays to generate a few leads. Of course don’t let it get involved in family time, but by generating a few leads you will feel much more prepared as you enter the new year. A few great lead-generation strategies you can lean on this holiday season is creating holiday-themed direct mail and throwing holiday-themes wholesaler parties. Staying with a holiday theme in your strategies not only helps spread holiday cheer, but help you start a conversation with people and form connections.
Tip #3: Asses and Plan Out Your Year
As 2019 comes to an end, take a step back and reflect on the good and bad of the year. Be sure to ask yourself a few important questions:
Ask yourself, “What went right?”
Over the past year look at your wins. This is a great way to examine what stratergies worked well. It is also a great way to boost your confidence!
Ask yourself, “What didn’t go according to plan?”
Sometimes we don’t always succeed, and that’s okay. You can’t beat yourself up over it. Think of it as a learning experience. You will be less likely to make the same mistake again.
Ask yourself, “What are your plans for next year?”
One you have looked back at the year, start to think of goals for the future. These goals should be both concrete and tangible. Be sure to be as specific as possible and lay out what actions you are going to take.