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Ryan G. WrightDec 26, 2020 12:00:19 AM3 min read

Essential E’s: Top 5 Real Estate Resolutions

Welcome to 2021 – bound to be the most epic year yet for real estate investments! In order to take advantage of all of the financial opportunities that this new year has to offer, it’s essential to put your best foot forward with all of your investment strategies. Remember… this is the year that your life will change for the better by taking control of your investments and opening the door to financial freedom.

We’ve created a list of Top 5 New Year’s Resolutions so that you can start off your real estate investments with a bang. These resolutions we call the Essential E’s are the key to prosperous investments. If you make these adjustments with regards to your real estate goals, your increased knowledge and success is guaranteed for 2021:

Essential E’s for Real Estate Investing

1. Expand Your Knowledge

There is a vast wealth of knowledge to be found in fixing and flipping homes, from tips on how to find the best properties to successful rehab and staging advice. Since investing in real estate is far more involved than fixing up and reselling a house, make sure you do as much research as possible to ensure that real estate investing is right for you. Investment groups are an excellent resource to learn more about fix and flips, plus The Investor's Edge has a wide variety of resources at your disposal to learn all of the ins and outs of successful flipping. 

2. Exercise Discipline

Once you learn more about the process behind fixing and flipping properties, it is important to get organized and exercise as much discipline as possible with your investments. When the time comes to search for a lucrative property, keep track of all of the homes you find for sale in a spreadsheet and organize them according to their listing prices, locations and how you found them (MLS, auction listings, etc.). This way, once you find a property and rehab is successfully sold, you can go back and identify where it came from, so you can find another lucrative property more easily. 

3. Effectively Network

Networking is a vital part of establishing a successful investment. Connections through real estate investment clubs, bankers, agents, lawyers and contractors can give you an inside track on where to find the best properties and how to get the rehab work done for a good deal. The key to a successful property investment is high margins; if a contractor you know can give you a discounted rate for the home repairs and an agent you know can sell the home quickly, this will do nothing but increase your overall profit. Therefore, networking = higher margins. 

4. Evaluate Your Short and Long-Term Goals

An essential part of successful investment strategies is identifying your short and long-term financial goals. Are you looking to make a quick profit? Are you interested in turning real estate investments into a lucrative, long-term career? Are you seeking to get out of debt? Are you trying to save for the future? Answering these questions will help you determine which kinds of property investments you should pursue. For example, if you’re looking to make a quick $10,000, it would make more sense for you to invest in a wholesale deal, rather than a retail fix & flip. If you’re looking to make a larger profit over a longer period of time, then investing in retail deals could be more sensible.

5. Explore and Evolve Your Portfolio

In addition to identifying your short and long-term goals, you need to plan how you want your investment portfolio to evolve in 2021. Set small, obtainable goals for yourself, whether it be to find and flip one, five or twenty homes in a year. What will it take to get you there? Believe it or not, the art of fixing and flipping homes can not only evolve your investment portfolio, but it can give you the building blocks to creating your own business. 

Now that you have the Essential E’s to start this new year off right, we would love to help you get started with your real estate investments.

Learn how it all works by watching our next webinar.