Global pandemic … Political turmoil … Worldwide economic distress.
It’s tempting to just sit back and wait for everything to go back to normal … but the fact is, the world has changed before and it continues to evolve at a rapid pace.
Our strategies and tactics need to evolve, too.
We’re discussing possibilities and plans for a brand new year … even in uncertain times.
Investors like YOU can take advantage of new possibilities in 2021 and beyond!
In this episode of The Real Estate Guys™ show, hear from:
- Your baby-faced host, Robert Helms
- His worn-out co-host, Russell Gray
Broadcasting since 1997 with over 300 episodes on iTunes!
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Resetting for the new year
A new year is a clean slate. It’s a time when we all start over with new possibilities and a new plan.
There’s been a lot of talk in the news about “the great reset” coming for our economy … but this is the time of year when you can do your own great reset.
You have the chance to look back and say, “This is what worked. This is what didn’t work. This is what I liked. This is what I didn’t like.”
You’re rearranging things in your portfolio … maybe things in your life. Relationships, habits, strategies … take a total inventory of who you are and where you’re headed.
There are two types of investors that listen to our show.
The first type is people who do this for a living … they’re syndicators or developers, CPAs, real estate brokers, and mortgage professionals.
The second type is investors that do this on the side.
If you fall into the second category, it’s easy to follow the status quo … but we hope that this episode is a wake-up call for you to take a special look at what you’re doing.
There are lots of types of real estate that are not doing well in the wake of COVID-19. Others are doing very well.
There’s a concept we use called zero-based thinking. We didn’t invent it … but we like it.
Basically, it’s saying, “Knowing what I now know, what would I change? Would I get into this deal or market or relationship again?”
This is a great principle if you are considering any type of investment.
Another tip is to look at the other people doing what you are doing … or what you are thinking about doing … and seeing how they feel.
Are they bullish? Are they bearish? Are they doubling down … or are they getting out of Dodge?
And don’t forget the importance of creativity in your planning.
It is so important to unleash creativity when it comes to imagining and engineering what you want out of life.
To release that creativity, you need time. Take a time out and instead of working IN your business … work ON your business.
Remember … if you want great answers, you have to ask great questions.
And if things aren’t working … don’t just bring out the hatchet and lay waste! Create a plan for a smooth transition.
Clarify your vision
Some people think working on your business just means process improvement, better systems, investing in training … and all of those things ARE important.
But there’s a step above … we’re talking about your vision.
How do you feel about your business? Are you enjoying your business? Where do you see your business going?
Clarity of vision is one of the most important parts of successful real estate investing.
There’s nothing wrong with wanting to make money.
But if the only thing you are doing is making money … you can end up just being terribly miserable and hating the journey.
If money is your only destination … you may get there and realize that it has no meaning for you.
There are plenty of really happy, fulfilled people out there that will never be billionaires.
Your vision is both internal and external.
What will bring you happiness for yourself … and what do you want to do to make the world a better place?
If you don’t know WHY you are getting up every day to build your real estate portfolio … it gets easy to let other things get in the way and not give it the attention it deserves.
Areas to evaluate
The premise is that if you are going to start something new … you’ve got to take something off your plate.
Ask yourself, “Of all the things I’m doing, what are the ones that aren’t serving my vision?”
An essential part of your reset … and new strategy … is property management.
Your property manager is a key position in your real estate investment portfolio. Is it time for an upgrade?
Or, would you keep working with your current manager because things are going well? If so … keep it going!
Review your other professional relationships … with your tax pro, your legal pros, and your team … as well.
How about your marketplace? Do you keep what you have and move to another market or another niche … or is it time to liquidate?
When you are working ON your business … there is a component that a lot of people miss.
Nothing is perfect. You’ll always be able to find a flaw.
So, when you want something better … make sure you aren’t leaving the world of reality and moving into fantasyland … talking to experts is a great way to give your plans a reality check.
A fair assessment is crucial. You want to release your creativity and your emotions … but you don’t want to be led by them.
Both sides of your brain need to work together … analytical and emotional.
You don’t have to be investing full-time … but you do need to be giving your investments dedicated time.
For more on creating your own great reset in the new year … listen to our full episode!
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