We hope that 2015 brings you great success with your investments (and in life)! Regardless of whether you are new to property investment or a practiced investor, starting the year off on the right foot is a good way to ensure the kind of success you hope to achieve, which means, ending 2014 on your feet is also important.
We’ve already talked about looking back at your 2014 endeavors. Then what?
- Set your goals. To begin, don’t limit yourself. What do you dream of accomplishing with your investments this year, or even beyond 2015? You can’t achieve what you don’t articulate, so, go for it! Write down your goals first.
- List your resources. What do you have to work with in 2015? Develop a clear picture of your finances, identify your greatest allies and summarize your current investments (if you have any). Don’t forget to count your individual strengths and the kind of time you have to lend to your investments. They are the most important.
- Try to anticipate challenges. There are ample challenges that no one can predict, but there are also common investment challenges that can arise—like troublesome tenants or unexpected maintenance costs. What is your plan for managing these types of challenges in the coming year? Do you have someone to manage them for you? Do you have a cushion set aside for added expenses?
- Create your plan. After doing the first 3 exercises, along with reviewing 2014, you have enough information to put a plan together.
- Look at your goals, and based on what you know now, determine what is realistic and how you can get there—step-by-step.
- Work with the people who support your investment endeavors, to fill in the blanks.
- If some of your goals don’t seem realistic for this year, identify steps you can take in 2015 to achieve those goals in the future and add them to your long-term plan.
- Plan to revisit your plan. An investment plan doesn’t do you any good if it is too cumbersome or if you never look at it again. Schedule time, at least once a month, to see if you are on track and how to adjust.
- Remember that a plan does not need to be set in stone. It need only guide you along your path to successful property investment.
Here’s to a property investing in 2015!