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Buying your first property is a challenge. What happens after the first property is purchased is what can keep you in the rental business. Goal setting is a must for all professionals in real estate. It is entirely possible to reach success with your first rental home. Learning how to set and reach goals with rental properties will solidify your position as an investor.
5 Goal Setting Tips for New Landlords
1. Learn time management
2. Network with professionals
3. Add more help
4. Research additional properties
5. Review progress monthly
Learning to Manage Your Time
Time is the one thing that is available to everyone if they choose to use it wisely. Time management is one of the most common traits of successful investors. It's easy to collect rent checks for a property. It is harder to create a growth schedule without time management. Coordinating your time spent on all projects daily will create a solid time management goal.
Networking Always Produces Results
Networking is the cornerstone of all new partnerships. Getting in touch with new investors or experienced ones can keep your skills sharp. Most investors who purchase a rental home make a decision to add another home within 12 to 24 months. Networking is a valuable skill that can help introduce investment partners and real estate deals you would have never found out about on your own.
Increase Your Daily Help
Even the best time managers can use a little extra help to get the daily workload finished. There are ways to add more people to your investment team without spending a fortune. Some states have laws that regulate the payment for interns and other volunteers. Adding a person who is passionate and ready to lead from your example can be a valuable asset. Increasing your help with internships our outsourcing in areas that eat your time can help you be more productive.
Locate Additional Investment Homes
At some point as a landlord, the thought of adding another property will cross your mind. Many people add homes on a regular basis to improve their net worth. When your time is properly managed, you can seek out additional homes to invest into to increase your housing portfolio. Using more than one resource to find investment opportunities can help uncover great deals.
Look Back on Your Monthly Progress
Rome was not built in a day and neither is investment income. What matters is the steps that you've taken each day in a one-month period that you can look back on as an investor. Fixing problems as they appear and learning from mistakes can help you grow as a real estate investor. Tracking your monthly progress no matter how small is a real confidence booster.