I ' ve known investors who ' ve made huge lifestyle changes and sold everything in one state , like California , and purchased an entirely different part of the country where the cost of living is less .
The beauty of being a real estate entrepreneur is that it offers us so many choices and opportunities for success ; however , I believe in order to get the most out of this career choice , we need to constantly review our portfolio .
As we close out one year and head into 2025 , it ' s the perfect time to take an honest assessment of your individual holdings . Here are some good questions to ask to start analyzing your portfolio :
Are the areas where your properties are located improving , staying the same or looking worse than when your initially purchased ?
Do some rentals always seem to
have issues with constant turnover ?
Are you still using that vacation home you were so excited about ten years ago when you purchased it ?
Is the shortterm rental strategy working out like you thought it would ?
It ' s important to be brutally honest with yourself when reviewing your realestate portfolio because oftentimes , we sugar coat issues to defend mistakes because we simply don ' t want to admit we made have made an error .
We should all have a real estate game plan for the new year , whether it is to buy three new rentals , flip five properties per month , or even refinance that highinterest rate apartment building so cashflow can improve . Don ' t let another day pass you by without taking the time to analyze your current situation and make a plan to improve and expand in 2025 .
Now is also a great time to review your insurance coverage as well so you can be certain that you understand what it and isn ' t covered before going into the new year . This year alone , we dealt with two water pipes bursts in two different properties , plus evictions and other property issues . All back to back , in one year . Don ' t get caught off guard , know what is and isn ' t covered in your properties and always have enough reserves .
Your reserves should be equal to the amount of properties you own , an investor with two rentals will need less cash on hand than
The beauty of being a real estate entrepreneur is that it offers us so many choices and opportunities for success ; however , I believe in order to get the most out of this career choice , we need to constantly review our portfolio .
someone who own a dozen properties . Keep the cash in an interestearning money market account that is easily accessible for emergencies .
By reviewing your holdings annually and creating a solid game plan for the future , investors can make the most out of their entrepreneurial efforts in real estate . Thank you so much for taking the time to learn with Realty411 .
Wishing you all the best !
It ' s important to be brutally honest with yourself when reviewing your realestate portfolio because oftentimes , we sugar coat issues to defend mistakes because we simply don ' t want to admit we made have made an error .
Linda Pliagas
REALTOR ® Licensed in California DRE # 013555699 The REAL Brokerage
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