Building a real estate portfolio can be a challenging endeavor. It takes time to find good deals, raise money and oversee your assets to ensure success. We all have different motivating factors that get us up in the morning to achieve our goals. It is critical to check in on your goals frequently so you can course correct when you are tracking off course. Take for example my own situation. Over the last six months, my total acquisitions have been zero. Looking back, I know exactly how and why that happened. Number one: I got off course from my goals and vision. Number two: my mentality was telling me that every listed deal was overpriced because it is a seller’s market. Number three: I never adapted my investing approach over the last two years to change with the market shifts.
The summation of all three items drifted me slowly off course as each day passed. Taking a few hours to evaluate where you are today, compared to your goals is critical. However, knowing when to change your approach is necessary to keep you in the real estate game for decades to come. I had to transition my business focus from investing in multiple asset types to focusing solely on purchasing apartment communities. I had to transition my focus from investing in all Southeast US markets to focusing on a few markets in the Southeast US. Changing my approach was required. Since that shift and realignment of goals, I have over 200 units under contract with target closing dates in winter 2018.
Check in on your approach, shift it, and achieve massive goals in the weeks and years ahead!