If time is money, investors can’t afford to dilly-dally. Maybe you feel content with your portfolio as-is. You don’t feel the need to grow. Or perhaps you’re hesitating because the market seems inhospitable. Regardless of the reason, it’s much harder to regain momentum once you’ve lost it.
Let’s clarify: to truly build wealth through real estate, you must scale your portfolio. One or two properties won’t cut it. Our time is limited, too, and we must make the most of it.
But we get it, too – sometimes you lose interest, have bigger priorities, or don’t feel motivated. It happens to the best of us. So, how do you power through these seasons and keep up that real estate investing momentum?
Here are our tips.
6 Ways to Maintain & Regain Momentum in Real Estate Investment
Tip #1 – Avoid analysis paralysis.
We all want to be informed, but there’s such a thing as too much information. Whether you’re looking into an individual property, market, or investment strategy, the desire to know everything can keep you from moving forward. Making informed decisions doesn’t demand your investment omnipotence.
Do reasonable due diligence and take action.
Tip #2 – Connect with like-minded investors.
If you’re feeling unmotivated, put yourself in the position to get excited again. For many, that means connecting with investors like yourself. Their success and enthusiasm are contagious! It may be tough to stay motivated if you’re investing without a support system.
Tip #3 – Keep learning.
Are you investing in yourself? Regardless of your strategies or experience, every investor has plenty left to learn. Devour industry books, listen to podcasts, scour blogs and e-books. Read industry news and research new markets and innovations. The more you know, the more enthused – and prepared – you’ll be for your investment journey.
Many of us are busy professionals. We have careers, lives, and priorities beyond just investing. Make time for it anyway. Even if it’s just a chapter a night or a podcast during your commute, it’ll help you feel motivated and keep real estate investment top-of-mind.
Tip #4 – Reaffirm your goals.
Every investor has short- and long-term goals in mind. The longer we do this, the easier it is to lose sight of those goals. We get off track or forget why we’re really doing all this work. Remember and reaffirm your goals regularly.
For one, goals can change. Your circumstances in life change, and with them, so do priorities. That’s okay! You’ll stay more on track, though, if you regularly assess your goals (and investment KPIs) and align them with your actions.
Are your investments really moving you toward what you want in life?
Consult with your advisors. Scrutinize and refine your portfolio. And most importantly, keep your focus on what matters. If your investments move you in the right direction, you have an incentive to redouble your efforts.
Tip #5 – Organize your systems.
Nothing kills motivation like disorganization. You’re more prone to give up if you can’t find the necessary information, tools, and resources. Investors must keep detailed records of their expenses, income, and assets. This will keep things more organized in your brain and easy to access when making big decisions.
We recommend keeping both digital and physical records of important information. Scan in PDFs or print out important documents to keep in a filing cabinet. Not only will this streamline the process of filing taxes, but it allows you to better see and evaluate how far you’ve come. That in itself is motivating!
Tip #6 – Review regularly.
We lose steam when we take a “set it and forget it” approach to investing. Sure, this works for other types of investments. It doesn’t work for real estate. Even turnkey investors must take a vested interest in the performance of their assets. That means having regular conversations with partners, managers, and advisors. It means carefully combing over performance metrics.
It will keep you abreast of what’s going on, motivated by wins, and aware of the next challenge to tackle.
Here’s a final word of wisdom. We know that the real estate market is challenging right now. Investors are tempted to pause or pull back. Don’t give in to those fears. Time is one of your greatest assets – and it’s painfully finite.
Rather than dwelling on doomsaying, focus on the essential truths of this business: real estate investment works. It’s weathered centuries of trials. It is time-tested and reliable. The fundamentals are there. You can get bogged down by challenges or face them head-on!
Don’t know which way to go? Talk to your REI Nation advisor today.