Last week, the President of the United States presented his annual State of the Union address to the American people. During his speech, the President spoke to the major issues affecting the American people and the world, as well as defining the steps he will take to correct problem areas and expand upon areas that are working well.
I thought this would be a good time for a check-up on the “State of Your Union“..your real estate investing business. This analysis should feed right into your goal planning for 2010 (there will be a post on goal setting coming soon!).
Let’s start with the positive. What’s working well in your investing business? Maybe you’ve set out to work on your credit and your FICO score is increasing. You may have been looking for a real estate agent to work with and have found a keeper. Maybe you’ve found and purchased your first rental property. Your efforts should be applauded! It takes alot to get started and make things happen.
So the next question is how can you build upon that success? Can you get a line of credit, based on your increased credit score, to finance your next purchase? Have you and your new real estate agent put together a list of candidate properties to visit and placed bids on the one’s you’d like to buy? Have you found a repair crew or started repairs yourself on the rental property you purchased? The key is to plan out your next steps and keep the positive momentum going. Before you know it, you’ll have monthly rental income streaming in and you can focus on acquiring your next property!
Now to the things that haven’t quite worked out so well in your investing business. You may have submitted several bids on properties only to come up with nothing. Maybe you’re having trouble finding a tenant for your rental property. The contracting crew you hired may be behind schedule and over budget.
Assess the situation and determine the factors that contributed to the problems. If you don’t think about what could have been done differently, you’re destined to get the same results. After that, take action to correct the situations. There’s nothing wrong with making mistakes. Mistakes are probably going to end up being one of your best learning tools. The only mistakes that will continue to haunt you are the ones that you don’t learn from and use to broaden your experience and knowledge.
So analyze your situation, determine where you can improve and get moving. Your bank account will thank you for it!
Also remember, there are many ways to be successful in this business. Use all options that are available to you. Check out how no money down financing, while a little challenging to obtain, can help you be successful in your business.