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Listen in to this week's Lady Landlords Podcast Episode! Click Here for the audio only version on the Lady Landlords Podcast!
In February 2020, I promised my husband, Emilio, that I would not buy another property that year.
We had been rapidly growing our Portfolio the year before. We added 4 Doors that needed gut rehabs, a new construction in the Dominican Republic...oh and bought a parking lot in NY. We were trying to settle everything in with our previous properties and sometime planned a wedding in all that! We were exhausted!
But, in came March 2020.
In NY, everything started shutting down and people were getting laid off. My husband was one of those people. It was a scary time. We had no idea what our future was, let alone the future of the world at that time.
And this is where YOU must make moves!
When my husband's job shut down, my initial reaction was, "OMG, we need to purchase another cash flowing asset to cover your wage loss ASAP!" Now, you might think that I was crazy for thinking this way. My husband sure did! 😂
But if you are reading this, you know the Wealth Generating power that REI offers!
So we picked up another Duplex in NY before closing out the year. But, what to do in 2021?
For us, 2021 was a year of recalibrating, systemizing, and rounding out our portfolio. We started by stabilizing our new property and then implementing property management systems to put our tenants on autopilot to save us invaluable time. (Click here to learn more about how you can use those systems) Once we did that, we looked at our portfolio and realized we needed two things: one more large multifamily in NY and to move into more passive investments.
Let's start with the Passive Investments: My whole goal with REI is to create time freedom to choose how I spent my day. Infusing other types of investing into my portfolio is just smart to roll our profits into more profits by not adding a time burden. I spent time finding strategic partners this year and am looking forward to growing in this space inn 2022. More on that to come. 😉
Now that large multifamily we need. Here are 3 lessons I learned that can help you with your next purchase in this crazy market.
1. You don't need to chase others to be Successful.
Yes, we all want more properties and more cash flow, but we don't have to compromise our mental health trying to attain it. Remember, we are each on our own unique journey. Comparing ourselves or making ourselves feel bad for not buying as many properties as another member is no way to personally grow. If you showed up, educated yourself, and feel that you made progress in what you were hoping to accomplish this year, well, give yourself a pat on the back! Make sure to join the Lady Landlords Goal Setting Workshop here to set the boundaries of what you want to accomplish!
2. Numbers don't lie.
I ended up not buying any doors this year and here's why. I found great deals this year, even on the MLS, even in NY. They exist! We made offers on some great properties we found and even had accepted offers. For the properties that we didn't get, other investors just made poor decisions. And that's okay. I'm not going to overpay for a property. I know my numbers and deal analysis is KEY for any successful investor. If others want to make poor financial decisions, that's on them. (Click here to become your own expert in Deal Analysis) For the properties we did get, home inspections made all the difference. Once again, finding Structural Damage changed our numbers dramatically and we walked. Know your numbers. Listen to said numbers.
3. REI takes persistence and growth.
This isn't a sprint. Real Estate Investing is about constantly adding building blocks and growing your strategy. It is this that grows your bottom line. So I didn't get another door this year. But, I diversified my investing and still increased my monthly cash flow by 3k. And you can too! The strategies work. You need to get the knowledge of them to grow your confidence so you can put your right foot forward...and then take step after step to Financial Freedom!
So what will you do in 2022? Not sure? Contact me and I'd be happy to work through things with you! Have a happy Tuesday!