The HUGE Mistake Made by Real Estate Investors When Growing their Portfolio!
Click Here for the audio only version on the Lady Landlords Podcast
Real Estate Investing can be sooo overwhelming! But, the FOMO can be ever worse!
Every day, we celebrate women in the Lady Landlords Facebook Group for buying their first, second or even 100th rental. But, as much as we are excited for that member, it is natural to then question your own portfolio. Maybe you wish it was you that just closed. Or that it was you that found those perfect tenants.
Now, this is where we make BIG mistakes!
When we get those jealous feelings or when we are upset that it's not our turn to have found success yet in REI, we tend to get sloppy. We make bad financial decisions. We jump in to situations without thinking about the impact. We react out of emotion rather than objective information. Doing this can cost you thousands of dollars and headaches as well!
So, how do we avoid this? Well, it all starts with YOU!
Every single one of us is living with a different life situation, but the place to start here is assessing your comfortability with risk and leverage!
Listen in to this week's episode of the Lady Landlords Podcast to take our Risk Tolerance Quiz!
This will help make sure you are not overleveraging yourself! See your Results below:
Mostly A's: Conservatives: If you are in this category, you want to focus growing your portfolio through Savings and increasing your income to purchase more properties. You might grow a bit slower, but you will be able to rest your head at night knowing that you played it safe in your comfort zone.
Mostly B's: Moderates: If you fell into this group, you want to look at your common Creative Financing Strategies. This is where you might want to consider using your current properties to purchase the next ones. This will allow you to continue to expand, but at a rate you'll still be comfortable with.
Mostly C's: Risk Takers: If you came back with mostly C's, Creative Financing will need to be your best friend. In order to scale...and to scale fast, you want to know the in's and out's of every strategy out there to have at your disposal. This way, when you find a property, you will know exactly which strategy to employ to acquire that property and to start earning money from it ASAP!
Need help deciding on which strategy is right for you? Apply for the Lady Landlords Roadmap here!