For a lot of us, 2016 was a little rough. Maybe not for our real estate investment endeavors, but in other ways. Even if one area goes well, when others seem shaky or uncertain—maybe it’s global politics or the death of a beloved celebrity, or some other turmoil—it can be hard to believe that everything is going to go right.
2017 hasn't exactly been cupcakes and rainbows either, but this is where we have to start taking stock of our year. We are halfway done and regardless of the ares where things could be better, we have to plan for the second half of the year and how to improve the things we can control. We have control over items such as our investment mindset, where we choose to focus, steps we take to grow and improve our real estate investments.
It can be hard to have a plan when we are focusing on the wrong things. So let's get focused on how to make the second half of 2017 phenomenal!
Right now, we have before us an opportunity in one of the most reliable, time-tested investments known to man. Real estate investment has survived and endured trials and tribulations over and over again.
Even if you’re doubting, even if you’re facing your own challenges right now, you can head into the second half of this year on the right foot.
4 Practices to Cement 2017 as a Great Year for Real Estate Investment
1) Put Away Negative Thoughts
Doubt and negativity have the ability to become a self-fulfilling prophecy. Negative thoughts, thinking things will go wrong, and nay saying your own success will not serve you well. There’s just no point to it! While there’s merit in staying objective and level-headed and not overestimating yourself, that isn’t the same thing as being a downer about your situation.
Negativity kills productivity. If you’re worried about where things are headed, step back for a little bit. If you're not satisfied with some part of your investment, take a deep breath before deciding that all is lost. Often, misunderstandings can turn into huge regrets because we say things and take actions before we've really thought things through. We allow negative thoughts and doubts to control our reactions.
Try to recognize and capture any negative thoughts and realize that they don’t help your situation. They only hurt! Spend time using and trusting your partners, your advisers and even your service providers and find solutions to issues first. There will be time to make drastic decisions like selling properties or changing managing companies or any of a dozen reactions that arise from bad situations. The time to take those actions is after fixing the issue first!
I have found that by taking a deep breath and stepping back first, then listening and gathering information has always helped me make better decisions. I try to never focus on the negativity. Instead, I focus on fixing issues and then making decisions.
2) Find Inspiration & Encouragement in Your Peers
Nothing helps an investor’s career like good, solid connections. We’re not saying it’s about who you know—we’re saying it’s about support. Who do you have in your corner? In real estate investment, you need to have people who can understand what you’re going through: peers you can talk to, glean wisdom from, and just vent to when you can. Friends in this business, real friends, are a great asset.
You can also find resources to draw from that don’t come from interpersonal relationships. Think about the inspiration you can find from the titans of real estate! Successful businessmen and women, entrepreneurs, and others who you respect in the field. Read their stories, books, and advice. Seek out inspiration and encouragement not just when you need it, but every day.
You’ll be amazed how energizing and motivating it is to have that kind of inspiration top-of-mind. I have spent the latter half of my real estate investing career surrounded by positive and successful investors. Not that every investment we make is the right one. We have all lost money, had excessive move-out costs and even lost renters very early in their occupancy. We have all faced uncollected rent and evictions.
The difference has been that I have surrounded myself with real estate investors who know that these are short-term issues and by following solid, time-tested guidelines or operating and earning, our portfolios give us exactly the return we expect. There is a lot to be said for surrounding yourself with solid, level-headed investors.
3) Focus on Your Wins
When we get zoomed in on details, it can be very easy to fixate on what’s going wrong instead of what’s going right. Don’t forget to be grateful! Don’t neglect the times that you’ve won. Not only can you learn from the times things have gone well, but they’re proof that things do work out. They’re reminders that you can do this thing.
I have a mantra. It is "Celebrate All Wins". It means that no matter how small or insignificant it may seem, wins are wins and it is important to recognize them!
4) Fall Back on Reliable Things
What are reliable things in this business? One, numbers. Numbers are reliable. If you ever start feeling overwhelmed, lost, or confused, turn to the numbers. They won’t lie to you. From the numbers, you can find not only see the full picture of where you are, but you can map the path to where you want to be.
But we’re not just talking about the cold objectivity of numbers. We’re also talking about those anchors of support in your life that really matter. Consider your family and friends. The emotional supports that you have. It’s important to keep those relationships strong and healthy. Think about you team—your property managers, your turnkey partners, the people you trust with your investments.
These are the people you should be able to rely on when things get tough in the upcoming year! Because here’s the thing: you don’t have to do this whole real estate investment thing alone.
You don’t have to get overwhelmed and burned out and burdened. You can let other people handle the heavy lifting. That’s the key. If you’ve been taking on too much, maybe that’s your first step in the new year!
Think about how you can make more time for you—not stress, not worry. Instead, you should have the room to make your investments about a bright, growing financial future.