As I reflect on 2013 and look forward to another year as a real estate investor, there are many things I’m proud to have accomplished, but many more areas that need improvement. As an entrepreneur, it’s hard not to constantly wrestle with the need to improve. As my business continues to grow and adapt to a changing market, I’ve identified 5 areas of improvement that I’d like to focus on in 2014:
1. Utilize More Atrategies for Finding Properties
With a continual decrease in the supply of available distressed properties, it’s become imperative for us to find new methods of finding investment properties. For a number of years, we’ve been able to acquire the majority of our properties via MLS, HUD and relationships with agents. It’s become increasingly clear that to maintain the volume and quality of investment properties that we want to buy, we need to be more creative with our acquisitions. From telemarketing to direct mail, one of my main goals in 2014 is to be extremely creative and aggressive in finding new sources of inventory.
2. Better Analytics
We are in the process of transitioning from a traditional bookkeeper to a controller for our business. Once a business reaches a certain level, bookkeeping becomes more than just figuring out tax liability. For us, we realize the need to truly analyze profitability in relation to the types of properties we buy. Not only this, but with the investment we are making in new acquisition models, it’s important to have a good handle on our corresponding return on investment (ROI). For us, 2014 is also going to be about better financial control and analysis.
3. Lower Money Costs
A penny saved is a penny earned. Every year that I’ve been in business, I’ve taken steps to …read more