2014 is fast approaching.
Here is a list of things you might want to consider this coming January first.
1. Make a 2014 Action Plan
Setting up an action-plan before the new year is critical. This way, you can hit the ground running in January and you can enjoy the holiday season.
2. Express Gratitude for 2013
Look back at your year and acknowledge your growth, challenges, lessons learned and goals accomplished. Then, celebrate. It’s valuable to take the time to look back, so you can move freely and aggressively forward.
3. Revisit Your Metrics
You are probably already tracking metrics, but now is a great time to set up your 2014 reporting and find out where the gaps are. Look at rent-rates, capital improvements and contractor performance. Find out what metrics are no longer relevant and what new reports you can use to track your success in the New Year.
4. Set your 2014 Budget
Start with a three-year financial plan that considers your objectives and cost analysis. Upon this foundation, build a budget and estimate your projected money flows, in and out over a given period. Identify and test your key revenue assumptions and key variable costs. Break down your budget into expense and revenue categories. Then, plan your actions accordingly.
5. Learn from Your Wins
More times than not, real estate investor’s focus too much on what didn’t go well. One thing every real estate investor should do before Jan. 1 is identifying what went well. These are the victories. The next step is to unpack why these things went well.
6. Invest in Yourself
Invest in yourself and in your properties in 2013. This reduces your taxable profit and as such your tax liability.
7. Remember your Family
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