3 Steps to Grow a Rental Portfolio
Updated: Dec 7, 2020
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Three critical steps in growing a profitable real estate portfolio are your Personal Investing Strategy, Right Timing, and a Progression Plan.
Step 1: Personal Investing Strategy
First, you need to figure out a personal investing strategy. There are many different strategies to get to the end goal. One of the most common is Buy and Hold Property for cash flow, which is passive income.
If you have great credit and a pile of money, it’s easy to start this strategy NOW. Otherwise, you need to be more innovative. If you aren’t already in the real estate business, you likely just don’t know where to begin or how to assess your position as you attempt to grow—or scale—a portfolio. I’m here to help you figure that out.
Step 2: Right Timing
Once the right strategy is determined, the plan must be executed in a specific sequence to optimize your financial investment.
Your individual sequence is unique, and depends on the financial position and time you’re willing to invest. Keeping up the pace often brings up fear and is where some folks get stuck the most. It is best to get help in figuring this out. It’s no different than working with a financial planner for buying stocks or an insurance professional to ensure you’re covered.
For real estate investing, you need a coach or mentor to guide you to the fastest return. This is exactly what I help people figure out in the Proven Profit Formula Coaching Program.
Step 3: Progression Plan
Working the plan in real time means looking ahead and taking action. Real estate deals take time to execute. You may need to look at many properties to find the right fit. Imagine how exhausting and frustrating it could be without a plan.
With a plan and the numbers in hand, it’s simplified. Also, the plan takes the emotion out of the deal and keeps you from making mistakes. For example, if your strategy is fix and flip, then WHILE you are completing one property, you need to be looking for and getting the next one under contract.
Why? Because if your plan is to flip 4-6 houses in one year, you can’t take a break between each one to go shopping. You need to move right into the next flip.
You want to be executing that rehab WHILE you are selling the done property. You can do it! I can help.