6 questions to think about as the year comes to a close

Are you ready to wrap up 2014

Ready or not 2015 is right around the corner. But before you jump into the New Year there are a few things you need to consider as this year comes to a close:

  1. Real estate investors are only as good as their strategy— after 10 months of working on your flipping strategy, income properties, rehabs and REOs you should take stock of your successes. Has your current strategy allowed you the freedom, income capacity and growth you planned on? Is your strategy still relevant and is there room in the market for what you’re doing? If not it might be time to consider a new investing strategy.

  2. How do your accounting books look— did you employ Quickbooks? Have you accurately kept track of your business expenses and prepared for tax season? It’s always a great idea to consider hiring an accountant to review your books. Come January you’ll be thankful you got some help. It’s better than a shoebox full of receipts

  3. Is it time grow the team— find yourself short on time? Not sure who to call-on when the phone is ringing, emails are piling up and that new rental needs a faucet replaced. Perhaps you should consider building your team. Great real estate investors delegate. They have a keen understanding of their strengths and weaknesses. Make a quick list of all the opportunities you’ve missed and items that continue to remain on the “to-do” list. If that list has more than five things on it—it’s time to expand your team.

  4. Should you consider expanding into new locations— ICOR has presented a lot of opportunities to learn more about other areas throughout the state and even offered some insight on out of state investing. With this new knowledge comes some power—the power to expand where you invest without fear of the unknown. Perhaps your investing strategy is picking up in another area of Colorado. Think about what it would mean to grow your business statewide or into a new city; will it offer more opportunity?

  5. Have you filed that LLC paperwork— legal concerns should be at the top of your list, as a business owner and entrepreneur, you have no excuse. Start filing that LLC paperwork, have your lease documents reviewed and make sure you are up to snuff. If something ever happens on one of your properties (regardless of strategy) you don’t want to be liable.

  6. How does your business or strategic plan look— we’re willing to bet most of our investors have abandoned putting a business plan together. We don’t blame you, they can be pretty dry. But you should buckle down and do it. How can you measure success if you have no plan or way to measure it?

Need more resources? Check out the ICOR vendors and the latest newsletter for advice and insight in planning for your next year.

See you at the November meetings!

ICOR Monthly Meetings...
Spotlight
Tuesday, November 11th  
Colorado Springs Monthly Meeting - Regional Planning & Development Panel: How Will Your RE Business Be Impacted 
Spotlight
Wednesday, November 12th   
Denver Monthly Meeting - Regional Planning & Development Panel: How Will Your RE Business Be Impacted? (Click For More Information)
Spotlight
Thursday, November 13th

Northern Colorado Monthly Meeting - Regional Planning & Development Panel: How Will Your RE Business Be Impacted?
(Click For More Information)