5 Steps to a Better 2023 Real Estate Investment Plan
Are you planning to buy investment property in 2023? It’s important to have your business plan ready and take a more strategic approach to your investments. The right moves could mean the difference between thousands of dollars—if not tens of thousands or even hundreds of thousands.
Here are 5 important steps you can be taking now as you develop your 2023 investment plan, according to the real estate investment experts of PropertyLark:
1. Have a Plan
The first step is to actually have a solid investment plan. You must treat your investments as a business, whether you own one property or dozens. Make sure you have the right structure and people in place. Understand your investment strategies. Are you fixing and flipping for faster profit, or are you buying and holding for long-term gains? Are you buying properties that only need a little work or are you expecting to make major investments? Determine your investment goals for 2023 and get all the details figured out before you start buying, selling, renovating, renting, etc.
2. Confirm Your Business Structure
Do you have the best legal business structure for your real estate investment enterprise? There are tax advantages, as well as general pros and cons to be found with different business structures like S-corps, C-corps, LLCs, partnerships and sole proprietorships. Know the differences. If another type of structure is right for you, work to get the documentation, licensing and tax identities complete as soon as possible.
3. Plan Your Budget
A very critical component of your overall business plan will be your investment budget. How much are you willing and able to spend in 2023? Will those funds be applied to just one investment at a time or used for multiple purchases. Knowing your budget it so important before buying houses. Understand what you are able to invest, both in the purchase of the property and any renovation, listing and sales costs. Make sure you have room for profit to ensure the highest ROI.
4. Get Resources in Place
There are many resources that can help you be a more successful real estate investor. You’ll want to have a network of professional service providers you can trust to help with specific aspects of your business. Examples include contractors, construction workers, designers, real estate agents, etc. Find good property analytics tools to help you analyze properties and find the best investment opportunities before making offers.
5. Join Our Real Estate Network
Consider joining the free PropertyLark real estate investment network. We work with investors throughout the country and provide helpful home buying resources. We can bring off-market deals straight to you. We can offer exceptional home search technology and analytics software to identify on-market houses that meet your investment criteria. The PropertyLark network is exclusive to join, so fill out the form to the right to see if you qualify. Get your 2023 real estate investment plan as strong as it can be!