Don’t just make more money in 2020: make more profit. This is the year you need to simplify your business and focus on the right things that will help you navigate any change coming your way. I’ve given a lot of thought to this, and I have over fourteen key things that you should focus on in 2020.
First thing’s first, forget the hustle. Spend more time thinking and reading and planning this year so that you can spend the time you actually work operating at high peak efficiency. We are not in the real estate business, regardless of what you may think. We’re in the marketing business. Never stop marketing because leads are the lifeblood of your business.
As the market shifts, you’re going to need more cash on hand. If you want to survive a slowdown or a recession, you need to protect yourself from being overleveraged. Don’t take on too much debt right now. Take some time to focus on profit and in order to make that profit, you have to make offers, make offers, make offers! It is the number one rule in real estate. You may need to be flexible on the kind of deals that you’re making. Don’t be a one-trick pony! Lease options, land contracts, owner financing, and other kinds of deals all help you find and close deals when you come up against houses that don’t have enough equity. Stay focused on cash flow and have an exit strategy.
If you want to stay relevant in 2020, you need to learn how to sell. Take some courses on selling, join a mastermind, create a mastermind, and get some accountability going on in your life. Keep your skills sharp so that you can adjust with the market, wherever it ends up going. If there’s something you’re just not good at, find a partner that’s an expert. Work together on deals and grow your business together.
I really think we’re going to see some exciting things happening in 2020, and if you take some time to prepare now for a great year, you’re going to be ready for whatever’s coming down the road for us.
Watch and Learn:
Listen and learn:
- Sit down and figure out your numbers this year so that you can capitalize on profit.
- Find partners, talk to people, join a mastermind and get out of the house to keep your finger on the pulse of the real estate market.
- 14 specific and actionable items that will transform your 2020 real estate game.
- Plan now for success this year by keeping more cash on hand and protecting yourself from taking on too much debt.
Mentioned in this episode:
- Joe’s Book: REI Secrets
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