Evaluating Where Your Real Estate Investment Strategy Is

Today let’s talk about evaluating where your real estate investment strategy is. Thanks for checking out the Real Estate Today podcast.

Good afternoon, I’m Bob Nelson, real estate investment broker with PacWest Real Estate Investments. Marcia is unable to join me today. I’m it. All by myself. I’m going to talk about real estate investment oriented topics. For some of you, maybe you haven’t really started a real estate portfolio. For a number of you, maybe you’re long in the tooth, you’re well set and so forth, the key is, know where you’re going because these times are fantastic times. The stock market seems to be screaming along. Everything’s working well and if you’re not involved, you’re wasting a lot of time and wasting opportunity. At the same time, so many of us are going shotgun or shooting from the hip in that if we don’t know what we’re doing, let’s just do something.

That’s an interesting concept but do understand, and I’m not a person that’s gloom and doom, but sooner or later there will be a recession. Are you put in a position that you can survive nicely and thrive during a recession? If not, now’s the time to start setting a reserve. A reserve to cover the times that are not quite as exciting. When vacancies crop up a bit. Operating expenses do not decline and your rent might decline. That’s a touchy situation. This is a great time toward the end of the year and the beginning of the next year to be able to stand back and say, “What is my investment plan?” I really recommend that you write this down. What would happen, if for some reason, you’re no longer around? Whatever you have created goes to the next generation, whoever you have left things to. It would certainly be beneficial to that individual or those individuals to have your statement. This is why I’m doing what I’m doing. This is why I own these assets and so forth. It’s really helpful to that individual then to take over and cause your portfolio to make sense.

Again, for those that haven’t started, that’s fine. Put yourself in a position where you say, “It would take me this and this to able to acquire my first investment oriented property.” Now’s the time to start writing it down. It doesn’t have to be perfect, you’re going to pick it up and revise it a number of times.

I’m Bob Nelson, real estate investment broker with PacWest Real Estate Investments.

Join Bob Nelson and Marcia Edwards Eugene, Oregon, real estate experts daily at 5:30 on KPNW for the “Real Estate Today ” radio show.