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Evaluate and Adjust Task Page
Below is a detailed, step-by-step breakdown to help you assess the performance of your real estate investments and make strategic decisions moving forward. We also have a dedicated Task Page to help you stay organized every step of the way!
Step 1: Measure Performance
Track Key Financial Metrics
Regularly track the key metrics that measure the profitability and performance of your investment.
Why It Matters: Measuring key financial metrics ensures you’re staying on track to meet your investment goals, providing a clear picture of your property’s financial health.
Tip: Use an Investment Tracker to automatically calculate and track these key metrics.
Contact Information (E.G. People involved with Task)
Compare to Your Initial Goals
Revisit the goals you set when you first purchased the property and compare them to your actual performance.
Why It Matters: Comparing your performance to initial goals helps identify areas for improvement and adjust your investment strategy for better returns.
Tip: Use your Investment Goals Sheet to document your benchmarks and track performance.
Contact Information (E.G. People involved with Task)
Explore Refinancing Opportunities
Consider refinancing your property to take advantage of lower interest rates or increased property value.
Why It Matters: Refinancing can reduce your monthly expenses or free up cash for reinvestment, optimizing your portfolio’s performance.
Tip: Speak with a **mortgage broker** to understand if refinancing is the right option for your situation.
Contact Information (E.G. People involved with Task)
When to Sell or Pivot
Decide whether to sell your property, refinance, or pivot to a different investment strategy if the property underperforms.
Why It Matters: Regularly evaluating performance and market conditions helps you make timely decisions, ensuring your portfolio remains profitable.
Tip: Use a **Market Timing** to determine the best time to sell or pivot your strategy.
Contact Information (E.G. People involved with Task)
Scale Your Portfolio
Grow your portfolio by acquiring additional properties or diversifying your investments.
Why It Matters: Scaling your portfolio increases your income potential and reduces risk by spreading investments across multiple properties.
Tip: Explore **multi-family properties** or **commercial spaces** for greater cash flow potential.
Contact Information (E.G. People involved with Task)
Reassess Your Goals Periodically
Regularly update your investment goals to reflect life changes and market conditions.
Why It Matters: Adapting your strategy ensures that your real estate portfolio continues to align with your personal and financial goals.
Tip: Set a **biannual review** to assess your goals and performance metrics.
Contact Information (E.G. People involved with Task)
Perform an Annual Financial Review
Analyze your financial performance to ensure that you are meeting your targets and adjusting your strategy as needed.
Why It Matters: Regular financial reviews allow you to stay proactive and adjust your strategy to ensure long-term success.
Tip: Use **Investment Performance Metrics** to stay on top of your annual review.
Contact Information (E.G. People involved with Task)
Stay Updated on Local Market Trends
Monitor key economic indicators to identify new opportunities or risks in your investment area.
Why It Matters: Understanding local market conditions helps you make informed decisions and pivot your strategy when necessary.
Tip: Set up **alerts** to track market changes in your investment areas.
Contact Information (E.G. People involved with Task)
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