Here Are My Plans for 2023

The pandemic has caused a lot of firsts for many investors including myself. It swung from bidding wars to a more "normal" market with properties sitting around for a month. So what does this mean for me next year?

In 2023, I plan to do a lot of the things I’ve been doing - flip houses. Not to the same degree as before though. I plan to focus on one at a time, meaning about 3 a year. My main goal however, will be to transition into multifamily. I plan to join more networking events such as local and out of state investor groups. I've been working on my image and brand more and more. I also plan to network with more agents as well as reach out to owners directly. This includes working on one of my biggest fears, public speaking and telling others what I do.

I’ve considered other options like Short-term-rentals (STR’s), but ultimately decided to focus on apartments because it seems like a more stable “recession proof” investment route, it’s scaleable (many doors, one roof) and because I’m already familiar with single family houses. That’s not to say that other options don’t have some of these characteristics. Sure, STR’s like most other methods are scalable, but they lack the stability from long term rentals and markets can become oversaturated and it gets harder to stand out from the crowd. Sure, storage units are considered “recession proof” and there’s no tenants and toilets, but you get less income per unit and it seems more difficult to raise the Net Operating Income (NOI).

What is your focus for 2023? Leave a comment below! Let's achieve our goals together this year and for many years to come.