The Real Estate Investor End-of-Year Planning Guide

The end of year is approaching quickly. As a real estate investor, there are a few more details to consider to plan, do and review for the next year. We put together this guide to help you with your end of year planning.

  • Prepare For Tax Season
    • Taxes are not scary! If you do these items, you will be much more prepared for tax season.
        • Organize and Label Expenses. If you have been doing this all year long, good job! If not, now is great time to get started.
        • Find a great CPA. Ask for referrals. Check out your local investor organizations for accountants. Interview and choose the best.
        • Learn about taxes . Our founder, Justin Bajema, always says, “If you want better answers, ask better questions.”. How can you do this without knowing about the subject itself. A great book to get you started is Tax-Free Wealth by Rich Dad advisor Tom Wheelwright.
  • Analyze Your Property Numbers
    • You will need these for the next steps. Now is the time to look back over the past year, notice the trends, unexpected expenses, and get the big picture of what happened. Correct any mistakes you may have made and dig into the financial statements.
  • Goal Planning
    • Most people experience a lull during December. We encourage you to think of it as a time to review and plan. Without a roadmap, you can’t expect a result. Goal planning is different for everyone, so find out what works best for you. Write them down? Type them out? Private goal planning trip? Attend a goals retreat?
  • Set up Replacement Reserves
    • This is an area that can kill an investment. You HAVE to plan for repairs. Every item in a home has a useful life. How many years are left on the roof? appliances? flooring? What will need to be replaced in the next 12 months. Budget for these expenses.
  • Budget
    • I know we are talking business here, but we believe that you will only be given what you can manage responsibly. It’s important to budget in both a business and in your personal life. This is part of your roadmap. There are plenty of great ways to do this, so choose an expert and learn how to do it.
  • Education
    • The most important things to invest in is yourself. You will only get as far as you take yourself. Start to look at what conferences are coming up. Are there any books that are on your reading list?  Is there a speaker that you want to hear? Do you need to start taking people out to dinner to learn about them? Add these items to your budget. Make it a priority to become a better investor.

 

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Jennifer Bajema

Jennifer Bajema is the Co-founder of Access Property Management Group. She has worked in every part of the company, but now focuses on client education and business growth. Her experience in running a property management business is now over 10 years!

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