Torcana Podcast 20: Our 12 step guide to investing in 2017

Torcana Real Estate Investment with Colin Murphy

In this week's podcast, we outline our 12 step guide to starting or growing your real estate portfolio in 2017.

The end of the year is fast approaching and while Christmas time can be very hectic, a few days away from the normal day job can be a great time to set and revise our personal and financial goals for 2017.

Today we outline 12 simple and actionable steps that ANYBODY can take to seriously increase their net worth in 2017.

1. Commit. Make a promise to yourself that you are going to do it.

2. Get Your finances and your Life in Order

3. Study and gain general Knowledge

Recommended books:

Ultimate Beginners Guide to RE Investing by Brandon Turner http://tinyurl.com/hbo8gha

ABCs of real estate investing by Ken McIlroy http://tinyurl.com/h37dpsa

The Millionaire Real Estate Investor by Garry Keller http://tinyurl.com/jf79emh

Biggerpockets.com Zillow.com Realtor.com Realtytrac.com

5. Set Your Goal(s) and decide what strategy can get you there. Be ambitious.

6. Analyze different areas but choose one location at a time.

7. Figure Out Your Financing and get pre-approved.

8. Get Your Core Team Together: sourcing, rehabbing, manager, maintenance, CPA

9. Start Looking for Deals and get lots of practice analyzing them. Review your numbers and get second opinions.

10. Make offers and take the plunge. Don´t let anybody intimidate you but don´t get angry or aggressive either - stay calm and professional at all times.

11. Keep Yourself Organized - have spreadsheets, funnels, to do lists, deadlines, cashflow projections, etc. Set aside time to review performance every month. Look at incomings and outgoings of your properties. Nip problems in the bud.

12. Always be networking and alert for new opportunities. Keep reviewing your goals. Have a great Christmas!