 Happy February! The beginning of the New Year has abundant – full of Coloradical goodness, including a trip to Steamboat to ski lots of fresh powder with our best friends. We also found a piece of land in Tabernash that we put an offer in – although they didn’t accept the offer, the ball is rolling! In real estate news, the market has slowed a bit and actually more people moved out of Denver in 2022 than into Denver, according to a recent article. That being said, people who are moving here are doing so because of lifestyle – skiing, hiking, biking, sunshine 300 days a year…need I say more!? If you know of anyone looking to move to Denver, don’t hesitate to send em’ my way. And in client news, I was able to help find and sign tenants for a 12-month lease for clients who have a rental in Denver. If you’re thinking of becoming a landlord, have a rental but don’t have the time, or just want some assistance, I’d love to help! Let’s Connect Real Estate 101: Is Investing in Real Estate for me? I’ve been investing in real estate for over 15 years and when I first started, I will be honest, I didn’t really know what I was doing. My first home was a townhouse (that I had financial help purchasing) and immediately got a roommate to help cover costs. A few years later, I started renting out a room via Airbnb in that townhouse. Then when we moved to Colorado, we decided to hold onto the house as a rental… But did I think to myself….”I’m a real estate investor.” Ummm, no. When I talk to people about real estate investing, not everyone is hype about it. And I’ll be the first person to tell you that not all real estate strategies are for everyone, so if you’re thinking about investing in real estate, here are some questions you can walk through to help: 1. Do you want to diversify your investing strategy? Investing in a cash-flow asset could be a good way to do so. 2. Do you have more time or more money? Think about this realistically – if you can barely breathe currently with the amount on your plate, you may not want to manage your rentals yourself & maybe those index funds are enough. If you don’t have a ton of extra cash, but are willing to roll up your sleeves, a fixer-upper or house hack could be right up your alley. 3. Do you have long-term goals you’d like real estate to help with (early retirement, generational wealth, college funds) or are you more focused on the near future (covering bills, wanting extra cash, leaving a current job for a passion)? I’m starting a Real Estate 101 email series for those interested in learning about building wealth through real estate. Sign up here! Financial Tips for the New Entrepreneur A few months ago, I had a friend of mine speak to my brokerage about financial tips for those who are self-employed, entrepreneurs or have fluctuating income. I transitioned into full entrepreneurship at the beginning of 2022, having spent years working on our business on nights, lunch breaks & weekends, so this conversation was right on point for me. The financial impact of taking this leap was scary, so preparing is crucial. I worked on implementing processes to prepare myself for the leap and would recommend this to anyone thinking about making a big change.I wanted to share what I took away from the convo into my own business – and these are beneficial even if you’re not a business owner! Track your Expenses & Income Whether you’re advertising, entertaining clients, mailing out business flyers or hosting your website, make sure you’re tracking all of your business expenses…separately from your personal expenses! Client KPIs – Key Performance Indicators If you’re working with clients, keep track of hours spent on and with each along with how many miles you drive to meet them and any cost associated per client. You can also track how long it takes them to respond to your marketing efforts, until they convert into a paying client, how many people sign up for your newsletter or show up to your webinar. Save for the Low Months If your business is just starting off, it can be difficult to get a handle on your budget. When you track your month-to-month operating expenses, you’ll understand what you need to function. Make sure you are saving funds for the months that may be a bit slower. If you’re jumping into real estate full time – or thinking about it – and want some guidance, let’s connect!  Tips & Teachings I’m forever working on my growth mindset, cultivating an abundance mindset, and trying to learn from people who are doing things I admire. I’ve listened to quite a few podcasts this past month that have had amazing phrases that made me think….and even alter how I approach things. Competence & Consistency is more important than credentials. Time will magnify whatever you feed it. Stop waiting for the next big thing. Here are a few podcasts I’ve listened to that I found extremely helpful in my business, finances, life! Enjoy! The One Thing Podcast: Forming a Relationship with Your Finances with Hannah Koeing The Happiness Lab: Stop Endlessly Chasing the “Next Big Thing” The School of Greatness: Habits That’ll Help You Not Waste Another Year of your Life Be sure to follow me on Instagram and Facebook. Have Questions? Reach out to happyhomescoltd@gmail.com about real estate investing or if you’re looking to buy or sell!  |
