With Intellirent streamlining your rental application process, you have the mental bandwidth to focus on your rental portfolio's long-term, big picture goals. To help you out, this is the first of a multi-part series on how property owners can set goals for their rental portfolios.
As with any good strategy, one size does not fit all. The key to building an excellent foundation for long-term success (and sweet returns) is to consider what makes you unique as an investor and, likewise, how your approach to property ownership can be customized to fit your needs and goals.
A Portfolio By Any Other Name
You may have noticed the word "portfolio" gets thrown around a lot in the investment world. In fact, you may even be tired of hearing it bandied about when it comes to your financial future. Between remembering which portfolio mistakes to avoid and which portfolio best practices you must do, you may have determined that the care and keeping of a portfolio is more trouble than it's worth. However, as overused as it may be, the word is only a placeholder. Its meaning comes from you, and, ultimately, this meaning extends well beyond the concept of a complementary grouping of investments, as traditionally defined.
Personalizing Your Definition of A Portfolio
You have the freedom to define what a portfolio means to you and how it can best support your personal goals. Do you want the ability to quickly pivot from one property to another? Single family homes may be the way to gain this type of liquidity. Do you want to retire before you turn 35? A small apartment building with multiple streams of rental income may be worth concentrating on.
What's important is reflecting on your mid-term and long-term goals--only then will you be able to decide which rental investments deserve a place in your portfolio. Once you know the performance objectives you need your portfolio to fulfill, you can move forward with a strategy for acquiring, financing, and managing your newly customized real estate mix.
Check back on Intellirent's blog for the next part of this series on Setting Goals for Your Rental Portfolio.