Just as no two real estate properties are identical, neither are any two real estate investors. Every investor has their own investment journey.
Everybody has different criteria for success when it comes to their investments - while one person wants to own a single property to add a little extra spending cash to their income or to pay their existing mortgage off a little faster, another is looking to build a real estate empire and maximize their profits as much as possible. Some investors want to be hands-off and simply generate passive income, while others want to be involved in all aspects of managing and repairing their properties and so on.
At TriUrban, we call this combination of factors your Real Estate Investment Lifestyle. Knowing what you expect to get out of your investments and how much you want to put into them is a crucial part of determining what kind of investments you should be looking at.
So how do you do this?
Let’s take a look at a few ways you can determine what your Real Estate Investment Lifestyle is so you can be confident you’re on the right path as soon as you’re ready to begin investing.
What Are Your Core Values?
It’s important to think about your personal core values. At TriUrban, we value family, time and freedom. Once you understand which values are a priority for you, think about how they will impact your investment goals.
If you value time or family, as we do, it means you’ll want an investment property that doesn’t require a major time commitment from you to manage.
If freedom is a major core value for you, it means you want to look at investments with larger margins, to grow your bank account faster.
Matching Your Lifestyle to an Investment
One of the most important factors in determining what your Real Estate Investment Lifestyle will be is matching your investment goals to your expectations of time, money, and effort. Different investment goals and wants are going to require different levels of responsibilities in these areas.
For example, if you want to get the highest possible monthly cash flow for an investment property, you’ll probably have to spend more time and money on managing it. If your goal is to spend as little time as possible on management and maintenance, you need to align this with a realistic profit goal, as you’ll most likely need to hire a property manager. This will save you time, but it’s an added cost to factor into your investment. If your goal is to save a certain amount of money within a set amount of time, this could have a significant impact.
Finding The Perfect Property
Once you know what your core values are and you’ve matched them to a style of investing that works for you, the next step is to determine the type of property you’ll buy. There are a variety of different types of investment properties, and each type is best suited to a different ideal lifestyle.
At TriUrban, we believe almost every lifestyle can benefit from a new construction investment property. We’ve been called the new construction experts, and we take pride in that. There are so many benefits to brand new homes that they’ll match practically every investor’s goals.
There are a lot of property styles to choose from when it comes to new construction, and if you truly want to be successful in real estate investment, you’ll want to make sure you get the best property type for your Real Estate Investment Lifestyle.
Getting Started
There are a few ways you can get to work on finding out what your Real Estate Investment Lifestyle is right now:
- Take a look at our YouTube channel for great videos and information on real estate investing.
- Do some further research into property types that will be best suited to your Real Estate Investment Lifestyle.
- Read up on the process of buying an investment property.
- Finally, if you’re ready to get started living your ideal Investment Lifestyle, you can start by booking a consultation with one of our experts, and we’ll be happy to consult with you.
There are no fixed criteria for success in real estate investing that will work for everyone - it’s a highly personal and individual process that’s unique to each investor’s goals and expectations.
Knowing what your own Investment Lifestyle looks like right from the start will help guide you towards the right choices and set you up for success right from the beginning, saving you time, money and stress in the long-term.
Originally published Feb 13, 2018, updated Nov 30, 2020
