- price range.
- quality of tenant.
- style of house.
Now, don’t jump all over me. I realize there is a word out there called diversification. But there is also an “old-fashioned” theory out there called having a plan. Purposeful Planning is what my friend Jeff Brown calls it.
I’m not going to dive into this too deeply. I could make this a four part post. But I am going to say, that in my mind at least, there is a huge difference between being a real estate investor or being a property collector. Real estate investing takes planning, purpose, education, guidance and hard work. All of those combinations put together create all those conversations that start with “Boy, you sure were smart all those years ago to buy those properties. I wasn’t that lucky…”
With property collecting, you will need some luck involved. Some people make it through with this philosophy. Some “investors” don’t even realize they are property collectors.
Stop right now,review your portfolio of income property. Does it look like it happened on purpose? Then keep it up. Is it a mish-mash? Then let’s talk.