Refining My 2024 Real Estate Investment Strategy

As we enter a new year, it’s customary to reflect on our goals for the upcoming year.

I’ve encouraged those I coach to set challenges for 2024, whether it’s overcoming obstacles or reaching for stretch goals to propel them further.

For me, the challenge might seem counter-intuitive, yet it feels undeniably right:

My goal for 2024 is to do NOTHING.

At first glance, it might appear straightforward, but it’s poised to be one of the most challenging feats I’ve ever undertaken. The complexity lies in resisting the urge to constantly pursue new ventures and instead focusing on optimizing what I already have.

Let’s face it, this isn’t popular amongst the real estate communities we participate in.

Let me provide some context….

I’ve reached a point where I have more than enough. My existing portfolio can sustain a comfortable lifestyle if I commit to nurturing and preserving it. I often counsel my students to “take care of their flocks,” drawing a parallel to biblical references where flocks symbolize wealth.

The essence is simple: sometimes, the key is not constant expansion but attentive care.

How this counter-intuitive approach works

By focusing on what you already possess, it can grow organically and, in turn, cater to your needs.

The trap lies in incessant growth. Pouring all your energy and returns back into enlarging your portfolio can lead to a perpetual sense of lack, fostering the illusion that you need more.

The reality often is that you have enough.

By doing nothing more than tending to your portfolio and optimizing its potential, you can significantly impact your lifestyle. Eventually, your portfolio might evolve to the point where it takes care of you.

Doing nothing, in my context, translates to not adding more properties to my portfolio but rather concentrating on enhancing what I already own.

The focus is on optimization and care. Growth will naturally follow as I nurture and tend to my current investments. When surplus arises, that’s the point at which I can consider reinvesting for expansion.

So, my seemingly simple goal for 2024—to do nothing—poses a unique challenge, especially for someone with a penchant for acquiring new properties. It requires resisting the allure of constant acquisition and embracing the discipline of optimizing and caring for what already exists.

Steve Cook