It’s the New Year. Wait, where did all the time go? Wasn’t it just yesterday that (fill in the blank here)? Time does seem to travel fast, especially in the rear view mirror and it’s the very same for real estate investors everywhere. And for 2014, here are five tips to kick off a brand new year of profits.prepare for 2014

1: Inspect.  When was the last time you had your units inspected? Remember that an ounce of prevention is worth a pound of cure, especially as it relates to your real estate holdings. Contact your property inspector and schedule a round of examination from basement to attic to see if any potential problems made their way inside your properties over the previous year.

2: Review.  Now’s the time to make sure you have enough insurance coverage both for your structure as well as liability. As property values increase, do your existing policies cover any and all perils? Speak with your insurance agent to make sure you’re fully protected as well as find ways to reduce your premiums such as adjusting deductibles or installing fire safety devices.

3. P&Ls.   Where did you make the most money last year? Did you find that you made out better renting your real estate and gaining equity or is a buy and sell your best 2013 accomplishment? Now’s the time to examine what worked and what didn’t and pour more resources into the transactions that made you money and ways to avoid the mistakes that cost you.

4. Rates.  What are the interest rates on your current holdings? Could you do with a refinance?  Refinancing can make sense even without getting a lower rate but shortening the term of the loan to save on long term interest charges.

5. Goals.  2013 is over. Did you accomplish all you wanted? Are there some things still on your 2013 bucket list that need to be completed? Write down your goals for 2014 including how you’re going to achieve them and when.