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Dreams without a goal are just that… dreams.
The trouble with not having a goal is that you can spend your life running up and down the field and never score.
SHOW NOTES FOR EPISODE #010 – SETTING YOUR REAL ESTATE INVESTING GOALS
Overview
In real estate investing – goals are critical!
Goals makes you focused, decisive and ultimately successful!
Don’t get hung up – is it a goal? Vision? Mission? Objective? Mission? As an old time marketing guy, I had to be very deliberate and specific when writing a marketing plan to differentiate – but that is not critical here.
A goal is really just something you plan to achieve. Your goal may be to buy a fourplex in the next 6 months. Or maybe you want to increase your monthly income by $2,000 in the next 12 months. My personal goal is to have 1,000 units in six years. Whatever it is, make sure it is something you plan to achieve.
It Needs to be Measurable
To be financially independent is fine but difficult to measure. To say I want to achieve $10,000 a month in net income (which would make you financially independent?) is better. It also has to have a time limit. It is even better to say say I want to achieve $10,000 a month in net income by the end of 2018.
Be specific
- Acquire one two-unit property a year
- Acquire 5 homes a year
Make your goals achievable and measurable
It needs to be attainable.
Set it too high and it can trigger feels of failure
Setting Your Goals
Be honest
What do you really want in life
Take the time to think what you really want for yourself and your family. Now. In the years ahead. If the far future.
Keep your priorities straight.
My personal priority to setting goals are
- God first
- Marriage second
- Family third
Then , other things like business, real estate, etc..
Financial freedom can allow you to spend more time with your family, spouse, children, grandchildren. Serve others. Travel.
Your Goals May Change Over Time
- It’s OK if that happens. Just don’t change it every time you hit an obstacle. That’s called avoidance.
Make Yourself Accountable to Someone
- The important thing is that you are accountable someone who is encouraging and supportive of your goals. But not a “push over” who won’t challenge youwhen you need it
- My mentor is my key accountability partner
Achieving your goal
- Setting the goal is important but it’s what you do after that that’s key
- Communicate
- Plan
- Persevere
- Stay focused
Communicate Your Goal Clearly
Write it down! Post it!
“I will acquire 4 duplexes in my target this year that will net $500 a month, for an annual personal income increase of $2,000 per month by year-end.”
As opposed to
“I want to buy some real estate to increase my income.”
Plan and Set Milestones
- Once you have a clear and measurable goal, then you need to lay out your path
- Breaking it into smaller, bite-size pieces
- Start with your end goal and work backwards
- Ask the question, “What do I have to do to purchase one duplex?” and break it down into time, money and projected results
- For example:
- In order to acquire the properties, I will undertake the following activities:
- Spend 2 hours per day online to find 10 prospective properties
- I will spend 1 hour per day calling brokers or other lead sources
- I will analyze each property and submit at least 1 LOI (Letter of Intent) for every twenty properties
- I will purchase 1 property for every 10 LOIs I submit
- I will meet with one person in my lead network at least once per week and write what you hope to get out of those meetings
- And there will be more… but that’s just an example
- In order to acquire the properties, I will undertake the following activities:
Persevere and Drive Through Obstacles
When you launch any entrepreneurial adventure, assume:
- Everything takes twice as long as you think
- Requires twice as much work
- Costs more than you planned
Those are the facts of life.
Don’t be discouraged, plow forward, reengineer if you must but DON’T GIVE UP!
Learn from your mistakes. Be thankful for mistakes. They are your best education! Then, move forward with what you’ve learned.
Keep Your Focus
The closer you get to your goals, the more new opportunities will present themselves.
Beware of those “other” opportunities, not related to your direct goals – “the shiny objects” scenario
STAY ON TRACK. DON’T BE DISTRACTED.
If, in your goal, for example, your goal is to purchase 4 duplexes in a year, and you come across a single family home that is a GREAT DEAL – DON’T GO THERE! It will only take you off track, cost you valuable time and resources and prevent you from making your goals.
Focus equals discipline
Goal setting in not an option –it is a requirement for success!
Well that’s today’s show. I hope this show will help you get that much closer to achieving your goals so you enjoy your retirement dreams!
Check us out at our website at olddawgsreinetwork.com and come to iTunes and subscribe to the podcast so that episodes can automatically download when they come out.
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Episode Sponsor: Meno Studio – menostudio777@gmail.com
1 comment. Leave new
Including the time aspect to goal setting is key! I also like the example of passing on a good deal because it doesn’t meet your goal requirements. Simple, yet valuable advice…thanks!