When you don’t have a goal you can’t create a real estate strategy. Find out how to set goals that suit you and your circumstances.
I’ve worked with thousands of real estate investors during my career.
Some of them went on to experience amazing success while others…well, not so much. But through all of this time, I’ve seen what sets the successful apart from those who don’t achieve much as investors.
And it’s the same thing that set me apart too…eventually.
When I started investing, I had a ballpark number in my head of what I wanted to earn.
It was “thousands.”
That’s not a tangible number and it meant that I didn’t put my all into achieving it. How could I? Thousands isn’t a defined goal.
It wasn’t until I was lying in the hospital with my firstborn in my arms that I finally found a solid goal. I told myself that I really have to put this kid through college someday. That’s when I had my realization that creating a passive income was the best way to do that.
And I finally had a tangible goal.
Coming Up with My Number
That realization caused me to spring into action.
I did the research to figure out how much my child’s education would cost me in 18 years. And once I had that number, I took swift action.
I bought my first property when he was just five days old! I literally signed all of the documents in the hospital and we were off to the races. Before I knew it, two years went by and we still had the same tenants in that property. A few more years go by and that property appreciates in value enough that I can leverage it to buy a second property.
Now, I have the first property that will pay for my kid’s education and a second property that generates cash flow.
And it all started when I set a tangible goal for myself. With that in mind, I have three quick steps for you to follow that will help you to nail down your goal.
Step #1 – Get a Number in Mind
I created a specific number that I needed to hit when I researched college tuition. Now, I had a specific goal to hit rather than some vague idea of making thousands of dollars.
It’s extremely important that you get specific on the number you want to hit.
Step #2 – Get Time-Specific
I didn’t just have a defined number in mind.
I also had a specific timeframe in which I needed to hit that number – 18 years. I needed to have X amount of money in the bank by the time my son turned 18.
Having a timeline puts that extra bit of pressure on you, which is a good thing. It stops you from procrastinating and puts you in an action-oriented mindset.
Step #3 – Have a Plan of Action
This is where you dig into how you’re going to hit your number in your chosen timeframe.
For me, that plan was to buy a property and hold it for a couple of years for cash flow. Before I knew it, I had enough equity to take action on a second property.
Your plan may not be exactly the same but you need to have your blueprint in place before you can take action.
Setting Goals Leads to Success
It’s such a simple concept but it’s also one that so many investors, including myself, get wrong.
A vague goal isn’t going to spur you into action. Get specific on what you need to achieve and when. Once you have the goal in mind, you can work backward to create the plan of action that will get you there.
At Cash Flow Savvy, we want to help you to achieve your goals. To find out more about what we do, get in touch with us today.