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Setting Goals in Real Estate

NEWS FLASH: Everybody makes mistakes, and real estate investors are no different. No successful investor has ever avoided losing money—the only way to not lose money is to not spend it or invest it. So come to terms with the fact that you, too, will make mistakes, and you’ll just have to do your best to learn from them.

Again, do you want to end up looking back on life, full of regret, thinking “I should’ve made a bid” or “I could’ve bought that house”? If you don’t want to find yourself in this position, you’re going to have to learn when to stop thinking and start acting.

It’s easier said than done, but many successful real estate investors are normal people like you and me. If they can do it, why can’t you? These are some of the ways they find the courage and energy to seal the deal:

Set goals. Think about what drew you to real estate, and why you’re so interested in investing. Is it because you love the thought of being your own boss? Or working from home? Of fixing up a house, and turning a coal into a diamond? Get in touch with your motivation. Then set your goals. Make sure they are clear and specific, and write them down.

What most people fail to do is to narrow down their goals into achievable situations, rather than vague or general circumstances. For example, don’t just say “I want to make lots of money from real estate ASAP and quit my job.” Write: “My goal is to generate $30,000 per year in net profits from renting out real estate by age 37.” Drill down upon your goal and get more specific as you go along. Turn “I want to buy property” into “I want to buy property in an up and coming market” and then list a number of cities. Then list neighborhoods that appeal to you and the trends in the market within those cites. Next, ask yourself if you want to buy a house or a duplex or an apartment? How much do you want to spend? How much do you want to make? And for how long?

Remember:  “Goals are dreams with deadlines” (Diana Scharf Hunt).

Write a list of 5 explicit goals, make several copies, and put them up in places where you’ll see them everyday (bathroom mirror, car dashboard, office desk, etc.)

Read more...Making a Plan

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