Without Goals, You Won T Succeed

Category: Finance, Real Estate.

Without goals you won t know where you re going- and you won t know whether you re getting there. It s that simple.

Without goals, you won t succeed. Goals are like building blocks: extremely short- term goals support other short- term goals, and short- term goals support mid- term and long- range goals. Let s say your goal is to own$ 10 million in real estate in twenty years. To determine your short- term goals, you ll have to determine your long- term goals first. Great! You can break that goal down into manageable chunks: After five years: own$ 1 million in real estate.

Now you have to get there. After ten years: own$ 3 million in real estate. After twenty years: own$ 10 million in real estate. After fifteen years: own$ 7 million in real estate. Now you can break that down further: After one year: own two properties worth$ 175, 00 After two years: own four properties worth$ 350, 00 After three years: own six properties worth$ 550, 00 Etc. And if it feels manageable, you ll have more confidence, and you ll be more likely to stay on the path to your dreams. If you keep breaking your goals down into more and more manageable chunks, what seems like an insurmountable task- owning$ 10 million in real estate- can actually be quite achievable.

For instance, let s say you currently don t own your own home- say you own no real estate at all. Here s how you could break it down: Goal: Own Two Properties Worth$ 175, 000 in One Year. But, based on the above goal breakdown, your goal for your first year is to own two properties worth$ 175, 00How will you get there? Month 1. If I don t, focus on seller- financed properties, see if relatives will co- sign on loans, and identify other creative financing possibilities by the end of the week. Week 1: Meet with at least two lenders to determine if I qualify for financing.

Meet with and interview at least three real estate agents to find an agent you re comfortable with, and who has the kind of expertise you re looking for. Week 2: Choose an agent and make appointments to see at least four properties that fit your needs and financial situation. Look at newspaper listings, and local real, internet listings estate agency advertisements for at least thirty minutes every day to get a sense of available properties and the local market. Plan to generate as much capital for a down payment as you can: sell assets, shift money out of stocks or other investments( if necessary) . Week 3: Determine if any available properties are suitable for you. Call sellers offering owner financing, make appointments to inspect appropriate properties. If so, assess their value and make an offer.

Find a good real estate attorney to handle your real estate affairs. Negotiate as necessary. Week 4: Finalize contract( if negotiations are successful) ; if not, continue inspecting at least four properties per week. In the meantime, continue inspecting at least two properties per week for future investments. . If successful, begin process of finalizing transaction. Week 26: Make offer on second property.

If you work backwards from the creation of long- term goals to mid- term and short- term goals, you ll create an action plan that will allow you to reach your dreams in short sales or otherwise. Etc. It s not hard to do, and it can be really fun- simply think as big as you like, and then work backwards to decide what you ll need to do to make your dreams happen. Start from where you want to be, and work backwards to today. Don t start from where you are today. To make your own goal worksheet, simply take a pad of paper and put your long- term goal at the top.

Under those steps, break down the tasks further. Then, break down the, in outline form intermediate steps you ll need to achieve them. When you re done you should have short- term goals you wish to reach that are no longer than one week in duration- if you allow yourself too much time, you re more likely to put them off. You ll enjoy the sense of accomplishment, and you ll stay on track with your action plans. Once a goal or task is complete, check it off your list. Remember, you can revise your action plans at any time.

Just make sure you don t change your goals or your action plans due to inactivity- you ll never reach your dreams if you don t take action on a consistent basis. If you find an investment that s too good to pass up, you might change your short- term goals. It will take work and effort, but you can do it. Thousands of people are successful real estate investors- there s no reason you can t be, too.

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