Goal setting is essential in every area of your life, including your real estate investments. Having a specific roadmap for your short- and long-term success increases your chance of reaching your goals significantly. In fact, taking the time to set property investment goals can be the difference between a mediocre investor and a highly successful investor.
Here are 5 tips to set successful property investment goals that will help your career immensely:
1. Assess your current situation
Before setting your real estate investment goals, assess where you are right now regarding your income, savings, and debt. Be honest with yourself about your current financial situation and habits. Do you have any unhealthy financial habits that you need to address? Are you willing to honestly paint a portrait of your current money situation? Get to know where you are and make any adjustments that you may need to make before formulating any new goals. This way, you’ll be able to understand better what kind of goals you should start setting investment-wise.
2. Create a timeline
Set a goal as to how many real estate deals you’d like to close on in one year. If you’re a beginner, you may have a goal to close one or two deals this year as you learn the ropes. If you’re more experienced, you may set a goal to close one deal a month. It really is whatever you’re comfortable with and may depend on how much time you’re able to put into your investing business. Keep in mind that a timeline shouldn’t stress you out. Stick to your plan and make adjustments as necessary, so you’re not anxious or beating yourself up if you’re not at the number of deals you thought you would be at within a specific time frame.
3. Write down your goals
Don’t just think in your head about your goals. Instead, write them down. You can put them in a document or write them on paper if you want. The key is to write them down and look at them often, so you don’t forget about your goals. Seeing your goals frequently helps you keep the momentum going, which ultimately will help you close more deals.
4. Remember to set aside maintenance fees
Remember to put aside maintenance fees for your properties regularly. It’s great to have the goal to close on a certain number of homes per year, being able to put cash into your pocket, but don’t forget about the potential for maintenance costs on some of those homes.
5. Learn from others
When you’re sitting down trying to figure out your property investment goals, take time to read about other successful investors and how they went about setting their goals. In our Foreclosure Mastery course, there’s a plethora of information that will help you understand better the process of buying foreclosures and setting goals in the process. You’ll undoubtedly learn valuable lessons just by stepping out and investing on your own, but you can also learn from others who have been there and done it already.
As you continue to set short and long-term property goals, keep these tips in mind. Be sure to write your goals down and keep them in a place you see regularly. Make adjustments as necessary and continue to learn as much as you can about real estate investing using our Unlimited Funding strategy. As you do, you’ll certainly experience the kinds of goals you’re after.