How to Make Your Real Estate Investment Goals More Clear
Dreaming about life as a real estate investor can become a seductive past time. Visualizing yourself owning the properties of your dreams is a big part of what can motivate you to get going making those mental pictures your reality. However, if you seem to be stuck in the fantasy phase and unable to make any measurable progress, it is probably time to turn those daydreams into a set of goals.
Fixing your mind on a concrete, written down and realistic plan of action is one of the best ways to take control and start building some forward momentum on your pursuit of the real estate investment lifestyle.
Find Your “Why”
Before you write down your first action step, you need to figure out why you want to invest in real estate. There are no wrong answers for this step since it involves discovering the central motivating factor that feeds your desire to succeed in the real estate investment arena. Real estate is a proven route to earning substantial profits in a short period, so maybe you are looking to enter the realm of the superrich. Perhaps you just want to make enough money to quit your job and have more time available for family, hobbies or charitable pursuits. Once you know what drives your passion, write out a few sentences describing your “why” and how it makes you feel.
Determine Your “What”
Based on the reason you are going into real estate investment, start researching different ways to accomplish your goals. If you are looking for some extra cash to get out of debt, for example, you might find a small multifamily structure will provide enough positive cash flow to pay off what you owe. On the other hand, if you plan to become the world’s next billionaire, you must naturally set your sights on more significant projects. You decide “what” kind of investment will get you where you want to be while suiting your personality and skill set. Write out a few paragraphs containing your “what” ideas.
Decide on Your “When”
Now you come to the step that most people seem to fear the most—setting a deadline. In reality, the act of assigning a date to your action plan can contain great power. As those X’s on the calendar accumulate and approach the day you have circled in red ink, your subconscious mind will begin to prompt you to take action toward your real estate investment goals.
Dream big, start small and plan thoroughly. You may be surprised at how powerful these simple suggestions can be as you begin to feel and act like the person you want to become.