Many of you may know that there have been studies that show that those who write down their goals accomplish significantly more than those who don’t. I know I’m preaching to the choir with some of you here. While others might be thinking this is so cliché and such a waste of time.
If you think it’s a waste of time, follow me for a minute here: How are you ever going to get where you want to be with your real estate investing if you don’t have some idea or goal in mind? How will you be able to measure if you are getting there? Do you really want to leave it up to chance? Wouldn’t it be better to take charge and have a plan?
If you want to go to the movies, do you just hop in the car, start driving and hope you end up at a place with the movie you want to see? Of course not. How much more important is it then, to have a goal for the really important things in your life—like building real income and wealth?
So you need a goal to plan your path and measure your progress. For your goal to be measurable, it needs to be specific. The hard part sometimes can be figuring out what your goals should be. Hey, I get it because I have struggled with this too.
Keep in mind that there are basically three types of investing strategies for single-family real estate: buying rentals, flipping houses, and wholesaling. Utilize one, two, or all three of these strategies, with a single goal for each like:
- Buy one rental house this year to increase your positive cash flow each month by $400.
- Flip two houses this year for a combined net profit of $40,000.
- Wholesale three houses this year for a combined net income of $25,000.
These are just examples and you can use them, tweak them, or write your own. These are good goals if you are just getting started. If you already have your own goal, great! The important thing is to write it down. Just don’t get bogged down into having too many goals and then never accomplish any of them. Keep it simple and specific.
The best advice I can give you if you don’t know what goal to set, is to make it easier on yourself by starting with a single deal, with one investing strategy, and write down one goal to accomplish for 2017. This will give you some momentum, which will only build the further along you get. Hope this helps you have a successful investing year.