Have you been thinking about investing in real estate for years but find yourself still doing exactly that? Thinking rather than doing? Any of us can choose to make excuses ’til the cows come home about why we aren’t moving forward with something we claim to really, REALLY want, but when resolutions fail, there are likely three causes. Would you like to know what they are so you can get busy living the life you want rather than dreaming about it?
The chance of achieving your resolution rises dramatically when you create a specific goal. Don’t set out all at once to strike fear in the heart of Donald Trump when he looks in the rear view mirror. A goal of “I want a lot of money” is probably destined for certain failure. Everyone wants a lot of money. If that’s where you’re thinking stops, you’re in trouble. Maybe someday you will have a checking account balance to rival everyone’s favorite mogul, but don’t set that as the initial goal. Shoot for something more specific like “I would like to create financial independence through real estate investing in the next decade.” Or five years. Or whatever. The first goal is too general, while the second gives you something specific to accomplish within a defined time frame.
Don’t Be So Extreme
Thinking along the same lines of the example we used above, it’s usually a mistake to make your ultimate goal the first goal as well. Rather than resolving to create a real estate empire that makes brave men cringe, why not go with something doable, like “I want to buy my first investment property by the end of the year.” The first goal is so grandiose as to be silly. The second is something almost anyone can accomplish if they set their mind to it.
Where’s the Plan
Here’s the big one. You’re not going to see any of your goals come to fruition without a plan. Lack of planning is the reason so many people randomly bounce through life like a pinball. You’ve got to have a plan, then follow it to the end. Break the task down into smaller projects. In order to buy that first property by the end of the year, you need to do the following:
- Locate a great deal on a piece of real estate
- Find the financing
- Close the deal
Obviously this is somewhat simplified but hopefully you get the idea. Get specific! Avoid the extreme! Push through to the end!
Want to know more about real estate investing? Read our article, Know Thy Housing Market here.