Goal creation is a very important step as a Real Estate Investor
In the last post we talked about the building a successful plan and creating your Freedom Number
Its time to translate your hopes and dreams into goals and tasks that you can accomplish; otherwise the plan it’s only a wish.
You may wish to be a millionaire real estate investor, but it does not mean you have taken the actions and steps to make this wish comes true
That’s why goal setting is very important
A goal has to be specific, realistic, and a measurable accomplishment to be achieved within a specified time frame
Create SMART Goals
The best way to craft the Goals is to use the acronym SMART (Specific, measurable, achievable, relevant and time bound)
Specific – What do you want to do? As an example it could be, owning 10 rental homes, or buying a an apartment complex of 50 units or less
Measurable – What criteria will be used to know the goal has been accomplished? This could be your Freedom Number or the amount you want from your real estate investments like $1 million dollars in equity.
Achievable – How can you accomplished this goal? What resources you have or need to learn to make it happen? Take a class, read a book, find a mentor, join a local club, etc
Relevant – is this goal matters to you or it is just another to do? Is this the right time to work on this goal?
Time bound- What is the time frame of your goal? 2 years, 5 years, 10 years, it is your decision to make
Also when working on your goals ask these two important questions Why and How?
It is easy to say to yourself, I am a real estate investor, but is another thing to get up every day, and do the work what it takes to be one.
You must get up and do the work the days you don’t feel like doing it, this is what will separate you from all of the others, you need to push through on a daily basis, therefore you need to be in connection to your why, if not the goal won’t last.
As an example of the why? I want to be financially free, because I can spend more time with my family. I want to be able to help my parents, because they worked so hard thorough their now I want them to enjoy their retirement.
The why will give a new meaning to the goal. The goal is not about making money, its about what the money can do for you. So, you can do the things you want and help the people you love
Determine your Why? and your How?
The last question you need to ask yourself is the How?
- How it will make me feel when I accomplish the goal? Will you be excited that your hard work paid off. Will you take the vacation you always wanted. Understanding how you will feel can help you move forward everyday
And
- How it will make you feel if you failed? If you don’t accomplish your goal, what would you, and how will you react are important
I know that learning how to wholesale, flip, buy a rental property, do a lease options or subject to, invest in multifamily, etc is what you want to start doing, but if you don’t know where you are going and why you are doing it, you will be another casualty
As a final comment as Henry Ford once said, if you think you can or weather you think you can’t, you are right
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