So you want to become a real estate investor? Or perhaps you’ve been investing and just want to take it to the next level. Double or triple your income…or even, leave your daytime job! The idea itself seems scary and daunting. Oftentimes, most people just stop there, overwhelmed and paralyzed with the sheer monstrosity of the answer to the question, “How do I accomplish this?”
So, what’s the BIG SECRET to achieving your dreams? How are some people able to make the leap and figure it all out, while others stop before even starting?
The answer is actually pretty simple.
1. SET GOALS.
The first step is to define what you it is you want to achieve. There are two important processes of this first step. One, you must MAKE YOUR GOALS SPECIFIC. Take your time with this process as it helps clarify in your mind what it is you want and do not want. Don’t just say ‘I want to start investing in real estate’; that’s too vague. A good goal would be “I want to purchase and flip 6 single family homes in twelve months.” I also encourage you when thinking about goals, to expand outside of just the work, financial or investing space, and set goals that deal with your entire life – family/relationship goals, personal achievements and the often overlooked category for many people, your health. Second, you must WRITE YOUR GOALS DOWN. Writing your goals down will help to seal in your mind and consciousness exactly what it is you want. Plus, it’s just fun to look back and see your progress!
2. BREAK DOWN GOALS INTO SMALLER PLANS AND ACTIONABLE TASKS.
This step is the longest process and perhaps the most important, as I rarely try to figure it all out in one setting. That would be like me trying to sit down for dinner and I’ve been served a whale on my plate. I take my time with this process. I first start with just creating Action Steps for each goal, which are smaller projects that must be completed and may take some time figuring out. I create a project plan for each goal by LISTING THE MAJOR ACTION STEPS THAT MUST BE COMPLETED AND WHEN. For longer term projects, rather than setting a specific due date for each action step, I designate an entire month that I must have that action step figured out. So, in our goal example ‘I want to purchase and flip 6 single family homes in 12 months’, I would probably set the following Action Steps:
(1) Educate Myself on RE Investing (month 1);
(2) Set up business (legal entity, email, brand logo, website, etc) (month 2);
(3) Determine lead generation systems (month 3); and so on…
Then at the start of each month, I break each action step into smaller tasks and determine which week I’m going to tackle it.
I prefer using weekly calendars with a Monday start date, which helps me to view what is due and plan and view an entire week on two pages. I spend maybe 5 – 10 minutes each Sunday evening planning my week, and refer to it every day and make adjustments throughout the week as my schedule changes.
3. TAKE CONSISTENT ACTION.
This, my friends, is the secret sauce. The glue that makes it all happen! Take consistent action each and every week, even if it’s small. You will be surprised at how much you accomplish after a month of consistent action and before you know it, you will have accomplished your goal! By having ‘small wins’ each week, you’ll be more motivated to press on, rather than tackling a huge action step all at once, not accomplishing it and getting demotivated. Remember the story of the tortoise and the hare? We all know who wins the race. Be the tortoise!
SO THAT’S IT! Now you know the secret to dreaming, planning and achieving your real estate goals. Now get out there, dream big and MAKE IT HAPPEN!
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