Real Estate Goals
Aka, getting the right deals for you.
Your goals drive the path to follow. Which deal do I do? Is it a good deal? Is it a good deal for me?
Each of you have different goals for different reasons, but there is commonality in all of them. Some of you are simply interested in Real Estate. Some want to make extra income or even go full time. Some are looking to expand your retirement portfolio.
Why are you here? What is your goal?
Take some time and think about it. Write it down and define it. What are you trying to accomplish?
Goal: Additional retirement income. Why: Work plan is not sufficient.
Now define it be very specific. Put a number on it. Give it a deadline.
Generate $5,000 per month net income from rental properties in 15 years.
Now expand the details a little bit is there anything else that completes the goal?
The properties will be free and clear, and managed by a property manager.
Now we have a solid and specific goal. Next is to start sketching out how to get there. This is where the education and experience really starts to kick in. If you’re still pretty new to real estate, you may need some help here. Ask others with experience for input.
I will acquire 1 rental property per year for the next 15 years.
Notice, it doesn’t say “I will acquire rentals”. It is specific. “I will acquire 1 rental property per year”. Can you do more? Yes, but this is your target. Again, expand the details a little bit. Is there anything else that explains how you are getting there?
In 15 years I will sell selected properties to leave the remainder free and clear.
Now you have a Goal, and plan to get there. The next step is to fill in the details.
- I will identify and study a primary technique to acquire properties by April 30, 2012
- I will interview, then select a licensed property manager by April 30, 2012
- I will learn property evaluation by May 31, 2012
- I will set my property criteria by May 31, 2012
- I will set my deal criteria by May 31, 2012
- I will submit 3 offers by June 30, 2012.
Continue to fill in the details. Keep referring to your Goal and Plan. Fill in every detail you can think of, no matter how mundane. Prioritize. Set dates.
Remember, this is the plan today. It will change in the future. That’s ok.
This is a great exercise to work with your partner, or another Real Estate Investor.
Know where you are going. Otherwise, how will you know when you get there?
By Darrin Carey