by Theresa Bradley-Banta
Setting Real Estate Investing Goals
Have you ever said, “I’m finally going to invest in real estate this year! No more excuses?”
Things get in the way, don’t they? And sometimes it’s really hard to figure out what your first step should be—so nothing gets done.
Before you know it December has arrived again and you’re in the same place you were a year ago.
Would it be helpful if you:
- Knew exactly what type of real estate you wanted to invest in?
- Raised money so that when you find a deal you’re ready to go?
- Knew how to research markets?
- Had some simple first steps you could take?
I’ve written some articles that will show how you can make your New Year’s real estate investing resolutions come true. Just follow the links…
Why Do You Want to Invest in Real Estate?
Have you decided WHY you want to invest in real estate?
What are you passionate about? Do you want to help other people? Your family? The residents at your rental property? Do you want to build positive cash flow so you can quit your job?
Read Strategy vs. Tactics in Real Estate Investing—this will help you start with the end in mind.
Do You Need to Raise Money for Your Real Estate Deals?
Do you feel as though you have to put your own money in a deal before asking your friends and family to take part? Not so! Especially when you’ve invested a great deal already in education, market research, and acquisition strategies—plus you have the know-how to see the deal succeed. When those pieces are in place, raising money to invest in real estate is easier than you think.
I’ll bet if you talked to ten people, nine of them would say, “I’d love to invest in real estate if only…” Read on: Raising Money for Your Real Estate Deals.
Passive or Active?
You don’t have to be the real estate deal maker to get started. Why not learn the ropes from the inside out by participating in other people’s real estate investments? Or invest in a REIT (Real Estate Investment Trust) to start?
Or you can jump right and find your own property. There’s no rule about how you should get started. Take a look at Should You Be an Active or Passive Real Estate Investor? and make some personal decisions.
A Simple Step to Get You Started
How did I get started investing in multifamily properties? I jumped in the car and drove around looking at properties!
Amazing things will happen when you actually picture yourself owning the properties you look at. No magic. No tricks. It’s simply the very best way to get your head where your heart is—to set the intention of ownership in your mind. See my tips in A Simple Step Towards Owning Multifamily Properties.
Don’t Believe Everything You Read
How do you know what’s hot and what’s not? Typically by the time you read about the latest and greatest real estate investing trend, it’s too late.
Be Smart About Hot New Trends in Real Estate Investing makes the point that not all new real estate investing trends are wise.
Would you like 15 free resources for comprehensive market research; market data; demographics; and key articles to get you started with your own research? I thought so. Smart real estate investors read everything they can their hands on—and then make their own investing decisions.
Back Into Your New Year’s Resolutions
Instead of making a big bold New Year’s Real Estate Investing Resolution why not set a target date of May 15, 2016 as the day three big things will be done? These are your strategies.
Use the linked articles to make some decisions about: how you want to invest; what you want to invest in; and what your personal goals are.
Then back into your goals by asking yourself, “What tasks need to be completed to carry out my strategies?”
Here’s an example of three great goals to get you started:
- Find a broker or real estate agent you would love to work with.
- Ask a successful real estate investor to mentor you.
- Explore 3 or 4 real estate markets to invest in.
- Network like crazy with your friends, family, business associates, teachers, etc. and get introductions to people who are already successfully investing in real estate.
- Network with real estate agents and brokers. Who do your friends know and trust?
- Set up at least ten meetings over coffee or lunch with the people you are referred to. Let them know you’re just getting started and would like to learn.
- Start exploring the 3 or 4 markets you’ve identified. Drive around. Picture yourself as the owner.
- Look at rental listings on craigslist.
- Talk to your agents and mentors about the markets they like. Find out what they think about the markets you’re considering.
- Read three real estate investing books.
- Go to at least five property showings.
See what I mean about backing into your goals? You’ll quickly realize you will easily meet your three goals by May 15th.
One last very important step…
Ask yourself, “Who is going to hold me accountable?”