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Your first step as a real estate investor must start with your goals.
Matthew, Spencer, and Gray discuss one of the most important aspects of real estate investment success - setting your goals.
Knowing where you are heading is critical to achieving your investing goals.
In this episode, we discuss:
- A step-by-step process for setting goals
- Why vision is important in setting investment goals
- Being objective vs subjective about your current state
- How to change your patterns, behaviors, and stories you tell yourself
BONUS: To get started, check out our Fact Map Template (Download here!).
Make a copy and personalize it for your specific goals.
Watch the Full Episode
In the meantime, here are the top three takeaways from this episode:
Top Three Takeaways
Takeaway #1: Know your destination to know how you will get there.
This is where setting a vision comes in first. With anything in life, you must get very specific with two things:
- What you actually want to accomplish in the long run
- Then, how you plan on getting there
If you fail to sit down, cast a vision for your investing journey, start with the end in mind, you will get sidetracked and ultimately won't meet your goals.
Takeaway #2: You must have a process for setting goals.
Here is a framework you can use to set your investment goals starting today:
- Get very realistic about your current situation by writing the facts down.
- Write down the feelings that you have about those facts.
- Make two lists, what are the stories you tell yourself and the patterns that are formed from those stories?
- Last, write down what is working and not working in your life. This will ultimately lead to asking, "what do I want?". Think of this in 12-month windows.
"How much money do I have to invest?" or "Who do I need to know to be successful?" or "How much time do I really have to find deals, make offers, and manage rentals?"
You must be brutally honest with yourself if your plan from takeaway #1 is going to work.
Takeaway #3: Investing involves risk, setting realistic goals helps mitigate those risks.
If you're getting into real estate investing, you (hopefully) realize that risk is involved.
The key isn't avoiding risk at all costs; the key is to find ways to mitigate those risks. One key way to do that is by proper planning and goal setting.
This is where being objective vs subjective comes into play. When you are able to see your situation clearly, ask the right questions and meet the right people, and start taking small actions today—you'll mitigate potential risk in a drastic way.
Show us two investors: one is reactive and runs off their ego AND the second is humble, realistic, and long-term focused. In the end, investor #2 will win.
Other Investor Resources
- Access our NEW rental property calculator
- Download NEW market overviews from our Content Library
- Need an acquisition partner? Let us know your goals, and we'll be in touch!
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