Real Estate Investing Step #1 – Goal Setting
The number-one determinant of your success in real estate investing is your desire: your motivation as reflected in your goals and your plan. Many people think success in real estate investing hinges on your understanding of contracts, laws, and financial concepts. I don’t believe that. The most successful people I’ve met have a lot of desire.
As a matter of fact, many of the super successful investors actually don’t know everything about real estate investing. Many aren’t familiar with a lot of the concepts related to real estate such as wholesaling, lease optioning, limited liability companies, advanced analysis, or different types of contracts. They simply have a lot of desire; they go out and make things happen; they don’t worry about it — they just keep working their action plan. When I started in real estate investing, I didn’t know these things either. But I did enough activities to experience enough successes.
The most important part of your real estate investing career is desire and motivation — whether you’ve been in real estate for 10 years, just starting out, or you’ve spent the last 10 years just thinking about getting started.
Now it’s your turn. Write down what motivates you. Remember, there are no wrong answers.
- Why are you interested in real estate? – Is it to make more money, be your own boss, become financially independent, be able to take more vacations, get rid of your boss, create wealth for future generations of your family, build a retirement savings, make up for losses in the stock market?
- How much money do you want to make? – Now be realistic, if you’re just getting started. Maybe you want to make an extra 20000 and 30,000 or even just 5000 extra a month.
- What will you do with that money? – Pay off some debt, take a trip, purchase a toy, invest in the stock market, work part time, write down what difference that would make for you and your family.
- What will be your motivating factor? – A picture of a beautiful island off the Pacific ocean, a brand-new Ferarri parked out front of your three car garage mansion, or that 5 carat diamond Tiffany ring your wife has been dreaming about?now take whatever that motivating factor might be and put a picture of it on your desk and look at it every day, determining that motivation will remind you of why you’re getting into real estate.
Remember, your #1 determinant of success is your desire and your motivation. This visual reminder will encourage you weeks down the road. If you’re having a bad moment, don’t get frustrated. Just reread that card with your goal written on it and look at the picture of what you want. You’ll quickly be motivated again to keep on going. It will reignite that fire.