With the birth of HGTV, everyone wants to get in on the act of flipping houses. While this looks great on paper, there is a lot of sweat equity that goes into achieving a success flip. This leads into real estate investing. There are many people who have become rich from investing in real estate; however, it’s not all about flipping houses. It comes from having a diversified portfolio of renting, buying, flipping and trading. If you want to become successful in real estate, you should start with a focus, which is supported by creating goals. Below are some goal setting tips to get you started.
- Use the SMART system. This system creates the foundation for your real estate goals. SMART goals are: specific, measurable, attainable, realistic and timed. They sound easy, right? No. Many first time real estate investors jump in head-first without doing their due diligence, such having a specific focus or niche. For example, you want to become a landlord in New York City. This is too broad of a goal. You won’t get started because there is no direction. The other SMART goals all connect to each other and will help you understand the real estate market, how well (or not) you are doing, what you can achieve and set a timeline.
- Find a mentor. If you still need help setting up a real estate goal (e.g. how many rental units to buy in one year), you should become educated on the real estate market you want to get into. This means getting a mentor. There are tons of real estate seminars and books on how to get rich. It’s best to get a mentor who is successful and accessible. You will pay a great deal of money for a seminar, but end up not being able to ask all of your questions, and once it’s over, you won’t see the speaker ever again. If you know some realtors or property managers, ask them about a possible mentor. Connect with this person and learn all you can from him or her — even set up meetings over the course of a year.
- Discover your strengths and weaknesses. When you know your strengths and weaknesses, you will be able to focus on setting up your real estate goals. However, learning what they are will require you to take a in-depth look at yourself. Is one of your strengths negotiating? Is a weakness sticking to a plan? Once you have discovered them, you will find out what type of real estate investor you will be. This will help direct you towards the first step of your real estate investment venture.
After you have set up your goals, the next step is strategy. Nothing will get started if you don’t establish goals — and stick to them.