Crushing Your Investment Goals: A Comprehensive Guide
Key takeaways
Charting a course in the vast ocean of real estate investing can be both exhilarating and daunting. While ambition is the sail that propels you forward, it's the clarity of vision, commitment, and a clear strategy that serve as the rudder, steering you in the right direction. Without these, even the most ambitious investors can find themselves adrift. Ok, enough with that sailing metaphors...
We're going to cover what we consider THE BEST strategy for setting and crushing your goals, whether in real estate or beyond.
And remember, for the actual workbook, find the FREE Download here. Let's Go!
1. Your Big Vision
Every successful real estate journey begins with a vision. This vision is a canvas, painted with the big aspirations and dreams for your future self. So long as you can articulate this vision, you can achieve it.
Do you see yourself retired at 30, traveling the world? Do you see yourself owning many income-generating rental properties?
This vision will become the foundation of everything to come; the start to an incredible personal story of ambition and achievement. So let's go!
The Vision Unveiled
So how do you make this vision more than just a thought? You write it down, you sketch it out, you make it real.
Creating a vision board can be an effective way to bring your dreams to life. This is a physical or digital collage of images and words that represent your goals and dreams. For instance, if your vision is to retire early, you might include pictures of serene beaches, peaceful mountain cabins, or bustling cities you'd like to explore. If your dream is to build a massive rental portfolio, you might include images of various types of properties, from cozy apartments to sprawling estates, along with figures that represent your financial goals.
Remember, your vision board is not just a collection of images; it's a reflection of your future. Place it somewhere you'll see it every day. Let it serve as a constant reminder of where you're headed, inspiring you to take the necessary steps to make your vision a reality. This is your grand vision, your guiding light in the exciting journey of real estate.
The Motivation
Your 'why' is a critical component in all of this. It's about more than properties or profits; it's about what really compels you to make these big changes in your life. Visualize complete financial freedom, or a debt-free education for your children. When challenges pop up – and in real estate, they always do – this powerful 'why' will be your anchor. Make every investment decision with this motivation in mind.
The Commitment
Commitment is what separates those who achieve their investment goals from those who don't. Signing a personal 'letter of intent' (This will be for your eyes only) is crucial in achieving your aspirations. Pin it to your wall, or save it as your phone's wallpaper. Whenever doubts creep in, return to this pledge and remember the commitment you affirmed here:
2. Planning & Strategy
We have our vision, now let's break it down.
5 Year Goals
Think five years into your real estate journey. What do you want to see accomplished in this time frame that supports your big vision? It could be the number of properties owned, net worth, or monthly cash flow. Where do you fit into this 5-year plan?
1 Year Goals
Now look at the next year. What needs to happen to achieve those 5 year goals? Whether it's finalizing a certain number of deals, renovating a property, or making that first crucial purchase, be specific and actionable. Optimism is great, but we've found its best to keep this goal attainable. If you blow past your 1 year goals in 3 months, great!
3.Tracking & Accountability
Quarterly Objectives
Pause! This part is vitally important, so take your time. Quarterly objectives should stretch you but remain realistic. And they should be measurable, so you can stay accountable to them. You should be able to set benchmarks for each month in the quarter.
To ensure your quarterly objectives are rock-solid, follow this structured approach:
- Set Quarterly Objectives Align each objective with your annual goals. For instance, if your annual goal is to double your rental portfolio, your quarterly objective could detail specific acquisition targets. I like to keep things simple and shoot for 3 objectives per quarter, but adjust to suit you.
For example, "I will get more high quality BRRR deals in my pipeline"
- Determine Your Success Metrics Choose a quantifiable metric that supports your quarterly objective. This is how you will measure success, so make sure it is clear.
For example, "# of deals analyzed".
- Define Target Benchmarks If, for example, your metric revolves around the number of deals analyzed, aim for objectives that are either sustained or improved over time.
For example, "analyze 12 deals in month 1, 24 in month 2, and 48 in month three."
Here's the full example:
- My objective: I will get more high quality BRRR deals in my pipeline.
- My metric: Number of deals analyzed in Vetly increases.
- Month 1 target: 12 new deals analyzed.
- Month 2 target: 24 new deals analyzed.
- Month 3 target: 48 new deals analyzed.
Daily Ritual
Daily habits can massively impact your success in real estate. They ensure you're always moving towards crushing those investment goals. Remember, "Daily rituals are the quiet architects of our biggest achievements."
Each month, evaluate your progress. Embrace and learn from any missteps and adjust accordingly.
Reflect, Revise, and Accelerate with Real Estate Deal Analysis
The road to crushing your investment goals in real estate isn't always straightforward. It's a cycle of setting, assessing, and refining. With every iteration, powered by in-depth real estate deal analysis, you become more adept and better equipped to navigate the complexities of the industry. Remember, it's about consistent forward momentum and using each step to accelerate further.
