Defining Your Investment Goals
Setting investment goals in real estate is similar to setting goals in other areas in your life. This guide will walk you through the process of setting up detailed, measurable, and meaningful goals.
Create Specific and Detailed Goals
Take the time to sit down and write out your goals. There’s a big difference between goals that are in your head and goals that are written down. When you commit goals to paper, you fill in the details and eliminate vagueness. Create goals that pertain to a number of units you wish to have in your portfolio, or the amount of revenue you’d like to generate. Remember: specific goals are more likely to be achieved, while unspecific goals are easily forgotten.
Make Your Goals Measurable and Timely
Vague goals, such as “make progress” aren’t measurable. You should be able to track your goals with data and statistics. If your goal is to make money, define how much and how long it will take you. No goal is unrealistic, if your timeframe is realistic.
Set Goals That Will Stretch You
Most likely, you started in investment real estate because you wanted to obtain a level of fulfillment or income that you haven’t yet achieved. By setting goals that stretch you, you will achieve smaller goals along the way, and soon achieve the path to success.
Create Harmonious Goals
It’s important to have goals that complement one another. For example, if you want to learn a new language, you might set a goal of spending 2 hours a week studying. Create goals that work together to set yourself up for success.