December 4, 2013
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The end of the year is a great time to reflect on the things that we were able to accomplish as well as the things that we are still trying to accomplish. The difference between the people who are successful and the people who are not often comes down to goal setting. You may want to become a successful real estate investor, but in order to do that, you have to implement.
One of the first things that you should do is set clear concise goals. They should not be vague goals. “I want to make money in real estate” is too vague. “I want to make money from flips or from rental properties” is too vague. How much do you want to make on your flip? (This will depend on your market and the amount of work that you have to do to the property.) However, if you set a goal that says, “I want to make 25 offers a week on properties that I can rehab and sell for a profit” that is a clear, concise, attainable goal. “I want to make 25 offers a week on properties that I can hold and build up my investment portfolio” is a clear goal.
When you attended your Rich Dad Training Course, you were given a 90 day plan of action. Pull out your plan and review it. When you left the class, you were on fire and excited to implement. Reviewing your materials can help rekindle that excitement. If you haven’t been to a training class, start by building your power team and making offers to motivated sellers.
As you review your class materials, start setting goals for yourself. Once you have the goals written down, then you need to break them down. “I want to make 25 offers a week” means that I need to make 5 offers each day. (Obviously there are two days that you are not making offers under this assumption.) If I am going to make 5 offers a day, then I need to either be talking to my Realtor or talking to sellers. So how are you going to find your MOTIVATED sellers? What marketing strategies can you implement each day? You can eat an elephant one bite at a time. Becoming a successful real estate investor will happen one offer and one seller at a time.
You have a little over four weeks before the New Year starts. This means that you can set your goals now, break them down now, and start implementing now. This way, when you actually start 2014 you will be ahead of everyone else. Set your goals now. Set up a plan of action now. Make sure that you are successful in 2014!!!!
One of the first things that a successful real estate investor does is to segment their market. This helps you to focus on the areas that you want to market to. You need to determine if you are going to work upper end homes, starter homes, or homes in a median price range. Find out what types of homes are selling the best. Find out what areas are hot markets. Once you set your goals, make sure you implement.