If you have read 7 Habits of Highly Effective People by Dr. Stephen Covey, you’re already familiar with Habit 2: Begin with the end in mind.
This habit is about envisioning or imagining an outcome first and trusting that the physical manifestation will follow.
In plain speak, this means you must set goals. Goals are outcome statements that focus your time, energy, and efforts in the right direction. Being vision-focused carries you through setbacks and keeps you from wasting too many resources on “rabbit trails.” This simple, yet powerful, concept is used by business leaders around the world.
So, what does this mean for you as a real estate investor?
It means you should begin with the end in mind… Or, if you are already in the middle of your investing experience, you should take a moment to envision the end now.
Invest 15 to 30 minutes into this today. I’ll give you a little help by listing some potential goals (though yours may be completely different and unique).
- I want to quit my job and live on the income from my rental properties.
- I want to put my money in a low risk, high return investment to increase my net worth.
- I want tenants to pay for my real estate investments so I can cash out on them when I retire.
- I want my properties to fund college for my children or grandchildren.
- I want a source of monthly cash flow that will supplement my current income.
- I want to capitalize on predicted upticks in the real estate market, renting to tenants in the short term.
- I want to help revitalize neighborhoods by fixing up properties and providing affordable housing.
- I want to rehab my existing properties so I can bring in more income per unit and increase property value.
- I want to increase my net worth so I can leave a larger inheritance to my children.
- I want to invest in small multi-family properties (duplexes, triplexes, and 4-plexes) so I can make more rent per purchased property.
This list is certainly not comprehensive, but it should give you a good starting point.
Once you identify your primary goal, shoot it my direction or give me a call 973-849-1638. I would love the opportunity to get to know you better!