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Your first step as a real estate investor must start with your goals.
Matthew, Spencer, and Gray discuss one of the most important aspects of real estate investment success – setting your goals.
Knowing where you are heading is critical to achieving your investing goals.
In this episode, we discuss:
BONUS: To get started, check out our Fact Map Template (Download here!).
Make a copy and personalize it for your specific goals.
In the meantime, here are the top three takeaways from this episode:
This is where setting a vision comes in first. With anything in life, you must get very specific with two things:
If you fail to sit down, cast a vision for your investing journey, start with the end in mind, you will get sidetracked and ultimately won’t meet your goals.
Here is a framework you can use to set your investment goals starting today:
“How much money do I have to invest?” or “Who do I need to know to be successful?” or “How much time do I really have to find deals, make offers, and manage rentals?”
You must be brutally honest with yourself if your plan from takeaway #1 is going to work.
If you’re getting into real estate investing, you (hopefully) realize that risk is involved.
The key isn’t avoiding risk at all costs; the key is to find ways to mitigate those risks. One key way to do that is by proper planning and goal setting.
This is where being objective vs subjective comes into play. When you are able to see your situation clearly, ask the right questions and meet the right people, and start taking small actions today—you’ll mitigate potential risk in a drastic way.
Show us two investors: one is reactive and runs off their ego AND the second is humble, realistic, and long-term focused. In the end, investor #2 will win.
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Lucas is a Content Strategist for Evernest. When he isn’t doing research or creating content, you can find Lucas drinking coffee or eating tacos. He is a native of western North Dakota now living in Austin, TX.