House “Flippin’ U” – What you missed – Goal Setting
Real Estate Services of SWFL has teamed up with J&S Consulting and Construction to bring Real Estate Investing to everyone. We have had several meetings already but you can get started today if in the Fort Myers / Cape Coral, Florida area. For those of you not in our immediate area, I will post summaries here for now. Look for our announcement to go “live” through online webinars soon!
Before you start any type of program whether it be for weight loss, education, job advancement and especially for Real Estate Property Investment, you need goals. If you do not know where you are going, then there is no need to plan. If if there is no plan, then you will probably never get there.
Research from many groups has shown the best goals are written goals. A written plan more than doubles your chances of success! Also, a written plan is more successful than automated or “fill in the blank” plans. There are two very limited resources when you start developing your Real Estate Investing plan – time and money. A written plan or schedule, helps you manage your time more effectively. If you learn to manage your time, you make more money. If you make more money, you become productive and have more time. Having more time allows you to create a steady income and then the cycle starts again.
Design your plan for at least one year. Two useful tools are a yearly planner and a pencil – not a pen, but a pencil.
First step is to analyze your goal setting in the past:
- Was it a written plan? If written, did you stick to the schedule?
- How did you advertise, generate leads and turn potential prospects into paying clients?
- What activities generated income?
- Did you have a budget? Did you track expenses?
- Did you reach your goals?
- Did you look at them often and regularly?
- How much time do you have?
- How much money do you have to invest or do you need funding?
- How much income do you need to reach your goals?
- Are your goals specific and measurable?
- Are your goals realistic and achievable with your given resources?
- Are your goals results oriented?
Earlier, I mentioned a planner and a pencil. In the planner, write your large goal for the year. Next, make quarterly goals and write them at the top of the appropriate monthly pages. Next, write your tasks and plan for each month. Lastly write your specific tasks for each day of the current week. Daily tasks/goals should have specific times assigned.
Most importantly, review and adjust every, every, every week! Now you understand why I keep talking about a pencil. This is a living and changing document. Weekly review keeps you on track working towards your goals. Just writing them and then putting the planner in a drawer does nothing for you. Review every week or even better, every day!
House Flipping University (“Flippin’ U”) meets every Wednesday evening in North Fort Myers. To get our invites and updates, register at our Meet-Up Site (link).
Here’s to your Success!
Broker/Owner, Investment Property Consultant
Real Estate Services of SWFL, LLC