HELP: What goals should a new investor question for themselves?

[George Farrell]

Hello everyone,

I'll just get right to it. My wife and I are new to taking action with REI, I've been learning for about 8 months now but want to take quantifiable action. Similar to a new gym-goer, I think it's necessary to start with the end in mind and ask ourselves some framework questions to have some form of direction. Without spending an incredible amount of time asking myself (because you all are the experts) what am I missing? Currently, I have:

1.  What is our why with REI?

2. What is our main focus with REI? e.g. location; number of doors; cash flow; appreciation; etc.

3.  What market do we want to invest in?

4.  What type of properties do we want to invest in?

5.  What strategy?

6.  5-year goal?

I wholeheartedly appreciate any form of helpful feedback.

[Sam Wilson]

@George Farrell - I'll add to your gym analogy:  sometimes you just need to start!  (Unless you have found a way to gain muscle by reading! :)

A few other questions to consider:

7.  Is this a retirement goal or a career change goal (or a mix of both).  

8. Are you wanting to be an active or passive investor (or a mix of both - that is what I chose)

9. What can you do (invest in) now with the resources you have?  Does that fit with your goals?  What other resources do you need/want?

10. What current time commitment do you and your wife want to make towards REI? Future time commitment?

When my wife and I started we started with single family housing (flips, foreclosures, rentals, etc) in two areas of Tennessee we knew well. Mainly because that was what was financially and educationally available to us at that time. We knew we wanted to focus our career and retirement on REI but our scope was initialy limited, so we jumped in where we knew we could swim (and make money!). From there our portfolios, education, network, etc continued to grow and now we are involved in multifamily in multistates.

I say all that not to brag, but more to share that while 5, 10, 15 year plans are important sometimes just getting started is the best teacher and the best navigator to your longer term goals.

Hope my 2 cents helps!  

Please report back what next steps you all take! I love hearing how REI journeys begin!