Achieving Goals - The Process

    The process of achieving goals can be SO boring. Let me explain. I posted about a month ago about starting out on my plan to build passive income through real estate (you can check it out here: The Adventure Begins). What’s happened in a month? Not much. I don’t own rental property yet, I haven’t filed any paperwork and I haven’t contacted anyone. All that has happened is progress towards exactly what the first step in my plan is: to become an attractive borrower.

     I plan to use borrowed money to get started, and to do that I will have to present myself as a “safe” bet for lenders. How do I do that? Without making it too complicated... credit score. I’ll break down my plan starting there. I have some debts I am working on paying down. It isn’t a super speedy process, but I have a plan and it has been implemented.

     At the end of each month I tally my score and give myself a pat on the back for doing what I set out to do. I am using the method of paying debts where after one gets paid off I use that payment towards the next and so on. It is working out well so far, but I am not yet at the “attractive” borrower level. Progress is being made, minor adjustments to the plan are happening as needed, and my debts are being paid off one by one. 

     That’s the first step in my plan, and it is happening. The next step will be to find a lender. Paying down my debts only really happens about twice a month when I get my paycheck, so I have plenty of time to focus on the next steps of my plan in preparation. I have been researching lenders and using their online calculators to see what sort of loans I might qualify for. The lenders I find to be the best are put on a list that I’ll use later. Once I find a lender and get pre-qualified, I’ll be ready to make my deal.

     The action steps in this plan so far don’t take up a whole lot of time, so working on multiple steps throughout the month at the same time is not very difficult. It goes like this: working towards step one, planning for step 2, while planning for step 3, etc. I set my ultimate goal for passive income through real estate and I backwards planned it from there, which gave me the steps I am following now. So while my debts are going down and I’m finding lenders, I am also finding properties that I am interested in and creating a list of those. That list will change a bunch by the time I am ready to make a deal, but some of those properties may still be on the market with a drop in price. We’ll see. 

     I started this blog to track my progress, and to share with those who are interested in following along or might be in the same boat. Things aren’t moving all that fast quite yet, but progress is being made and I plan to update at least once per month until things pick up. In my next update I will post more details of the steps in my plan, so keep an eye out for that. Thank you for reading and I hope you follow along for updates in this adventure!