Setting Your New Year’s Resolutions in Real Estate Investing

Setting Your New Year’s Resolutions in Real Estate Investing

You must jump on board here very soon and fall in line when it comes to setting your resolutions for the new year. Now, obviously I am kidding here as most folks hate setting and then failing on resolutions year after year. But, what if for a change you could set a resolution or two and succeed? The key here is to set a resolution that you are passionate about fulfilling. Unfulfillment is a killer to us all. Setting a goal to lose weight or get into the gym, while admiral, is often not something you want to do. Set a goal around getting started in real estate investing…set a goal that you want to achieve.

How to Start

Decide what the resolution or goal should be. Make it actionable, and more importantly attainable. Don’t set an unrealistic goal that you won’t be able to obtain, such as buying 25 properties. Set a goal that would excite you if you could attain it, yet you will need to work hard to succeed.

Review your current investing strategy and knowledge level and determine where you want to head. It may be finding a mentor, buying your first property, or even just spending more time learning. All are good goals, just make it applicable to you and where your passion lies.

Compounding Time

Once time is gone it’s gone. If you skip the month of February for example and then get back on track in March you’ve lost 28 days which is 7.6% of the year. Take some sort of action every day towards your goal to ride the wave which is compounding time. Compounding time operates like a snowball rolling down the hill, gaining speed, velocity, and size as it gets closer to the bottom – or in this case your goal!

I like to visualize where I want to head and then create a plan over those 12 months to determine what the micro goals are each month that will get me closer to my desired outcome. Then work backwards to formulate a plan and tackle the micro goals each week / month. In the case of acquiring your first income property you may want to have your first micro goal be building a team in your desired market, or if you don’t know the market yet you would need to have your first goal be to determine your market. Your final goal would be the acquisition of that property; therefore, you’d need to fill in all the middle weeks and months with the goals leading you down the road to attainment.

Staying the Course

Most New Year’s Resolutions lose steam quickly, as do most goals for many people. Remembering why you set the goal in the first place is key. Keeping your excitement around the goal is also important in not straying from that which you desire. Have weekly and monthly periods of reflection and check in on your progress. Sometimes you may find that you need to pivot or change your goal entirely. This is fine and encouraged – the only thing that matters is that in the end you achieve your goal, even if the goal has changed.

It may help you to find a team, coach, friend, or accountability buddy of sorts to cheer you on, promote excitement, keep you going, and help get you back on track if necessary. This will help you remember that you are not alone, but it will also hold you accountable. Great things can be achieved if you put in the work. ‘All things are possible in this moment, at this time, if you have the power to believe in yourself.’ – Leslie Anne Morris