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What’s Your Vision, Mission, and Goals
When starting out in real estate investing, you should have your high-level vision, mission, and goals thought out very carefully.
A lot of people get started in real estate investing with no idea what they want to do.
They just go out and they start looking at properties, they get frustrated because they have no idea what they are looking for. A lot of people buy the wrong thing, meaning they might buy a rental property thinking that the $200 or $300 or $400 cash flow is going to satisfy their income requirements because they just lost their job … which is the wrong strategy.
A vision for real estate investing might be that they want to have real estate replace their current income so that they can retire. A mission might be that you want to be the number one real estate investor provider of lease options in your neighborhood. Or the #1 fix and flipper or the #1 buy rent and hold person.
Next what you do once you have your vision and your mission is to define your purpose. A purpose should be another thing you define, which is really just your way, which I sort of touched on in your vision. This might be about establishing a need like to be able to have more time for yourself or whatever your purpose is. Maybe it’s to be able to provide better for your family or your relatives or your parents or whatever your purpose is.
Next, you put together goals: short-term, long-term, and even medium-term goals.
By long-term goals, I mean “in three years I want to have made a million dollars or I want to have acquired 50 rental properties.
Short-term or medium-term goals might be for one to two years and would be the same goals only a smaller number. I want to have acquired 10 investment properties in 6 months.
And you also have immediate goals, which are really very short-term goals for things that you want to accomplish within the next 30, 90 and one year time period. Those goals are more focused and are very tactical goals. The other goals are more strategic, more long-term, whereas the other ones are more short-term, like making phone calls, visiting people, looking at properties, making offers, establishing relationships with realtors, and mortgage brokers.
So those are the things you need to look at when looking at a real estate investing business and making sure you’re aligned with your vision, your mission, your purpose, and your goals.
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