Real Estate Investment Tips and Strategies: Don’t be a Columbus Type Investor

04/18/2008 | By | Reply More

Real Estate Investing Goal SettingWhen Columbus embarked in search of a new world, he didn’t know where he was going. When he got there, he didn’t know where he was, and when he got back home, he didn’t know where he’d been.

Clearly defined finite goals are the cornerstone of success. If you have yet to buy your first investment property, take out your pen right now and write down the closing date for the property. There is something about the physical act of writing that makes something more real. Until the pen hits the pad, all you’ve got is a vague dissipating loosely held thought that equals one big “someday.”

Someday I’ll take the plunge into real estate. Someday I’ll plan for my retirement. Someday I’ll be rich…more like someday you’ll be tired and broke.

Even if you are a seasoned veteran, having clearly defined goals are what can take you to the next level. When I started reading personal development books years ago, I thought it was interesting that every book that I read started off by suggesting to set goals. I had ignored the excises and suggestions long enough. “If every book I read suggests to write down your goals,” I thought, “there must be something behind doing it.”

How many houses are you going to buy this year? How much cash flow are you going to be making from your investments in 5 years? Write down at least 3 short term goals for this year and 3 long term goals for your investment portfolio. Do it now!

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Category: Tips and Tricks

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