In this section you will cover your investing strategy and how you will achieve this, but first here are some things to consider.
Before you start doing anything you must define what your “Top” is. Where do you want to be in 5 years from now, what house will you be living in, how many real estate investments would you have done successfully. This is very important because this will be the basis of your investing strategy.
The next important thing for a good investment strategy is passion. You must work towards your goals with passion or else you will not get to where you want to be. The easiest way to be passionate about something is to see, in your mind, what reaching the goal you are busy with will bring you ones you’ve achieved it.
A good investment strategy can only be successful if you have the will to put it into action even when things aren’t going as well as you want. Don’t give up, you never know how close you are to achieving your goal, what if you could look into the future only to realize that if you just tried a little longer you would have been successful. Nothing worthwhile in life comes easy but with passion and will it becomes exciting.
Master the skills needed to achieve your goals. You must never stop learning and always try to be the expert in the field you are pursuing. You might just one day realize that you have become the expert and other’s look to you for help and advice.
Now let’s get to the good stuff, your personal investment strategy.
Setting realistic goals.
First of all I would like to say that I believe that everybody has the power within them to achieve whatever they want, but you have to be realistic or else you will be disappointed. I always have three sets of goals, long-term goals, midterm goals and short term goals.
Long-term goals are the goals you would like to achieve one day e.g. “I am 65 and a professional real estate investor and my portfolio is worth 1 billion dollars”, note that I always write my goals in the present tense. I believe that by doing this my mind accepts that I am suppose to achieve this and then helps me focus on doing so.
Mid-term goals are the ones I will achieve quicker once I achieve my short-term goals e.g. “I am a 30 year old real estate investor that makes a living out of real estate.” Again I write in the present tense.Both your long and mid-term goals will be the basis of forming your investing strategy.
Short-term goals are the driving force towards achieving your mid and long-term goals. These will also help you put your investment strategy into action e.g.”This year I bought one bargain property and made a $10 000 profit.”Did you notice that I put time frames on these goals? That is very important, you must put a time frame on your goals or they will just be nice ideas you speak about to friends and family.
Memorize your goals
Once you have the main goals that will form your investing strategy you must memorize them so that you always keep your focus on achieving them.
Another method to keep focus is to use visualization as a tool to achieve goals. Set aside a couple of minutes per day and imagine the end result of your goals, see it, feel it and live it now.
Time and money
If you want your investing strategy to work you will have to spend time and money on it. Go to real estate investing seminars, buy real estate investing books and learn as much as you can, remember that knowledge is power.
Surround yourself with excellence
Spend time around people that will help you achieve your goals; real estate investing advisors will help put your investing strategy into action. Talk to real estate agents and find out what’s for sale in your area and ask them what they think of your investment strategy, but always remember that not everybody you talk to is an expert, do the research before you do anything else.
Every single day
You have to put your investing strategy into action each day to ensure that it will work. By doing this you will get closer to achieving your goals every day.
Be persistent and don’t give up. You have the power, no one else is going to do it for you so get up each day and go create your future.
Let me give you an example of all of the above:
Long-term goal“I am 65 and a professional real estate investor and my portfolio is worth 1 billion dollars”
Now I ask myself: “How did I do it?”
Answer: Mid-term goals
“I am a 30 year old real estate investor that makes a living out of real estate.”
At 30 I work for myself and I can spend my time on finding great investment deals and build my wealth.
Now I ask myself: “How can I achieve this?”
Answer: Short-term goals
“This year I bought one bargain property and made a $10 000 profit.”
Now I start researching which real estate investments I will use to achieve this goal and as soon as I feel ready I go out and look for that deal that makes me a $10 000 profit.
So to recap:
Always start at where you want to be and then ask yourself: “How did I do it?”, and you will achieve anything you set your mind to.