How to set and achieve the right goals
As a young man, I received this advice from an experienced investor: “You don’t save yourself rich, you buy yourself rich.” Robert Kiyosaki is much more direct: “Savers are losers”.
I started asking myself, how do you buy yourself rich? Then I realised the answer was simple! You purchase assets that appreciate and generate positive cash flow. In our previous article, How to Get the Best Return on your Property Investments, we discussed how to build your property portfolio the right way.
Therefore, the number one goal that I set for myself every year is how many properties I can acquire during the year that meet my investment criteria.
Here are 5 ACTION GOALS you can set:
1) GET AN EDUCATION IN PROPERTY
You can only produce what is in you. Therefore, you need to invest in yourself first.
2) VIEW, VIEW, AND VIEW SOME MORE PROPERTIES
Determining the number of properties you’d like to view per month is a great action goal as it feeds the funnel of property acquisition.
3) SUBMIT THOSE OTPs
If you want to acquire a certain number of properties in a year, you need to submit a certain number of offers to purchase (OTPs).
In our article, 12 Guidelines on Submitting an Offer to Purchase, we discuss what you need to keep in mind when submitting an Offer to Purchase.
4) PLAN YOUR DEFENCE
Set actionable goals for how much funds should be in your reserve fund and how to build towards that amount, whether it is through saving or refinancing. Remember, cash is king and the more cash you have, the more you can operate as a king.
5) TAKE UP SPACE (OR OCCUPANCY THAT IS…)
You need to ensure that your occupancy ratio reaches your target and that your occupants (tenants) pay.
In our article, How to Manage your Rental Property the Easy Way, we discuss this in more detail.
It doesn’t matter what your goals look like; what does matter is that you set them! So, dream big dreams, set those goals, and build your property empire!
Read the entire article in the February Edition of Real Estate Investment Magazine.