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READY, SET, GOAL!

By February 27, 2019 No Comments

BUILD A GREATER PROPERTY PORTFOLIO WITH
ACTIONABLE GOALS…

 

How do you set goals for wealth creation? More specifically, how do you set goals for building a property portfolio that can help you build wealth? And how do you turn these goals into actionable steps that will move you towards your goal?

The secret is consistency. Anyone that consistently acquires property and builds their asset base should move towards tremendous wealth. You will, of course, have to ensure you acquire property at GOOD prices (notice I didn’t say GREAT) and always have enough reserves or access to enough reserves for emergencies and shortfalls.

Warren Buffet has two significant quotes regarding this, namely “It is not necessary to do extraordinary things to get extraordinary results”, and “I don’t look to jump over 7-foot bars: I look for 1-foot bars that I can step over.” In other words, when you consistently step over good bars, you will reach great heights.

This consistency will look different for each person. For one person it might mean acquiring one property every three years. For another, it will be to acquire one property a year, a quarter, a month, or even one property a day .

To acquire a certain number of properties consistently, you need to break your goals up into actionable steps. These steps include

  • How many viewings you need to do in a month.
  • How many offers to purchase (OTPs) you need to submit in that time.
You will also have to 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 will be able to operate like a king.

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