Set Goals To Succeed In Short Sales
Without goals you wont know where youre going and you wont know whether youre getting there. Without goals you wont succeed. Its that simple.
Goals are like building blocks: extremely shortterm goals support other shortterm goals and shortterm goals support midterm and longrange goals. To determine your shortterm goals youll have to determine your longterm goals first.
Lets say your goal is to own 10 million in real estate in twenty years. Great! Now you have to get there. You can break that goal down into manageable chunks:
* After five years: own 1 million in real estate.
* After ten years: own 3 million in real estate.
* After fifteen years: own 7 million in real estate.
* After twenty years: own 10 million in real estate.
Now you can break that down further:
* After one year: own two properties worth 175000.
* After two years: own four properties worth 350000.
* After three years: own six properties worth 550000.
* Etc.
If you keep breaking your goals down into more and more manageable chunks what seems like an insurmountable task owning 10 million in real estate can actually be quite achievable. And if it feels manageable youll have more confidence and youll be more likely to stay on the path to your dreams.
For instance lets say you currently dont own your own home say you own no real estate at all. But based on the above goal breakdown your goal for your first year is to own two properties worth 175000. How will you get there? Heres how you could break it down:
Goal: Own Two Properties Worth 175000 in One Year
Month 1
Week 1: Meet with at least two lenders to determine if I qualify for financing. If I dont focus on sellerfinanced properties see if relatives will cosign on loans and identify other creative financing possibilities by the end of the week.
Meet with and interview at least three real estate agents to find an agent youre comfortable with and who has the kind of expertise youre looking for.
Look at newspaper listings internet listings and local real estate agency advertisements for at least thirty minutes every day to get a sense of available properties and the local market.
Week 2: Choose an agent and make appointments to see at least four properties that fit your needs and financial situation.
Plan to generate as much capital for a down payment as you can: sell assets shift money out of stocks or other investments if necessary.
Call sellers offering owner financing make appointments to inspect appropriate properties.
Week 3: Determine if any available properties are suitable for you; if so assess their value and make an offer. Negotiate as necessary.
Find a good real estate attorney to handle your real estate affairs.
Week 4: Finalize contract if negotiations are successful; if not continue inspecting at least four properties per week. If successful begin process of finalizing transaction; in the meantime continue inspecting at least two properties per week for future investments.
Week 26: Make offer on second property..Etc.
If you work backwards from the creation of longterm goals to midterm and shortterm goals youll create an action plan that will allow you to reach your dreams in short sales or otherwise. Its not hard to do and it can be really fun simply think as big as you like and then work backwards to decide what youll need to do to make your dreams happen. Dont start from where you are today; start from where you want to be and work backwards to today.
To make your own goal worksheet simply take a pad of paper and put your longterm goal at the top. Then in outline form break down the intermediate steps youll need to achieve them. Under those steps break down the tasks further. When youre done you should have shortterm goals you wish to reach that are no longer than one week in duration if you allow yourself too much time youre more likely to put them off.
Once a goal or task is complete check it off your list. Youll enjoy the sense of accomplishment and youll stay on track with your action plans.
Remember you can revise your action plans at any time. If you find an investment thats too good to pass up you might change your shortterm goals. Just make sure you dont change your goals or your action plans due to inactivity youll never reach your dreams if you dont take action on a consistent basis. It will take work and effort but you can do it. Thousands of people are successful real estate investors theres no reason you cant be too.
About the writer:nbsp;nbsp;Mark Sumpter is a national speaker author and fulltime real estate investor. He is the founder of The Wealth College Inc which develops comprehensive systematic approaches to securing financial freedom through real estate investment.
Mark offers a FREE audio CD on Building Wealth Through Real Estate by logging onto www.therealestateinvestortoday.com.
He also offers a series of 52 Short Sale and Preforeclosure Tips That Will Make Your Pockets FAT! absolutely FREEofcharge by logging onto www.shortsaleexpert.com.
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