GOALS and planning how do you do it? - Posted by adam

Real Estate Investing
1

Posted by michaela-ATL on June 05, 2005 at 16:35:44:

I’m not a ‘natural’ by any stretch of the imagination. But I believe, that life has great lessons to teach, so I believe in ‘the difference betweeen a stumbling block and a stepping stone is just in the way you use it’. I’m open to sudden changes and forks in the road and see them as new opportunities instead of ‘failed plans’. Sure there are these nailbiting moments, because things don’t go the way I wanted them to, but later on I always see the good, that came out of it.

Sure, goals and plans are good for a lot of people, but I feel, to see opportunity you have to be open to whatever comes your way and be ready to change directions. Works for me.

Michaela

2

GOALS and planning how do you do it? - Posted by adam

Posted by adam on June 03, 2005 at 12:00:30:

hey guys i am just starting with my creative investing. i ordered some bandit signs im going to put out tonight. i am hoping to get a deal that i can wholesale flip to another investor to start. i have more advertising i want to do as well as other plans. i havent written anything down yet as far as goals. how do all of you handle this? do you have goals written down? formal business plan? im just curious as to what works for all of you! thanks

3

Re: GOALS and planning how do you do it? - Posted by Mr. Big

Posted by Mr. Big on June 05, 2005 at 06:48:45:

You are very wise, the first thing you need to do is figure out what your goals are, then map out a plan to reach those goals. Otherwise you are running around in the dark and usually getting no where.

The key is to work out the whole thing backwards. Where would you like to be, what would you like to be doing a year from now, 2 years, 5 years, 10 years or 20 years from now?

Once you have some idea what your long term goals are, work backwards to the present day.

For example if your goal is to have $5,000,000 worth of rental property in 10 years time and retire, first you have to buy some. If real estate goes up 10% year ( a not unreasonable assumption) then you will need to buy $300,000 worth a year for 10 years to reach your goal.

This is just one example.

You can get different ideas of the possibilities available by reading the success stories section of this board. It should spark some ideas, and give you some of the endless possibilities of real estate investing.

From there you can figure out a plan that suits your needs and temperament.

And remember, nothing is written in stone. Every few months you can go over your plan, check your progress and revise as necessary.

I should warn you that in the beginning it is very hard, and it seems you are not getting anyplace, unless you take the time to figure out your net worth, and what progress you are making.

4

Re: GOALS and planning how do you do it? - Posted by speednxs

Posted by speednxs on June 04, 2005 at 09:59:14:

It is important to have goals and take actions. It is strangely difficult to do both at once. Quarterbacks who can calmly strategise while big guys are about to pound them into the dirt get paid millions of dollars. After 10 hours of action take 1 hour to strategize. Think of yourself in the third person. What advise could you give this person? This works well after a break where all the details aren’t so urgent in your mind. E.g. Monday morning before you get into it. I find that clarity is much more important than writing down. I looked at my retirement money, did a few spreadsheets, and realized that inflation was going to eat my lunch. My whole real estate strategy revolves around coping with inflation. I’m pretty clear on this one point. YMMV. I took tons of notes in college that I never re-read even once. Writing down isn’t so important to me. Don’t just thrash. Strategize and take actions.

Good Luck

5

Re: GOALS and planning how do you do it? - Posted by PJ

Posted by PJ on June 03, 2005 at 14:34:37:

Get this book:

GOALS! Author: Brian Tracy

It’s sitting on my desk now… read half of it… good stuff (not only for REI, but for life also)

6

Re: GOALS and planning how do you do it? - Posted by michaela-ATL

Posted by michaela-ATL on June 05, 2005 at 12:04:00:

Mr. BIg,

“the first thing you need to do is figure out what your goals are, then map out a plan to reach those goals. Otherwise you are running around in the dark and usually getting no where.”

I don’t have a plan, don’t really have any direct goals, just see where life carries me, yet, I’m doing well and see the light.

I guess I’m lucky, that noone ever told me otherwise, so i didn’t know, that I couldn’t possible ‘succeed’ without a plan :wink:

Michaela

7

Re: GOALS and planning how do you do it? - Posted by Mr. Big

Posted by Mr. Big on June 05, 2005 at 16:20:39:

You are what I call “a natural”. Of all the millions of people who are milling around with no plan, a few must get someplace by the sheer law of averages. These are the people whose natural appetites are for the kind of foods that keep them slim, who love sports and never need to exercise, who find saving and investing fun and can’t understand how other people make such lousy life decisions.

The problem is that most people don’t make any decisions good or bad. The rest of us have to go places we don’t want to go, do things we would rather not do , eat things we don’t care for and not eat the things we do care for, and spend years learning to do the things that people like you do naturally.

It is possible for anyone to learn and better themselves. Some of us have to spend years learning step by step, lesson by painful lesson the things others seem to grasp intuitively by the age of 10.