This ONE THING is a Critical First Step any shrewd real estate investor MUST put in place before actually dashing out to invest in any kind of real property.
And this ONE THING is actually a very FREE Commodity! It doesn't require any money whatsoever for one to come up with it. It ONLY requires three FREE things as well and these are:
TIME, EFFORT and CAREFUL THINKING in the beginning! That's all!.
SO, WHAT THEN IS THIS VERY ONE CRITICAL THING AM I TALKING ABOUT?
Well, it is simply this -> Your PRELIMINARY AND ULTIMATE REAL ESTATE INVESTMENT GOAL/S!
Yes, you read that correctly - Your PRELIMINARY AND ULTIMATE REAL ESTATE INVESTMENT GOAL/S will determine EXACTLY the course of direction you're going to take in the future once you've bought and/or invested in that dream piece of real property.
You see, dear real estate investor, I know you've heard of this very thing several times in the past and I'll say it here again and again until it sinks in into your own mind for you to get that aha moment.
You see, Goals will provide you with a sense of clear investment direction once you have them in place. Rather than scratching your head in your investment journey as you proceed when you meet with temporary setbacks and challenges, goals will strengthen you instead and make you achieve what you initially set out to accomplish in the first place!
For instance, are you planning on having Temporary Control of the said piece of real property you're intending to buy or invest in? Are you thinking of Buying and then Keeping the said piece of real property? Or, are you simply thinking of Buying and then Quickly turning over the said piece of real property for profit to enable you generate more income for future investment property or what?
THEREFORE, HAVING STATED ALL THIS, WHAT ARE SOME OF THE EXAMPLES OF THESE VERY PRELIMINARY AND ULTIMATE REAL ESTATE INVESTMENT GOALS YOU NEED TO HAVE IN PLACE FIRST BEFORE YOU DECIDE TO INVEST YOUR MONEY IN ANY KIND OF REAL PROPERTY?
Well, here are Seven (7) Real Estate Investment Goals You can adopt in Your own Real Property Investment efforts. Read below:
INVESTMENT GOAL NUMBER 1: BUY AND/OR INVEST IN YOUR OWN HOME IN ORDER TO LIVE IN
This is the most common preliminary real estate investment goal for many people especially those planning on starting a family of their own and those about to retire.
So, if you haven't yet bought and/or invested in your own home in order to live in, then having a preliminary goal like this in place is an ideal situation for you as a beginning real property investor!
Yes, buying and/or investing in your own home in order to live in it may not benefit you in terms of income or profits, but it will save you good in terms of opportunity costs. This is where the money you were supposed to be paying rental fees, you'll now start saving because you're no longer a tenant but a home owner.
So, if you do not yet own your own home, then why not begin with this very Preliminary Goal FIRST before you consider coming up with other real estate investment goals!
INVESTMENT GOAL NUMBER 2: ASSIGNING THE CONTRACT OF SALE
Coming up with such a Preliminary Goal enables you to tie up a piece of real property with an Earnest Money Contract (Contract To Purchase). This in turn enables you to Assign this same Contract of Sale to another interested party or person for lucrative consideration or rather profits!
INVESTMENT GOAL NUMBER 3: SELLING FOR QUICK CASH
Coming up with such a preliminary real estate investment goal in the first place aims at you buying and/or investing in a piece of real property and then quickly turning it over for profit, with or without improvements at all.
INVESTMENT GOAL NUMBER 4: SELL FOR PAPER
Having such a preliminary goal in place entails you as a real estate investor buying and/or investing in a piece of real property and then quickly selling it on a Contract for Monthly or Quarterly Payments.
INVESTMENT GOAL NUMBER 5: PROPERTY MANAGEMENT
Having a preliminary goal like this one in place entails you buying and/or investing in a piece of real property and then later on managing it purely for profits.
INVESTMENT GOAL NUMBER 6: PARTNERSHIP
Having a preliminary goal like this one in place entails you buying and/or investing in a piece of real property with the help of a partner/s, managing it for profits and then later on splitting the profits with your partner/s!
Sitting Tenants can turn out to be your best Equity Partners in your real estate investment efforts if you happen to find those with a knack for spotting investment opportunities!
INVESTMENT GOAL NUMBER 7: TRADING
And finally, the last but not the least investment goal, involves you as a real estate investor buying and/or investing in a piece of real property with a view to trading it for another piece of real property that provides you with a higher or greater financial benefit!
So, this sums up our list of template goals you can adopt and apply in your own real estate investment efforts before you actually go out there and start searching, analyzing and finally investing that hard earned money of yours.
Therefore, here is the summary of the whole matter:
Come up with investment goals first, decide what type of piece of real property you want to buy or invest in, start searching and analyzing properties whether you're ready with the money or not. Why? Because this enables you to have a feel of what it involves to search and analyze properties as well as know in advance the average selling prices of properties in the areas of your particular choice so that when you eventually have the money in place you'll be able to know, identify and distinguish a good and fairly priced property from a bad and unreasonably priced one. Narrow down your search and analysis of the properties you're looking at and finally decide and choose the one that appeals to your taste and liking. Conclude the deal and then either keep and manage the property for residue income in terms of rental fees or quickly turn over the property for greater profits to enable you raise enough money for future income generating real estate you intend to keep and hold for sometime. After this, go back to square one and repeat this whole process over and over until you achieve your real estate investment goals!!!!!
So, until next time, go well in your own real estate investment efforts.
NOTE: Looking for property to Buy, Sell, Rent or Simply Rent Out, then click on the highlighted words right in this very sentence.