Crush your real estate investment goal — one step at a time

Every real estate investor needs a strategy — a long-term roadmap for generating as much profit as possible. Setting a goal for yourself is perhaps the most critical part of that real estate investment strategy. That’s because the goal you establish can sustain momentum when making investments and guide your focus. Here’s how to smash your goal — one step at a time.

Know Your End Goal

What is your end goal as a real estate investor? Perhaps you want to buy a new investment property in a lucrative neighborhood to “fix and flip.” Or maybe you want to make a particular amount of money by the end of the year. Whatever your objective, knowing and visualizing your end goal can guide your journey and help you deal with any setbacks. 

Say your goal is to add two investment properties to your portfolio by this time next year. You can then make plans for achieving that goal. That might mean finding suitable properties, consulting with investors, securing affordable finance, and sourcing all the documents you need. 

The concept of the S.M.A.R.T. goal can improve your motivation even more. This framework lists the characteristics of good goal-setting:

  • Specific: Your goal should be specific, so you can plan for the future more effectively.
  • Measurable: You should be able to measure your goal in terms of progress or success. 
  • Attainable: Your goal should be achievable within a specific timeframe.
  • Relevant: Choose a goal that aligns with your real estate investment strategy.
  • Time-Based: Pick an end date for achieving your goal and stick to it. 


Have a Plan to Accomplish Your Goal

Setting a goal is just the first step. You need to outline the next steps as well to accomplish your goal and ensure it comes to fruition.

Plan Your Budget

You can’t achieve your goal in real estate if you don’t have a budget. List all the expenses required to meet your goal and consider applying for a loan to free up additional funds. If your goal is to sell a current investment property and use the money to purchase a new home, for example, think about a bridge loan with a low interest rate from a reputable lender. 

 Plan a Timeline for Completion

List all the dates and milestones you need to meet to achieve your goal. If you want to purchase a second investment property, for example, create a timeline for completion that includes dates for loan origination, applying for finance, and closing.

Work With Partners

You might need to partner with experts to achieve your goal. These experts might include loan brokers who can find you the best home loan deals or construction teams who fix and flip investment properties. 

Prepare for All Eventualities

There might be scenarios that throw your goals off course. Consider what to do in every possible eventuality, such as a bad economy, a lack of interest from partners, or an inability to finance a project. 

Reach Your Goal and Reap the Profits of Your Investment

Once you have reached your real estate investment goal, the possibilities are endless. Say you buy an investment home by the end of your timeline. You can then list the property, sell it, and make a profit. Then the process starts over again. You can set a new goal and add more properties to your investment portfolio. The most successful investors never rest on their laurels.


Crush Your Goals

Goal-setting in real estate requires forward-thinking. So set your mind on a particular objective, come up with a plan to accomplish that goal, and then reach it. Good luck!

Do you want to finance your next real estate goal? Contact Lendmarq now!