A few blogs ago we talked about becoming successful at investing in real estate. One of the key components we mentioned when building your REI business is setting goals.

We start with the question of “Why do you want to start investing in real estate?” The answer to this can be different for many people. Maybe you want to retire early. Maybe you want to plan that dream vacation. Maybe you are just tired of the daily grind and “working for the man.” All of these questions can be good motivators to achieve the place in life you want to be. Clear goals implement clarity. Along with a goals, setting a clear schedule will compliment your structured goals.

Financial Goals

On every flip, be sure to set a goal of how much return you expect. If you don’t set this how do you know your business is profitable?  Without specific financial goals, you’ll find it difficult or impossible to correctly analyze potential real estate deals. Investors flipping houses typically set a purchase price goal of 30% below market value after repairs. In our area is is an attainable goal to make 10K to 15K on each flip. This of course would vary on region and market, but do the research for your area to know what to expect.

Leverage Goals

Think of  your real estate investment as an actual business. Don’t try to do all the work yourself. The goal is  not to have a second job but rather a second income. Make leveraging others to your advantage a goal. Learn to  LEVERAGE other people’s time to achieve your goals. Contractors, Realtors, wholesalers –you name it. Your goal is to invest in real estate not spend your spare time remodeling a house.

Also implementing a schedule will help you when leveraging other people’s time and yours. Having a set schedule will increase productivity on not only how fast your house is flipped but also on how your day is spent.

Why Goals Work

Part of being a successful real estate investor is having the investor mindset. Don’t say “I can’t do this.” or “I don’t know how.” Think “How CAN I do this.” If you think you are going to fail then unfortunately you probably will. If you educate yourself in real estate and how the whole process works you will be far more confident when working bids, choosing houses etc. Once you have that confidence, you will be able to envision yourself reaching your goals. Since education plus action is the key, Part-Time REI has a Flipping University to help you get started.

To learn more about Part-Time REI visit us at http://part-timerei.com/

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