the 2 biggest mistakes 99% of beginner real estate investors make
1. Choosing the market or strategy before setting a goal or discovering their "why"
2. Setting a vague goal that has no accountability
Choosing a Market or Strategy First is Crazy
Too many investors choose a market, strategy or worse both without first determining their why and specific goal for real estate investing.
Your why & goal should determine the strategy and market you focus on as a real estate investor. All of these things may evolve and change overtime - but your why and goal should always come first when compared to the strategy or market you’re investing in.
Your goal is what you want. Example: I want $1,000,000 to buy my dream cottage
Your why is the reason you’ll put in the hard work to achieve your goal. Example: I want my dream cottage so I can spend time with my family because making memories with them is a personal top priority. (we’ll explore how you can establish your why in a future exercise)
A failure to set smart goals is a plan for failure
Far too many investors start out with vague real estate goals. ‘I want to get rich’ or ‘I want to own apartment buildings’ are common goals of novice real estate investors.
We’ll explore and help you discover your goal in a future exercise, but it’s important to understand that your goal needs to be driven by your why. If you do not clearly identify how your goal allows you to satisfy your why - you will not put the hard work and effort into achieving the goal.
If you currently have a goal that involves investing in a specific market or using a specific strategy - I challenge you to set it aside for now and go through the following exercises with an open mind while focusing on discovering your why when determining your goal.
Why
Smart Goal
Strategy
Market
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