Setting your investing goals is the only way to succeed. If you don’t have goals, you will waste a lot of time doing tasks or looking at projects that aren’t what you want or need. In order to keep focused, its important to follow the following 5 steps to setting and achieving your commercial real estate investing goals:
Step 1 – decide on your goals
Step 2 – create projects that will help you reach your goals
Step 3 – scope each of the projects to break them down into workable tasks
Step 4 – create major milestones based upon a timeframe
Step 5 – identify which of the projects should be included in each of the milestones
Step 6 – plan a timeline for milestones and for the projects and tasks in the first milestone
In a follow-up post I will go into further detail about each of these items. For now, let’s stay focused and continue.
Once you have gone through the process listed above you will have a roadmap for your success. Getting those items figured out is normally the toughest part. After you have everything properly defined, which you will be able to tell by the ease of which you complete tasks, you can start knocking items off of your list.
Now that we have taken a look at setting your investing goals, its time to focus on achieving them. Make sure that you are constantly updating your progress on your timeline. The faster you achieve each task, the faster you can get through each project. Obviously the faster you accomplish each project the sooner you can move through each milestone. Once you get finished with all of the items in a milestone, its time to prioritize the projects in the next milestone and look to adding items to your future milestone list. One thing to keep in mind is that once you start on a milestone, every project is locked in and should not change.
As you are busy working on each of your tasks in your projects, you will begin to get a feel for how many items you can get done in each milestone. This will help you plan for the future. It is much easier to figure out how much you can accomplish in each milestone once you get a feel for how much work each task item is in each project. While your process when you start out may not be very efficient, that should change the more projects you scope out and the more tasks you get finished.
All-in-all, its important to keep adding new projects to your timeline, scope the projects into easily understandable tasks, and to lock in a milestone once you start on it. If you keep setting achievable goals, set aside the proper amount of time to complete them, and keep striving to understand what system works for you; you will have no problem setting and achieving your investing goals.
If you’re interested in how I scope out projects or what steps I take to achieve my goals, send me an email and ask.
One reply on “Setting and Achieving Your Investing Goals”
[…] The biggest factor in determining your success as an investor is your ability to focus. Focus on your goals, focus on your tasks, and focus on your business. You should always be asking yourself ‘what should I be doing today to make my current deal a success?’. To be successful, you need to have concrete goals of what you want to accomplish. If you are subjectively creating, revising, and completing your goals that you set for your investing, you will find that you can stay focused and be successful. Further, I can help you in figuring out how to become proficient in setting and achieving your real estate investing goals. […]