As we wrap up the 2022 year, many people are starting to think of their New Year resolutions and goals for 2023. In a market that is somewhat unpredictable home ownership, or property investments might seem like a scary unattainable goal to make, but home ownership and property investment could be your first step to financial freedom. As always, remember when creating your goal list to make SMART Goals: Specific, Measurable, Attainable, Relevant, and Time-bound. In real estate, this means no day dreaming and fantasies. You need to be serious and aware of what this is going to entail for you. Luckily, you don’t have to do it all alone, the Garcia Group is here to help and really help you hone into those goal objectives to help you reach the finish line. No real estate goal is too big or too small, the key is to create goals that move you, your family, or your business forward at a pace you are comfortable with. No two timelines need to be the same.
When thinking about these goals it’s best to understand your why to these goals. You need to consider carefully what you want and why it to avoid impulse decisions since real estate is considered a long-term goal. Is it to move you and your family to a more permanent location that you can grow and create your own space in? To begin building equity and diversifying your portfolio? Is it to create another stream of income. Whatever the the reason here are some questions to help you make SMART goals that move the needle.
Clearly define every term within the goal – this will help create a checklist for yourself to help guide you throughout every stage of your goal.
- What exactly am I trying to accomplish?
- Why is this goal important?
- What resources will I need to accomplish this goal?
- Who will need to be involved to accomplish this goal?
You will be able to keep your motivation much easier if you’re able to track your progress through each stage. Tracking your progress can give you a better idea if you’re falling behind, veering off track, or ahead of schedule for your goal timeline, which allows you to adjust your life is changing and progressing. These need to be concise statements, not broad ones, like I’ll get rid of debt and save $12,000. Break it down.
- I will save $1,000 a month.
- I will pay off unnecessary debt, i.e. 1 credit card, by June.
- I will make my own coffee instead of going to my favorite café.
- If you go 5 days a week and your coffee is around $4.65 that is a total of $1,209 in a year. 1 of your 12 month $1,000 savings!
It’s easy to get caught up in the New Year environment and create very grand goals, that while are fabulous to reach for, are maybe too big for the 1 year timeline and therefore set you up for failure. Don’t lose sight of your end goal because you feel defeated. Get very real with yourself and make sure your goals aren’t fantastical.
- What hurdles do I expect to face when working to accomplish this goal?
- Have I given myself enough time to accomplish this goal?
- Am I financially ready to take on this goal? If not, what other goals can I make this year, to prep for my home ownership in 2024?
Make sure that whatever the goal it is relevant to your personal growth or your business bottom line. You do not want to make such a large long term investment if achieving that goal is not longer aligned with your efforts in a year or even two years. It’s not always possible to know what will happen in the future, but in general, you have a good idea.
- Do I plan on moving in less than 3 years?
- Will my kids be moving out on their own in a couple of years?
- Am I looking to make this property my forever home, a short-term or long-term rental, or is this going to be a project flip?
Give your goals, and each step deadlines. You are able to remain undistracted when you have give each goal/step target dates. Remember to celebrate each of your achieved milestones along the way to keep yourself motivated. Each achievement, no matter how small is still moving you in the right direction to your big picture goal!
- What will you be doing daily, weekly, or monthly to achieve your 6th month goal?
- What does achieving your 6th month goal do for achieving your 1 year goal, and from there your 5 year goal?
The process can be overwhelming, but it doesn’t need to be. After you have answered as many of these questions as you can, reach out to Becky Garcia and her team to help finetune these goals. We would love to help you achieve your real estate goals, no matter how small or big, so that you can achieve your personal life goals. A win for you is a win for us!
*Commentary created in conjunction with “Learn How to Start Investing in Real Estate” by Fortune Builders.