In this episode, I am going to discuss the benefits of giving yourself an ultimatum to do your first deal. Long-term goals are great, New Year’s resolutions are fine, but I’m talking about no-nonsense, aggressive ultimatums to get your first deal under your belt.
Like I said in the intro, New Year’s resolutions are fine, but honestly, how often do we actually follow through on goals that we set a year in advance? I was talking to an investor recently when the subject of setting goals came up. We were specifically talking about setting a timeline for a new investor to get their first deal done. My take on it was (and still is) that a new investor, no matter how little they know about real estate investing, should not set a timeline longer than 90 days to purchase their first investment property. I love the idea of setting a 30 day goal. It is extremely aggressive and very difficult to accomplish, but that’s the idea right? If you set a very aggressive goal and miss it by a little bit, then you have still done something great. If you set a goal a year out, you don’t get that sense of urgency that you get with short-term goals. I am a huge fan of long-term goal setting, but not at the expense of short-term goals that get you to the long-term goal.
If you are new to real estate investing and your goal is to flip your first house in the next 12 months, how much hard work and massive action are you going to take on day one? My guess is not much. Actually, I take that back. There will be a lot of activity day one and day two. There might even be a lot of activity in the first week. But after the first 30 days, how much massive action and activity will be happening? I don’t think that long-term goals will motivate you enough in the short term.
I have fallen victim to the long-term goal lethargy syndrome and I have seen others suffer from it as well. Long term goal lethargy is the underwhelming feeling that you get when a goal is so far out in the future that it can’t possibly motivate you to get off your butt right now.
On the other hand, very aggressive short-term goals will put you in a state of near panic right from the start. This panic will force you to take massive action right now! That is what is needed to get your business off the ground and ultimately have success in real estate. I have said this many times – take massive action!
Sit down today, write a very aggressive short-term goal, and see what happens. If that doesn’t motivate you, you might be beyond help!