This week, I kick off my month long All-Star Q&A Series. All month, I am going to be asking some of the most incredible real estate investors that I have interviewed over the past seven months questions that I commonly get from new real estate investors. This is going to be an incredibly powerful series and I am really excited to bring it to you. We are kicking off the series with the following question: how should a new real estate investor approach goal setting in their real estate investing business?
Today’s podcast features Brandon Turner. Brandon is a really knowledgeable and experienced real estate investor. He is the senior editor at biggerpockets.com, an online community of real estate investors. Brandon is also the cohost of the Bigger Pockets podcast which can be found on iTunes.
We start off by discussing SMART goals. SMART stands for:
Brandon feels that it is important to focus on relevant goals. He stresses that your goals should be realistic and attainable. That’s not to say that you shouldn’t have lofty goals, but if you are completely unrealistic in what you are expecting from yourself and your business, you could be setting yourself up for failure.
Brandon breaks down relevant goals into five different aspects:
- Location: What works for others in their specific real estate market may not work for you in your market. You have to set your goals based on your location and the type of real estate that is available to you.
- Consider your unfair advantage: What sets you apart?
- Available time: How much time do you have to devote to real estate?
- Your personal financial situation: how much money do you have available?
- Make a plan: You need a road map in order to end up where you want to be.
You can find Brandon here: