Welcome back to Just Start Real Estate! It’s been a few weeks since my last episode, and I’m excited to be back.
I’m dedicating this week to getting you started in your real estate investing business for 2015. If you’re not a brand new investor, these episodes will reenergize you and give you the motivation you need to knock it out of the park this year. If you are brand new, and maybe you haven’t done your first deal yet, these episodes will give you a solid base of goals and strategies to get you started.
Today I want to dig into the idea of setting goals. What’s the point of making a goal or resolution for the new year? I think you need goals in order to know where you’re going. You need to know where you want to be in order to figure out how to get there. Setting a goal gives you an ultimate destination and allows your brain to start working on a roadmap. Most people are wired so that as soon as they set a goal, their brain starts problem-solving and working on solutions. If you don’t have goals, you can’t reach your potential. If you don’t let your brain stretch and think about where you ultimately want to be, you don’t have any direction to get anywhere.
This year I’m trying out a new idea in my goal-setting. I heard about it on Sean Terry’s podcast. He’s a wholesaler in Arizona, and he mentioned a concept called “the January letter.” In January, you write yourself a letter as though it’s already January of the year ahead. So in 2015, you write yourself a letter as if it’s January 2016 and you document your accomplishments of the past year. You’re essentially telling your brain what you expect to have accomplished and you’re phrasing it in a way that makes it seem very attainable. I suggest you try this and make a habit of reading that letter every day throughout the year. It’s very powerful. I’m trying this for the first time and I challenge you to try it as well.
Now, I’m not a fan of something called “the secret,” which is based on the law of attraction. I utilize the goal of attraction in my business, but I don’t think you can just decide you’d like to be a millionaire and suddenly you will become one. It’s more about putting your mind in a positive place. I have a mentality of abundance: my success does not take away from someone else’s success, and vice versa. I see people in the business be very secretive about their accomplishments because they’re afraid someone will “steal” their success. I don’t do that; if someone asks me a question about my business, I tell them. I think that when you have that mentality of abundance, you will realize abundance in your life. Be open to helping people and answering questions, and you’ll be amazed at what will come back to you.
I’d like to talk a little more specifically about my goals for 2015. Wholesaling is the newest branch of my real estate business, so I’m focusing on that this year. My goals are to:
- build and grow my wholesaling business so that I’m doing two to three deals per month
- make $7,500 in profit on average from each wholesaling deal
- partner with four other wholesalers and do one to two co-op deals per month
- build up an army of birddogs in my market to bring me deals
- hire one full-time acquisitions manager
- get better at marketing
I talk through each of these goals in more detail on the podcast, so make sure you listen to the full episode. I’ll give you updates on these goals throughout the year.
A note of these goals: I have been calling them minimums this year, not goals. A goal should not be a finish line; I want to maintain my drive to go past it. All my minimums are attainable, and I hope to go even further.