Rental Property Investment Goal Setting

You've already engaged in goal setting, either directly or through someone elses effort. If you've received a degree, a job or gotten married you've set and achieved a goal. Investing in rental property is no different. In order to succeed you have to have a goal and then develop a plan from that. For general information see the website about-goal-setting.com.

Goals must be:

S-M-A-R-T

S-specific

M-Measurable

A-Attainable

R-Realistic

T-Timely

Begin with the end in mind. If you would like to have 10 rental property investments within 10 years, then you would break the goal down into measureable terms. For example, buy one house each year for 10 years. That goal would probably be specific, measurable, attainable, realistic and timely for most people. If you attend one of the weekend real estate seminars you might be tempted to quit your day job and start flipping houses.If you have little real estate investing experience that is an unrealistic goal and probably not attainable.

Each goal can be further broken down into sub-goals. For example, you should look at lots of properties before you make an offer (I look at 15-20 houses for each offer). And each offer you make will not be accepted. If only one of five are accepted, that means you might have to look at 100 properties to find one gem.

Here's some ideas about what kind of goals you might set for a rental property investment program:

1. set a goal to write down your goals
2. purchase XX houses per year or XX houses
3. save $XX towards down payments or for emergency funds
4. join local real estate investment club and attend meetings
5. interview XX Realtors/attorney's/mortgage brokers and find what they can offer you
6. find XX sources of money
7. look at XX houses per month or make XX offers per month
8. read one book or learn some new aspect about real estate investment per month

Here's an example of some real estate goal setting. This goal sheet was created using a free wiki from a website PBwiki.com


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